Buying in Cyprus from a Developer

Buying Properties in Cyprus from Karayiannas Developer

When considering the purchase of a Cyprus property many people are a little nervous because of "horror stories" that they have seen in the media surrounding the subject of buying a property from developers.

Such stories have included:

Constructors without adequate license becoming insolvent while in the process of construction of a property, or before completing the infrastructure of a development.

Faulty or non-existent planning documents, leading to serious difficulties in obtaining connection of services such as water and electricity in the mildest of cases, to demolition orders in the most severe instances.
Loans on the land being developed and sold remaining undercharged after completion of the site coupled with insolvency of the builder.

Conflicting or deficient advice given by "advisers" who are often representing the interests of the other party to the transaction.

A lot of of these cases have been and still are the subject of protracted and very expensive court cases worldwide, leading to further expense and worry for those caught up in them. These could be avoided, or at the very least any potential loss minimized with appropriate care at the outset of the transaction.

There are in fact substantial safeguards embodied in Cyprus legislation protecting the property buyer.

Against builder insolvency - There is a legal requirement for builders engaged in the construction and sale of properties to provide the buyer who is effecting stage payments during the building progress with an insurance policy or bankers guarantee, protecting the purchaser' s payments against the risk of the builder becoming insolvent before completing the work.

Contractual Matters - Under consumer protection law, Karayiannas developer provides a full contract containing all the terms of the purchase, building specifications, detailed plans, copies of their title to the land on which the construction is to take place and planning consent.

Planning Matters - On newly built properties the title deeds executed at the Notary's office must contain copies of planning documentation which proves that the building has been erected on the land in accordance with local planning regulations and without breaches of the building license obtained prior to the commencement of the work by the developer.

With appropriate advice and guidance, it is possible to take full advantage of the protection given to both buyers and sellers of property in Cyprus, thereby avoiding the difficulties which some buyers may have experienced in the past. This will in turn ensure that acquiring a Cyprus holiday home will be both a profitable and pleasurable experience.

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