I was once asked the question “Why are all villas and apartments for sale in Cyprus advertised as being ‘luxury properties’?” I replied “Because if the developer can sell them to unsuspecting expatriates, he’ll be able to retire in luxury!”
OK, it’s a joke and many expatriates have no problems when buying property in Cyprus. However, a significant number run into difficulties of one sort or another.
Property developers
You will be surprised how many people you meet in Cyprus will offer to build you a property. These ‘entrepreneurs’ can be anyone from your airport taxi driver to the barman at your hotel or the owner of the local taverna. Most of them own small plots of land that they are only too willing to sell, complete with a house, to an unsuspecting expatriate. Unfortunately most of them know as much about building a house as I know about brain surgery!
There are also many professional property developers. Some of these build a small number of high quality properties each year, while others build large residential and holiday complexes specifically designed for the overseas investor and expatriate. markets.
Due to the differing levels of skill, professionalism and integrity of those involved in property development, the quality of construction varies greatly. At one end of the scale you can buy high quality, high specification properties that have been built with meticulous care and attention to detail. While at the other end of the scale, you can buy properties that will deteriorate rapidly costing you a fortune to repair and maintain.
If you’re buying a new property from a developer always inspect properties under construction and older properties they’ve built to assess the build quality for yourself – and remember to speak with the owners of those older properties and get their opinion of the developer and his after-sales service.
