Cyprus Property Forum Secrets
In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).
The direct approach (find out who the owner is of the plot you are interested in and ask him if he wants to sell) may prove to be the best one. Bear in mind that it is the seller who pays for the commission of the agents and not the purchaser and for this reason agents have the owner’s interest at heart and not yours.
A survey on any resale property is strongly recommended, just as it would be in the UK or elsewhere. Our Cypriot team or your lawyer will be able to recommend a surveyor to you. He will inspect the property and prepare a report, eventually showing any defects, which would not be visible to everyone’s eyes. It will save you unpleasant surprises at a later stage, and depending on the type of defects stated (if any), you may get a reduction on the price or you maybe in a position to request the vendor to repair them, or insist additional guarantees be inserted in the contracts. One thing is for sure; you will know what you are buying. A surveyor will not allow his love for a property to cloud his judgement as you may have done.
There have been instances where various agents or owners show a prospective buyer one plot whereas they are selling him another. Items in the description such as “near the road”, “near the village” etc, are used off handedly by people eager to sell, which, in many instances, are far from being true. Also beware of “terrific opportunities”.
The next step is to appoint an architect to carry out the design. There is an abundance of well qualified architects on the island and many capable technicians as well. We suggest that you appoint an architect for the purpose (not an engineer or technician). Architect fees range from 4%-6% (on the building cost) but you can agree also on a fixed fee. The prevailing fees are 3.8% on the building cost for a complete set of architectural plans and 1.6% for supervision (including the issuing of certificates).
The seashore protection zone is independent of the town planning zones. It is a zone which extends from the sea and it usually (but not always) has a width of approximately 300 feet. Within this zone no building can be...
Cyprus Property Finance SecretsAccommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Prefer to get hired accommodation rather than think that you will sell your one bedroom...
South Cyprus Property SecretsIt is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction...
Cyprus Property SecretsIn addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects...
Property Developers In CyprusCyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. It is expected that in the run-up to becoming a member...