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Cyprus Lawyers – Studies – Home swap scheme on 30^th January 2010.

CYPRUS PROPERTY LAWYER REVIEWS HOME SWAP SCHEME

While the Property Market in Cyprus is functioning at such a slow pace, developers are trying different schemes in order to prevent the market from coming to a standstill.  Our job as International Property Lawyers in Cyprus is to keep a look out for new concepts and how they work legally.  One scheme in particular that caught our eye was the home swap scheme.

 After review, we found that this scheme is still in the early stages, but looks to be an effective way for developers to sell their high supply of unsold properties.  The Home Swap Scheme initially targeted at the UK property buyers, offers them the chance to exchange their UK home for a Cyprus home of approximately the same price range.  Their other option is to part exchange their UK home and take out a mortgage for the remainder of the asking price.

This is a great opportunity for those who want to move to Cyprus but cannot sell their UK property due to the current depleted market.  The developer will keep the UK property and use it as a rental income until the UK Property Market is on the up and then sell it to make their profit. 

In the long run this appears to be a good investment for the developer.  And it is less hassle for the UK buyers having to go through the rigmarole of selling their property.  As in all new schemes and projects there are always hiccups, so we will continue to follow this new adventure and update you on any future progression.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 30^th JANUARY 2010.

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