Cyprus Lawyers – Cyprus Law Firms in Paralimni Larnaca Limassol Paphos Nicosia Famagusta

Archive for the ‘Cyprus Property Lawyers’ Category

Property Lawyers in Cyprus – Review – Russia/UK Business Association – Completed on 21^st July 2010 – Cyprus Property Lawyers

We are very pleased to announce our membership of the Cyprus Russian Business Association, and the Cyprus UK Business Association.

The relationships we have with these countries are not just important to Cyprus, but also to our company, practicing as an International Lawyer Legal Firm.

The Business Associations were established to strengthen the relationship between Russia and Cyprus and also the UK and Cyprus, also to promote Cyprus as a solid financial and business centre.

Russia and the UK have played a major role and still are in the Cyprus economy, importing and exporting trade and promoting investment products.  Seeing how relevant each country is to one another, it is vital that these ties be strengthened to help our economy thrive again.

The 2 main countries that bring finance to Cyprus are Russia and the UK and the Business Associations have been devised to reinforce, promote and develop an even higher rate of business and investment here on our sunny island and in Russia and the UK.

Many Russian and UK nationals come to Cyprus to permanently reside and invest their finances, this is excellent for Cyprus. Anything we can do to support this course of action can only be a good step.

If you would like to know more about the Cyprus/Russia/UK Business Associations, we would be more than happy to discuss this with you. Our office is for positive change and if we can help spread the word and promote this type of positive action the more good it will do for our company and for Cyprus on a whole.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21^ST JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Cyprus – Review – Agia Napa marina progression – Completed on 20^th July 2010. Cyprus Property Lawyers

Marina lifestyle and Marina investment is one of the most popular and lucrative areas in our markets today.

Originally, a marina was nothing but an area of water designated for the maintenance, storage and docking of boats. Basically, the marinas served as a pit stop for boats to refuel and ‘park up’ so to speak.  Marinas were never fancy just necessary for boating vessels.

Through the years the boats have become bigger and more luxurious, and in return making the yachting lifestyle ever more popular.  And not just for the affluent individuals but also for the everyday person who love the sea life and the boating life.

Inevitably, with such progression came the need for more detailed and in-depth changes to the actual marinas.  The yachting individuals wanted to accommodate their luxury yachting lifestyle with more lavish marina surroundings of which has produced revolutionary marina investment.

The impact of this yachting lifestyle we feel is amazing.  The need for marina property investment has evolved at an alarming rate, along with commercial investment to accompany the marinas surroundings, making marinas a very plush and ‘in’ place to be.

The Agia Napa Marina has actually been in the pipeline since 2003, yet was never highly publicized due to the lack of plans finalized of how the marina will be structured and who will govern the project.

Now the House of Parliament has approved the committee consisting of 5 members to overlook and govern the marina, and a range of private investment companies and the Cyprus Chamber of Commerce have come together, and the marina is going full speed ahead.

The Agia Napa Marina situated just past the Macronissos Beach, will not only accommodate up to 600 luxury yachting vessels but also boast commercial and residential investment opportunities. Accompanying this will be luxury amenities, public facilities and administrations.

From luxury yachts to luxury properties, tennis courts, swimming pools and cinema, there is just no end to the details.  We are bursting with excitement as this will change the face of the Famagusta area.

We will endeavour to bring to you continuous and detailed reports on the Agia Napa marina as we are very proud to be apart of this era and want to do all we can to support and promote this wonderful project.

Check out our recent pictures and video taken on 17^th July 2010 of the progression being made and we will bring many more, so definitely keep following us on our Agia Napa journey.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 20^TH JULY 2010. http://www.lawcyprus.org/

Cyprus property Lawyers – review – Paphos Marina – Completed on 28^th July 2010.

Paphos has had a rickety time through the recent recession with property sales down and emigrants leaving to go back to their own countries. And what a shame that is, as those individuals will now miss out on the biggest development in Paphos, alongside the new airport, with a new 1000 berth Marina will to be built.

The size of the Marina will be approximately the same size as the new Marinas being built in Larnaca and Limassol.

It has been reported that Leptos Estate will head the group of private companies investing in the Marina and at 70 Million Euros will be injected into the project.

Conditions for the tender being awarded to Leptos Estates, was that the Marina had to be built within a 3 year period. So it really looks like all the Marinas Island wide will be completed around the same time frame.

Paphos is a beautiful area of Cyprus and the new Marina will compliment this side of the island even further, and news of all the Marinas has actually already favoured property prices in surrounding areas.  Businesses are also staring to look up and see some hope.

While plans for the new Paphos Marina are not so defined as yet, news reports show there will be leisure facilities, bars and restaurants and the scope for residential property.

This is great news for Paphos and all Paphos residents who will definitely reap the rewards.  However, once again there has been news reports that delays are ahead of us and this is an issue the Cyprus Government should avoid.

The whole marina development in Cyprus is set to change the face of our island and make Cyprus one of the busiest and most thriving sailing and yachting country in the EU.

We cannot wait for our coastal towns to be buzzing with the yachting fanatics and business booming once again.

Well done Paphos!

For all your Yachting and Marina Property needs visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28^TH JULY 2010.

Property Lawyers in Paralimni – Review – Limassol Marina – Completed on 27^th July 2010.

The Limassol Marina, one out of four new Marinas being developed in Cyprus, will be completed by 2012 with works already underway.

At this stage, the Marina will house up to 1000 boating vessels and consist of up to 300 new luxury residential properties with the availability to have a yacht parked at the end of the garden.  How extravagant is that?

Initially, included in the Marina surroundings will be shops, bars, restaurants, traditional Cyprus taverns, swimming pool, gym and spa with further features such as a cultural and conferencing centre and a green park will compliment this development .

As in all the new Marinas being developed on our magical island, the amenities will be top notch and facilities will be available for all yachting needs.

Billions of Euros are being put into these Marinas and property prices in the surrounding areas have already been reported to have tripled.

Limassol is renowned for its cultural in keeping, along with its many off shore companies and shipping trade, offering easy access to other Middle Eastern and EU states.  The new Marina will enhance this.  It is reported that out of all the Marinas this is set to be the most impressive with many features being added.

The current Limassol port is already the largest on the island and with the newly devised expansion of the old and the new marina and accommodating features, it appears Limassol residents are in for a spectacular treat.

What a time for Cyprus.  In all of the Cyprus history there has never been so much development and progression all at one time, new airports, new golf courses and amazingly new marinas and all while keeping in with natural heritage and culture.

Well done Cyprus we are so proud.

If you would like to discuss any of our articles on the Marinas or Yachting lifestyle we would love to hear from you.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27^TH JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Famagusta – Review – AIPP Changes – Completed on 28^th July 2010. – Famagusta Property Lawyers

The AIPP (Association of International Property Professionals) are having a complete turn around in how they conduct their business.

The AIPP are a self governing membership, established to help regulate disputes arising within the Property Industry.  Members of the AIPP consist of, agents, developers, lawyers, any individual or company related to the property profession.

Once an individual or company becomes a member there are strict guidelines to follow. If an investor sees that a property professional belongs to the AIPP membership they are more inclined to use their services, as they are aware should a problem arise they can complain to the AIPP.

Previously, all complaints were dealt within the AIPP Company.  However, the AIPP will now call upon the Chartered Institute of Arbitrators to deal with all the complaints.  The Institute of Arbitrators are a professional legal body whose decisions are fair and credible.

The reason for this is that the Arbitrator Institute will have a more balanced and detached view on the situation.  Plus it allows the AIPP to concentrate on other areas.

The AIPP are also changing their code of conduct and this should include the expulsion or ban of all agents selling or promoting property in the Northern Turkish Occupied area of Cyprus. Other changes to the code of conduct we are waiting to hear.

This appears to be a good move using independent Arbitrators who have no involvement with the members of the AIPP and will leave plenty of time for the AIPP to concentrate on other avenues.

Good luck to the AIPP we fully support any decisions being a fully pledged member ourselves.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28^TH JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Cyprus – Analyzes – Cyprus property Market – Completed on 23^rd July 2010 – Cyprus Property Lawyers

There are mixed reports about today’s Cyprus Property Market.

The banks appear to believe that interest in the Cyprus Property Market is still very low.  House prices are falling, which is believed to be due to lack of demand for Cyprus property.  And of course the banks view this as a very big risk to them and further decreases could cause major problems.

However, the banks themselves are causing a very big problem as they are not budging on their interest rates.  While other European countries are dropping their interest rates to help their property markets, Cyprus interest rates are still at an all time high.

This issue must be addressed with the government , the Central Bank of Cyprus and the EU Central Bank before our property market comes to a complete halt.

If overseas investors, who still hold a high percentage of property sales in Cyprus, become aware of other EU states offering a much lower interest rate, we can sadly but surely kiss goodbye to the overseas investor and say hello to a long cold road to economic recovery.

Yet on the contrary, the government reports that contracts deposited at the land registry have increased by up to 25% on last years sales.  And around 22% of these contracts are from overseas investors. Famagusta, Limassol and Nicosia are seeing major increases in sales with Larnaca and Paphos steadily trailing behind.

It is very hard to say for sure the overall outcome will be for Cyprus.  Practicing as Property lawyers in the Paralimni area of Cyprus, we can honestly say we have definitely seen a major rise in business compared to last year. Our office is in fact opening another office in Larnaca to deal with the extra workload. So from that point of view we believe Cyprus is definitely on the mend.

We also believe this is due to a lot of development taking place in Cyprus and more and more people are becoming aware of this.

The banks must address the interest rate and mortgage facilities issue, so not to spoil it for the rest of Cyprus and to help the economy.

On a whole, we know some issues need to be addressed and corrected but we are happy with the economic progression. We really believe Cyprus is on the up and up.

Cyprus Property Law - PUBLISHED BY A&G KOUZALI LAW OFFCIE ON 23^RD JULY 2010. Cyprus Property Lawyers

Cyprus Property lawyers – Review – Qatar and Cyprus deal – Completed on 26^th June 2010 – Property Lawyers in Cyprus

Cyprus has joined forces with Qatar Emirate and agreements have been made to develop a huge luxury project in Nicosia the capital of Cyprus.  The project itself will comprise a luxury 5*hotel accompanied by residential property and leisure and business centre.

The fact that the Qatar Royal family has agreed to invest in our island shows the world that we are a solid financial state and the scope for investment from this type of source is limitless.

This will definitely make others look to Cyprus as investment destination and open the doors to many other countries that have the financial means to make our island a top financial zone and vice versa.

This is a new venture and a new era for financial business in Cyprus and we feel it is a positive move for Cyprus Properties and Cyprus Investment, and opens us up to the world.

The project is said to cost more than 500 Million Euros and both countries have invested equal shares.  The government are trying to pass all the required procedures so that building can get stared straight way.  Qatar officials will govern the project as they have extensive experience in this area and it is hoped that the project will bring in major foreign business.

Qatar is also looking to invest in another luxury golfing development in the Agia Napa region but this has been kept behind closed doors to be able to concentrate on the current agreement but things are definitely looking up.

Qatar has seen the potential in Cyprus and now we do not have to rely on the European property markets to keep us a float, it is only a matter of time before other sources from places we would never have dreamed of also see the potential in Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 26^TH JUNE 2010.

Lawyers in Cyprus – Review – Contract of  Sale – completed on 6^th June 2010 – Cyprus Lawyers

Buying a property is a dream come true for many! It can also turn in to your biggest nightmare should you not follow the correct procedure.

Some developers and agents have a knack for charming potential investors, especially those who are new to the overseas property markets. Which is why, we are publishing this article in the hope that many investors who are interested in investing in our beautiful island of Cyprus will read this and keep it firmly in mind.

The most important aspect when buying any property is the Contract of Sale.

The contract of sale is a legally binding document that states the prices, procedures, agreements and expected requirements to be under taken by the vendor and purchaser when buying a property.

A purchaser must appoint an independent solicitor to

• Conduct a search on the land/development – to make sure there are no loans used against the potential investment by the developer.
• Prepare a Contract of Sale- protecting the rights of the purchaser and go through every detail with the purchaser to make sure they are happy and secure in their purchase. The solicitors’ job is to make sure the contract of sale protects you against any breaches that may occur from the developer and does not favour the developer in any way.
• Guide you through every step of the procedure according to the contract of sale until delivery of the property has taken place.

If you should not appoint a solicitor and you sign a contract that has been prepared by the developer or agent, this can have disastrous results.   You may find the contract of sale does not protect your rights but the developers’ rights, in which you could lose your life savings or end up with an unfinished property or a totally different property than to the one you thought you had purchased.

This is the law in Cyprus and if you sign a contract of sale not prepared and checked by a solicitor, it may be deemed you do not have a leg to stand on should any breaches occur. It is very important for the solicitor to conduct all necessary due diligence with regards to your purchase.

We plead to all potential investors, to let a solicitor do all the work for you in accordance with the Cyprus law this is your only means of protection. What seems like a perfect agreement may be your worse ever nightmare.

For your own safety be protected and appoint an independent Cyprus lawyer for your dream property purchase.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 6^TH JUNE 2010 http://www.lawcyprus.org/

Property Lawyers in Cyprus – Analyzes – Climate Change  on 24^th May 2010 Cyprus Property Lawyers.

We are ecstatic to announce that we are one of the first 52 companies in Cyprus to become a member of the Cyprus Charter Business against Climate Change.

This issue is very important to us and we intend to support this cause to the fullest. We have to make it our priority to ensure our children, grandchildren and many more generations after us will enjoy the safe environment that our generation, and generations before us have neglected and taken for granted.  If we do not make a change today there is no future for this planet.

This membership has been established to bring the whole of Cyprus together, companies and individuals and promote and educate on a national scale, the implementation and mandatory need for climate change.

In liaison with the Government and other relevant institutions the Cyprus Charter Business against Climate Change will work together and support the whole state in proceeding to become the leading country in the fight against pollution and global climate change.

Reducing emissions of carbon dioxide, reducing energy consumption, using renewable energy and also implementing new energy saving products is now a must if we want to save our planet.

We urge all businesses and individuals to do their part. Research the Cyprus Charter Business against Climate Change, it really is an important membership that we are very proud to be a part of and we think you will want to be a part of it too.

For more information visit us at www.lawcyprus.org.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28^TH APRIL 2010.

Property Lawyers in Cyprus – 2010 property markets – 13^th February 2010 – Cyprus Property Lawyers.

The question is now, what is going to sell properties in 2010?

Property Investors are looking for the X factor. There looking for the most attractive package offering them affordability and profitability.

After review it was apparent that Self Invested Personal Pensions are selling more overseas properties and it is catching on at an accelerated speed.  Initially aimed at UK nationals the SIPP concept is now being explored in places such as, Ireland, Australia and some parts of Europe.

We have also heard a lot about Fractional Ownership.  Available on the market now is SIPP Fractional Ownership developments these two most talked about concepts are now working together.  This is really good news.

Many developers are offering a guaranteed rental income and insurance to mortgage payments if the rental income is not achieved.

Governments are also playing their hand and providing financial schemes, Relaxing visa procedures and introducing tax benefits.

Attracting investors will be the most important issue, other sources and tools for marketing must be sought.  Social Media is taking off in a big way and is the current and future tool for getting information out there.

Marketing is the key along with the right package and product.  Those who take time and perfect their marketing will reap the rewards.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15TH FEBRUARY 2010