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

Archive for the ‘Cyprus Property’ Category

Cyprus Lawyers – Studies – Cyprus Ombudsman – Completed on 26^th July 2010.

The Cyprus government recently approved the newly devised position of Consumer Ombudsman.

Although this is the ‘norm’ in other EU states such as the UK for example, it has not been made available to Cyprus citizens until now.  Cyprus governments have escaped the EU watch on important matters like this.

An ombudsman is a legal governing authority whose job description is to observe and regulate any services or products used or sold to consumers.

Any consumer of any product or service can put forward a complaint to the ombudsman, instead of going to a court of law.  This can include any complaint from your electric bill being too high, your builder didn’t build to your agreed specification, you brought an iron and it broke after a short period of time. You ate in a restaurant and the food was not as advertised or up to standard. You paid for property management and the company did not perform as per agreed contract.

Any services or products that are not up to standard or what you have paid for, whether big or small,  to do with consumer products and services can be taken to the ombudsman.

The ombudsman will mediate and find a reasonable solution that both parties must agree on. Although the ombudsman’s decision in these cases is not legally binding, any cases can still proceed to court if so required.

This concept may be used by many individuals who have brought investment property or resident property and have found the land or development is mortgaged and has loans by the developer for example, by using this service it is a cost efficient way of finding a friendly and suitable solution.

This appears to be a cheap and speedier course of action of solving complaints outside the courts, as only a small fee is payable by the complainant.

This is a new concept and there are sure to be glitches and hiccups along the way. However, in other states the ombudsman has become a mandatory and very important figure within the commercial and consumer sector, so it will be interesting to follow and see how this scheme progresses.

We would like to hear your thoughts on the new Cyprus ombudsman and how you feel this new position will help or not help Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 26^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

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/

Properties in Cyprus – Review – Russian Property Requirements – completed on 19^th February 2010.

The global financial struggle has played a major part in Russia’s state of economy.  House prices have decreased significantly and there is also a very negative Euro exchange rate for Russian Rubles.

However, after all is said and done Russians are still looking to invest in 2^nd holiday homes and permanent homes.

The main priorities for the Russian Property Investors are travel requirements. They do not want long flights especially indirect flights. Russians also tend to like friendly environments and easy access in terms of relaxed visas.

Type of property is very important as Russian Property Investors do not like to buy off-plan and also do not like high rise apartments with ground floor as a preference to any other. They are also looking for commercial property as well as holiday and retirement homes.

Russian have anywhere between €50,000 – €1,000,000 ready to invest and prefer to pay cash rather than finance.

Cyprus Properties are on the top of the list for commercial and investment opportunities.  We practice the same religion, and have Russian church and schools.  The Cypriot Government has also relaxed the visa procedure allowing Russian nationals and Russian Investors easy access.

Cyprus and Russia share a friendly relationship and we are seeing a lot of interest from Russia, even so that we have dedicated part of our website for the Russian nationals.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21^ST FEBRUARY 2010.

Cyprus Lawyers – Review – management Committees – completed on 19^th February 2010.

When buying Cyprus Properties on complexes or apartment blocks, each individual owner has a responsibility towards the upkeep of the surrounding grounds and facilities and common fees will apply also.

In brief a management committee must be set up in order to keep the development in good working condition and to manage any relevant issues such as maintenance services and insurance matters. It is also the responsibility to arrange and maintain a cash flow for any expenses relating to managing the complex.

All owners will pay a certain amount in to the cash fund depending on the size of their property. If an owner does not pay their share members of the committee have the authority to bring legal action against the non paying owner to recover any debt.

Your lawyer must always advise you whether a management committee is already present on the complex and provide a contract stating amount of fees required.

A management committee is very important as it not only helps to keep the complex is good condition it also helps boost the market value of each property. Plus it is a fair and simple way of making decisions.

If you require legal services regarding a management committee please visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21^st FEBRUARY 2010.

A & G Kouzali law office, Paralimni, studies 2010 distressed property sales. Completed April 7^th 2010 by Paralimni Property Lawyers.

It is speculated that 2010 will be the year for high volumes of sales of distressed properties worldwide. The global financial struggle created an exponential growth of investors worldwide who were unable to fulfill their obligations towards their mortgages. This was partly due to involuntary redundancy and many businesses going into administration.

The global downturn resulted in disastrous consequences to many people’s lives, with banks foreclosing on loans and evicting many home owners. The sad reality of this is that there are now a vast number of distressed properties available to the savvy businessman at bargain prices.

In some areas of the United Kingdom and the USA where the economic crisis created the worst devastation, there are thousands, if not millions of distressed properties available at rock bottom prices. However this supply will not last forever, as demand for ‘value’ properties will outlast the supply of ‘distressed properties’.

In some areas however the situation does not look promising, in Spain, it has been reported that investors are reluctant to invest in the Spanish Property Market and many properties are still highly priced despite the current economic climate.

Although not as distinguished as some countries, Cyprus does have a variety of ‘distressed properties’ available at excellent prices.  These properties will not be around for long, and now is a fantastic time to take advantage of these ‘distressed properties’ as demand will not last.

On the other side, we understand that there may be many investors out there who have found themselves in the unfortunate situation of being unable to fulfill their financial obligations, our office, working in conjunction with The Marcus James Group, UK, is pleased to announce the launch of ‘Recovery’. Recovery is a scheme whereby the original owners of a property, can assign and relinquish their obligations and rights to their property to another party who is able to fulfill their financial obligations towards the property.  For more information please visit us at www.lawcyprus.org or contact our office.

Published by A & G Kouzali Law Office on 8^th April 2010.

Famagusta Property Lawyers – Cyprus Property Review – Management Services – completed on 19^th February 2010.

To help property markets around the world, property firms are now offering management services to give the buyer more confidence in buying property.

The services being offered are to assure the buyer that they will have continuous help after the sale and also make the buyer more inclined to use the same firm again in the future if so required.

Large developers in the UK and Dubai for example, are also catching on to this idea in order to add quality to their developments.

Management of properties and surrounding facilities are a major revenue source and if this service was available through all property firms, sales could very well rise as buyers would have peace of mind that they will not be left alone should any problems arise, and their property and facilities will be well looked after.

This concept sounds an excellent idea, but working as Lawyers in Cyprus we have come across firms who have promised extra services and have not followed through with them and this is a big concern. Some companies do not provide the service that foreign nationals expect and do not provide all the evidence required by law!

Additional Management Services would definitely help buyers’ confidence.  However, execution of the service must be reliable and of high quality for it to operate to the standard promised to the buyer, and always in accordance with the Cypriot law.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19^TH FEBRUARY 2010.

Lawyers in Cyprus – Review – Cyprus Property market – 5^th january 2010.

Previously, Estate Agents have never promoted overseas properties due to lack of recourses, suitable properties and reliable contacts, however this is now a thing of the past for Cyprus. Univac Estate Agents have taken the Cypriot licence for Guild Global & Fine & Country enabling them to promote Cyprus Properties using a registered trademark that people trust and have confidence in.

This strategy will enlighten and bring the world to Cyprus, as Guild & Global & Fine and Country offices are spread out world wide with offices in the UK, South and West Africa, Dubai and Mauritius and are now all in reach to promote the Cyprus Property Market. Fine & Country are also expanding their operations in Eastern Europe and North America.

Univac has already held meetings to establish relations with reputable developers in each major city in Cyprus, and believes that collaborating with well established and highly regarded associates within the property construction industry makes more business sense for everyone in helping to sell Cyprus Properties and help revive the Cyprus Property Market. 

The Property Market in Cyprus has endured an arduous period due to the Global Financial Collapse, but with everybody pulling together and so much going on for example, new Marinas in each city, new Golf courses, and most importantly the Government coming down hard on the Title Deeds Process, Cyprus is on the up and up and investors are with out doubt enjoying their new found confidence in the Cyprus Property Market and Cyprus on the whole.

We thank Univac Estate Agents for their valued efforts in the quest to help revive The Cyprus Property Market.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZLAI LAW OFFICE ON 5^th JANUARY 2010.

Cyprus Legal Firm – Review – Property In Northern Cyprus on 19^th December 2009.

We have been reviewing the case of Mr & Mrs Oram who brought property in the Turkish Occupied Northern side of Cyprus. Our Cyprus legal firm has studied this case from the beginning and will continue to do so to bring our clients up to date on all developments.  The couple were ordered by the Nicosia court to knock down there rebuilt house and return the land with further recompense to  the original Greek Cypriot owners the Apostolides family.

When the Orams did not adhere to the court ruling the Apostolides family proceeded to have the ruling confirmed and set in the UK London Court.  The London Court appealed to the European Court of Justice for guidance on this issue and verdict was returned that the ruling was to be upheld as European Member Courts are sanctioned to make decisions regarding matters in conjunction with the Turkish Occupied Northern area of Cyprus.

This decision has raised many controversial issues and has many Turkish Cypriots in disarray. The Turkish Cypriots believe that singular claims against the Northern side will endeavour to jeopardise peace talks and therefore, further pro-long any solutions to be found for the political situation in Cyprus.  It will also give precedent to many others who have purchased property in the occupied area leading to thousand of arrests and court cases for encroaching and illegally possessing another’s possessions.

If the London Court of Appeal upheld this ruling and the Orams are forced to give back what in reality is rightfully owned by the Apostolides family, the Orams could possibly lose all assets and cash in Cyprus and the UK in payment to the Apostolides.

Many owners of property purchased on the Turkish Northern side of the Island of Cyprus are now being advised to seek legal advice concerning their position regarding this issue.

We will review this matter further once the ruling has been passed by the London Court of Appeal.

We support any Greek Cypriot Nationals who would like to make claim to their property in the occupied area.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19^TH DECEMBER 2009

Property lawyers in paralimni – review – Irainian Property Market – 17^th January 2010.

DEVELOPERS TO ACCOMMODATE IRAINIAN MIGRANTS INVESTING IN CYRPUS PROPERTY

Recently the President of Iran was re-elected causing political ambiguity amongst Iran residents, and resulting in a lot of Iranians wanting to go into exile.  Cyprus has been one of the recipients of interest from the Iranian nationals.

Since the re-election, demonstrations of protest have taken place throughout the country having a very negative effect and putting the country at great economical risk.  Many business owners and affluent people have withdrawn all monies from their banks accounts in Iran and deposited it in overseas accounts.  

The Property Market in Iran was thought to be a safe investment.  On the contrary, Iranians have now lost all confidence due to losses in the economic crash, and will not dare to trust the market again.  Alternatively, they seek other routes for example, properties in Cyprus.

The Iranian Nationals are now seeking safe and beneficial economic states, offering them higher level of employment, education and investment opportunities for second homes and businesse investments. They are looking for opportunities that the Country of Iran cannot offer them.

Originally it was the 1980s war against Iraq that provoked extensive emigration and it’s looking promising that the current political situation will entice the same action.  Cyprus Developers have reported increased interest from the Iranian Nationals and are preparing accordingly to accommodate their needs. Cypriot law Office A& G Kouzali can offer full support to all Irainians looking to invest in Cyprus.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 17^th January 2010.