Finding the right real estate agent in Cyprus
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Cyprus property - www.cyprus-homefinder.com
Cyprus' entry to the EU on May 1st 2004 has certainly galvanised the island's estate agents with predicted property price rises of 20%. The island's airspace opening up to budget operators means cheap flights, which will no doubt further stimulate demand. Throw in a raft of generous tax-breaks (by a Greek-Cypriot government keen to encourage investment) and you have a heady mix of incentives for potential purchasers. As a result new developments are springing up across the island and local estate agents are smacking their lips in anticipation.
Finding a good estate agent is tricky, but it shouldn't be a lottery. Your first step is to visit the island and befriend members of the large British expatriate community. As they have 'been there and done that' they are well placed to offer quality independent advice about real estate and living in Cyprus in general. Personal recommendations are worth their weight in gold, but remember that some expats will be surreptitiously 'working' on commission.
Property finders are a relatively new phenomena who will scour the local estate agents' windows and use their knowledge (and language skills) to find you the right home. As you pay them a fee, they will have your best interests at heart and could save you both time and hassle.
Cyprus’ estate agents make their commission from the vendors; which means that they won't necessarily be operating in your interests. Some purchasers offset this by paying them an additional fee, but this is a decision you'll have to make yourself. We recommend you use an established company and try to steer clear of anyone giving you the hard sell. Prices vary widely, but remain affordable; with a one bedroom apartment in Paphos Cyprus or Limassol Cyprus weighing in at about the £50K mark (a house will be approximately double).
For anyone wanting to 'get away from it all' there are plenty of rambling farmhouses in the Troodos Mountains in need of renovation. Meanwhile the Turkish North is fast becoming Cyprus' most talked about property market (EU accession and the likelihood of direct flights meaning that property investors could be sitting on a goldmine). For anyone looking for rental property, the island's estate agents will be able to offer you a wide portfolio of properties, which might help you to decide whether or not to buy.
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Cyprus Guide
