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

Archive for the ‘Cyprus Property’ Category

Famagusta property Lawyers – Review – Crumbling Paphos property development

It always happens to the British, wherever there’s property issues unfortunately the British are to suffer. In Paphos this year Kamares village to be exact a crack appeared on a hillside road that has situated quite a new development consisting of villas, houses and apartments 14 in all.

Since this time homeowners still have no clue what is to happen to their investment and are living in rented property or missing out on holidays in their new holiday homes until further notice. All the properties are starting move and this is only going to get worse if something is not done soon.

There are disagreements with the developer and authorities as to whose fault this is. The authorities believe if the developer had efficient surveys done this would have been noticed and the developer believes the authorities should never have given building permission.

But while they are playing the blaming game to and from the houses are going to start crumbling away and the homeowners of this project will have no home to argue over. It could be deemed that the houses have to be knocked down altogether and having only received their finished properties a couple of years ago this is a terrible nightmare for all who have invested on this project.

The road has been closed as this is too dangerous for the public and no use of the properties are allowed and it is believed the lack of sufficient drainage has caused this!

Whose ever fault this is it is not the investors fault and once again such investors are suffering and the lack of caring the construction industry whether this be on the governmental side or the developer it’s an ongoing problem with property issues of sorts.

Come on Cyprus pull your finger out no wonder the UK media slaughter Cyprus if its not one thing it’s another should not be allowed to happen. Where’s the caring, where’s the professionalism. Where’s the law?

We wish the owners of the properties a suitable solution and hope the government and developers get it together pretty soon before the bricks start falling.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19TH SEPTEMBER 2011. http://www.lawcyprus.org/

We would like to take this opportunity to give out some of the latest as per the above topic as we want to make very clear the procedure for individuals wanting to claim back their property on  Northern Cyprus.

There are 2 courses of action available.

Sit it out until a solution to theCyprusproblem can be found – that is of course if you trust the politicians.

Or

Apply to the Immovable Property Commission on the North.

Applications that went straight to the European Court of Human Rights were actually not passed judgment on as it was decided the applicants have to follow all courses of remedy available to them locally first before appearing at the ECHR.

Therefore, the correct procedure is:

• To appoint a lawyer that can present your case before the Immovable Property Commission in the North.  (The Immovable Property Commission was devised to hear cases and apply decisions due to the fact that the Turkish Government now accepts responsibility of the North and therefore such applications from Greek Cypriots would be fairly dealt with)

• However, if the decision from the Immovable property Commission is not satisfactory the next step is to appeal to theHigh Administrative Courtin the North.

• If still no satisfactory remedy then apply to the ECHR as all obligations to seek remedy have been fulfilled and failed. This is the only way to reach to a European remedy.

There is a time frame to apply to the Immovable Property Commission therefore all applications must be put forward before 21/12/2011. A valuation of the loss of use of property during the years of 1974 – 2011 must be submitted and a decision on the remedy sought.

This is a very short time period and we urge all Greek Cypriots to contact us immediately in order to prepare their application.

Full details and costs will be given upon request.

http://www.lawcyprus.org/

Property lawyers in Cyprus – Review – A place in the sun exhibition – Completed on 5th October 2011.

A place in the sun which is one of the biggest overseas property exhibitions in Europe recently exhibiting at Birmingham’s NEC in the UK experienced a disturbance from many UK nationals who have previously brought property in Cyprus.

The group of unhappy Cyprus property purchasers were allegedly handing out information against buying property in Cyprus and protesting that they have been fraudulently sold property here.

Exhibitors are said to have complained about the protestors however, police did not make them leave they only made sure no problems arose.  This is not good news for Cyprus and for the individuals promoting properties in Cyprus at the exhibition.

A place in the sun we feel should have had this under control and it should not have been allowed to happen especially when the exhibition goes out live to millions of viewers on national television. Also for the people who are paying a place in the sun to exhibit at this event this is the last thing they need while trying to promote business which is what they have paid for.

Cyprus is a very safe place to invest, admittedly we have had problems with the Title Deed issues and isolated incidents with developers but the government have played their role in solving these issues and not all developers should be stereotyped as there are many good and decent developers on the island.

As long as you fulfil your legal obligations by appointing a legal advisor in the first instance and carry out all due diligence on your potential investment you do not have to experience any difficulties.

This is very disappointing news that a place in the sun has allowed this to happen and we hope the damage was not to drastic.  Our island is putting a lot of effort into making buying property here safe and for the purchasers it would be a crying shame to miss out on some of the excellent bargains we have available to them at this moment.

Many individuals are now more aware that it is top priority to appoint a local reputable and independent lawyer before any agreements or funds are handed over this is the same in every country you may purchase property.

If you require further information we are more than happy to assist in all property purchase procedures and issues.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 5TH OCTOBER 2011. http://www.lawcyprus.org

A new legislation was enforced on October 1^st 2011, which enables Cyprus property purchasers to pay as little as 5% on their property purchase as long as the buyer will use the property for their own residential purposes.  This is definitely a positive measure from the New minister Mr. Kazamias and the Parliament who approved it.  There is a letter by the VAT office dated October 7^th outlining the new legislation and not before time either, Cyprus was more than ready to hear positive news in relation to the Property Market.

NOTE: The notification clearly states that any property bought before October 1^st 2011 will not be covered under this new provision.  Further to that the notification clearly states the following requirements for applicants to obtain approval:

1. Applicants should be over 18years of age
2. EU resident or resident in CY jurisdiction
3. Applicant should use the property for clearly his/hers residential purposes.
4. Planning application should have been after the 1/5/2004
5. The property in question should not be more than 275 sq. m. and the 5% VAT is only applicable for the first 200 sq. m.
6. There are special provisions for engineering rooms, storage spaces, covered parking and covered verandas.
7. For families over 6 people (minimum 4 children) the 275sq.m will be increased to 15 sq. m. per family member over the 3^rd child.  I.e. a family with 4 children will have 15 sq. m. extra on top of the 275

As expected there are some restrictions i.e.:

1. Applicants should keep the property for at least 10 years.
2. In case the applicants sell the property or evacuate the property before the expiry of the 10 years then they will have to return a certain amount of the money return (in proportion) back to the authorities.

The application must be accompanied with various details and documents, i.e.:

• Planning permission
• Contract of sale (fully stamped)
• Evidence of the above contract/transaction – receipts, payments, etc.
• Verification by the architect about the sq. m. of the property.
• I.D. Card copy and many more details.

The applications must be made and delivered and or posted to the VAT offices in each district.   Finally the applicants must prove within six months from the delivery of the property that he/she is really a full resident of the property, using utility bills.

For more information contact

A&G Kouzali Law Office

169, 1^st April Ave, P.O. Box 34328

Paralimni, Cyprus.

Tel: 00357 28811788/23811787

Fax: 00357 23711789

Skype: agkouzalilawoffice

Email: lawfirm@cytanet.com.cy

Property Lawyers in Cyprus – Review- Cyprus Construction – Completed 13th August 2011 - http://www.lawcyprus.org/

The Cyprus construction industry is in a drastic state and there is no sign of it getting any better. Figures from the municipality authorities show that approved building permits for the first half of 2011 are down 13% on the first half of 2010. The overall value for the drop in permits for 2011 compared to 2010 is over 24% which is estimated around 40 Million Euros.

See below graph for full figures:

There are many factors causing this and it is a sign that further construction is looking pretty abysmal for the future in Cyprus.

Firstly, the Title Deed issue has scared away any potential investors and purchasers of Cyprus property are now looking for investment that already holds Title.

Secondly, the banks are not lending money for mortgages. There is too much risk with properties decreasing in value and the banks are having a bad time with recent economic issues going on in Cyprus at the moment.

Thirdly, the cost of living here in Cyprus is way too high and this is a total put off to retirees and individuals looking for a second holiday home.

The stagnant market has had drastic effects on the island and many construction workers are now unemployed, estate agents and legal firms are also struggling it’s a domino effect. The construction industry is actually the worst hit industry for unemployment. And the figures show there is no sign of recovery for now.

There is so many issues going on in Cyprus the property market and construction industry seems to be on a back burner yet it is another main revenue path for Cyprus and needs to be addressed quickly and surely before we endure a total crash.

We must bring back the international investor. The British market has gone for now and they are having their own problems but Russia, Scandinavia, Switzerland, Germany, we have to do more promotion in these countries and we must do more to accommodate and target these visitors when they holiday here in Cyprus.

There is a lot of hard work ahead of us to get our property market back in shape but for now the cash buyer can take his pick of some of the most amazing bargains in Cyprus history!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 13TH AUGUST 2011 http://www.lawcyprus.org/

Lawyers in Cyprus – Review – Transfer tax – completed on 6th July 2011.

Just when we thought the international investors would rejoice at the new title deed legislation, we actually thought quite wrong.

Many Cyprus property owners who have quickly applied for their long awaited title deeds are very surprised and gob smacked at their property transfer tax bill issued by the government.

British buyers especially feel, they are being scammed by the Cyprus government and have no idea where the amount of their property transfer tax bill has derived from.

The Cyprus government are thought to be using historical data to assess the amount of transfer fees payable, plus if they feel a property has been fraudulently under declared to save on taxes they use their own calculations to assess this and send out the correct amount they decide should be paid.

If the property owner is not happy they must prove the government are wrong on there decision.

The media are actually running surveys to show how many property owners have been over charged on there transfer fees and urging owners to come forward and have their say. The results will be interesting to see.

When we thought the storm was over, we are sad to say we are only seeing the calm before the storm. Another storm!!!

Basically the government are using their own mathematical equations to calculate transfer fees and for those being over charged it is up to the owner to prove that their property purchase price was by no means undeclared.

Can this really be true?

How do you prove otherwise your contract of sale is all the proof you have?

We will ourselves will investigate this issue and make a full report to our readers, we would however like to hear your issues on the subject.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 6TH JULY 2011. http://www.lawcyprus.org/

Lawyer in Cyprus – Review – Turkish Cypriot Property Claims – Completed on 1st June 2011. http://www.lawcyprus.org/

We would like to take this opportunity to inform all Turkish Cypriot nationals of their rights to sell any land or property they may have in the Republic of Cyprus or to have family land or property transferred to living children or grandchildren.

For those Turkish Cypriots who moved abroad before the 1974 war, selling or transferring your land or property has become a more easy process. We urge all Turkish Cypriots to come forward and claim what is rightfully yours.

It is even easier for the Turkish Cypriots to sell or transfer their land or property if they moved abroad before the 1960s Cyprus independence.

Our office is dealing with many Turkish Cypriot cases of this nature as the Turkish Cypriot nationals are now becoming more aware of their rights and stepping forth to claim them.

In brief we will require a death certificate if necessary and proof of your living abroad, as well as proof of the land or property in question if you should have. If you do not hold in your possession such documents our office can find these out for you.

You can contact our office if you have any issues of this nature of just require further information. We can search your query should you not have the relevant documents to hand but you believe you are entitled to such land or property.

Our office is experienced in this area so please be assured we will do our utmost to achieve the best possible outcome for you in gaining what you are entitled too.

Do not delay any longer and contact us today and start the procedure for claiming your land or property in the Republic of Cyprus!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 1ST JUNE 2011 http://www.lawcyprus.org/

Cyprus Property lawyers – review – Cyprus Title Deed Reform Delays

After all the controversy over the title deed issues, and the urgency in devising the 5 new legislations to form a new title deed procedure, we are still no closer to a solution.

We have to however, respect the efforts of Mr Syliotis Cyprus Interior Minister as his efforts towards this issue have been outstanding.  It may have been along time coming but since the controversy broke out Mr Syliotis really has tired his best to have this matter resolved as quickly as possible.

Mr Syliotis recently slammed the house of parliament claiming MPs were delaying the legislation. We for one are outraged that further delays are evident.  Why would MPs want to delay this strategy from coming into effect as soon as possible? What possible valid reason is there for not wanting to put public outrage to rest?

Last year we were waiting in anticipation for the 5 legislations to be passed then to be told there was a delay due to imperfections in the bills and discussions would resume after the summer break in September.

We are now in April 2011 and low and behold we are once again being told 2 of the 5 bills are still not ready.

This is very hard to conceive. The new reform will not only help many thousands of homeowners, clear the back log of deposited application and issue thousands of title deeds, but it will also bring in hundreds of thousands of euros each year helping the Cyprus economy.

We are asking the MPs outright what is the reasoning behind this we would like to know?

We would like to thank Mr Syliotis for his efforts. We feel he is the only politician who really tries to do something!  We support him and we will continue the fight for Cyprus Title Deed Reform until public justice prevails.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Cyprus Lawyers – Studies – Buy-to Let Scheme

To combat the economies financial unrest and help give first time buyers a chance to get on the mortgage ladder in Cyprus a new concept has been introduced called ‘Rent to Buy’ scheme.

Currently to be able to buy property in Cyprus you must have 30% deposit plus solicitors fees, it is virtually impossible in these times of unrest to even acquire a small loan without 2 Cypriot guarantees.

The Rent-to-Buy scheme allows buyers to choose a property, put only a 5% deposit down and live in the property!  The buyer can live in the property for 5 years paying rent of which will then be deducted from the original sale price.

There are advantages for the buyer and the seller.  The buyer has 5 years to get the rest of the deposit together and get all their finances in order, while also paying some of the cost off the sale price.  The seller can use the rent money to pay the mortgage and is also exempt from capital gains tax and other expenses.

At the moment this is only available on certain properties making investment limited and maybe not what the buyer really wants but it is an affordable way to get on the property ladder especially for the young and first time buyers.

The recent economic crisis has forced many schemes to come in to action to try and keep the markets moving.  We have seen Fractional Ownership, Self Invested Personal Pensions, Recovery Scheme and now the Rent-to-Buy scheme.

Each concept has had its fair share of criticism but all seem to be keeping the markets moving.  We are yet to see where the Rent-To-Buy scheme will rate along side the rest of the schemes, but we will certainly investigate further and let our readers know our honest thoughts on the matter.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Cyprus – Review – Cyprus Property Market

We can safely say 2009 and 2010 were dismal years for the Cyprus property market.  In 2010, contracts deposited at the land registry office were up only 5% from the previous year.

UK buyers have disappeared and probably will not be seen for some while to come.  The Russian market however has been more active, but they are keeping their cash in their pockets and buying only at the lower end of the market.

It’s definitely a buyers market right now as prices are down a staggering 30-40% and we may even see them reduce further in the later part of 2011. Nicosia is still the running favourite with increase in sales and Limassol in 2^nd place.

What can we say about 2011…yet again it’s another wait and see game, but it is rumoured that the island will be seeing a lot more Russian Nationals in all areas of Cyprus Island life. We would love to hear your thoughts for 2011 and what you think will happen.

Please see below our Cyprus Property Market Comparison Graph below.

PUBLISHED BY A&G KOUZALI LAW OFFICE  http://www.lawcyprus.org/

Cypriot Solicitors – Help and information on How To Buy Property From a Cyprus Developer.

You probably have many questions, about Cyprus Property and Developers which is why A&G Kouzali Lawyers in Cyprus is ready to give you information on all your queries. Our office is based on truth and honesty of which we feel our clients deserve. Do not fall prey to small print and jargon you must approach a Cypriot Lawyer who has vast experience in this field. Buying a Cyprus Property maybe a dream come true for some but without the best legal advice it can also be a worst nightmare.

Read more How To Buy Property From a Cyprus Developer

Cypriot Lawyers – Help and in information on How to Sell a Property in Cyprus.

We at Cyprus Property Lawyers A&G Kouzali understand buying property is a very big step and selling property is no different.  Our Resale department are one of the best in Cyprus this is a renowned fact.  We deal with your procedure speedily and precisely making your resale hassle free.  Leave to the professionals you will be in the hands.  If you require more information contact us through our website or speak with our resale department directly who will put you totally at ease and give you peace of mind within minutes that you have chosen the right Lawyers for this job.

Read more – How to Sell a Property in Cyprus.