Archive for the ‘Cyprus Property Lawyers’ Category
Property Lawyers in Cyprus – Analyzes – Cyprus property Market – Completed on 23rd 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 23RD JULY 2010. Cyprus Property Lawyers
Share and Enjoy:
Giovanis Kouzalis – Cyprus Property Lawyer – video on Cyprus Title Deeds – July 15th, 2010
Cyprus Property lawyers – Review – Qatar and Cyprus deal – Completed on 26th 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 26TH JUNE 2010.
Share and Enjoy:
Lawyers in Cyprus – Review – Contract of Sale – completed on 6th 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 6TH JUNE 2010 http://www.lawcyprus.org/
Share and Enjoy:
Cyprus Lawyers – review – Title deed delay – Completed on 24th June 2010.
After our previous articles on the new Cyprus Title Deed Reform and anticipation of the new legislation to be passed in parliament, we regret to inform you that there has been a delay and the legislation has not yet been passed.
If you are an A&G Kouzali website fan, you will be very aware of how much our Cyprus Lawyers, Mr Kouzalis in particular, has made great efforts in the fight for a new Title Deed procedure. And our fight is now far from over.
We are very disappointed that the legislation has been delayed, even so, that we have written a letter to the Cyprus Minister stating our concerns and requesting a speedy result. We are also writing to each Member of Parliament and requesting that the legislation be passed without any delay.
We urge the public to do exactly the same thing! If we all pull together and put further pressure on the government and the members of Parliament, a result must prevail.
We have continually joined in the fight for a new Title Deed procedure in Cyprus and we obligatory report all latest news via our website and now we must work even harder and do our utmost to make sure that citizens both local and international are not let down after such promises were made.
We have been supportive of the Minister efforts and had complete faith in the new legislation, but now it is time to get up and fight again as this is unacceptable.
Please join in the fight for a reformed Title Deed process in Cyprus and let your thoughts be known to all the members of parliament. You can find their contact details on http://www.parliament.cy/
Feel free to contact us and tell your thoughts also.
THERE IS NO EXCUSE……PASS THE LEGISLATION FOR CYPRUS TITLE DEEDS.
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 24TH JUNE 2010.
Property Lawyers in Cyprus – Analyzes – Climate Change on 24th 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 28TH APRIL 2010.
Share and Enjoy:
Property Lawyers in Cyprus – 2010 property markets – 13th 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
Property Lawyers in Cyprus – Reviews – Property Auctions completed on 19th February 2010. Cyprus Property Lawyers
2010 is said to be the year for Property Auctions?
Buyers and sellers want to cut out the agents and get their properties sold quickly, and brought at cheap prices.
This saves the developers a lot of time as many properties can be sold at once. Banks are also using Property Auctions to sell off distressed properties acquired through the financial downturn.
Property Auctions were previously back of the queue in terms of property sales, but with the changing times, quick and cheap sales are must.
Property Auctions are taking place in countries such as Dubai, Spain, Portugal, Greece, USA, and here in Cyprus. It is expected that Property Auctions will grow very popular and will soon take place all over the world. With foreign interests upping auction sales, agents may very well become a thing of the past.
We feel practising as International Property lawyers in Cyprus, that Property Auctions are a good idea for investors to obtain a bargain property.
Times are definitely changing and we have to change with them!
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19TH FEBRUARY 2010.
Property Lawyers in Cyprus – Studies – Climate Change on 3RD January 2010 – Cyprus Property Lawyer
After our previous review on the issue of eco-tourism and property, it appears eco-friendly is making rapid progression in Cyprus, with new EU Laws being passed to regulate and implement specific changes. Practising as Property Lawyers in Paralimni Cyprus and being such a highly distinguishable company within our community, we are obliged to follow all issues of Property Law, Property Markets and growing trends.
Eco-friendly is not just a trend anymore, it is a must. The EU Parliament and Council have made preliminary agreements that all newly built properties must not only be built with energy saving materials and products, but must also be powered with a renewable energy system. Zero energy consumption is needed and criteria to this effect will be implemented and obligatory for all new developments.
By the year 2020 all EU states must be in line with strict regulations and all developments must be achieving a high standard of energy saving through renewable functioning. Set regulations are yet to be agreed upon for the renovation of existing houses but this is surely soon to follow.
This decision has come before the Copenhagen Summit on climate change and this decision by the EU Parliament could positively influence and help achieve the goals that officials attending the Copenhagen Summit are striving for.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 3rd JANUARY 2010.
Here are some tips on buying property in Cyprus as it is very easy to make big mistakes!!!
Prices for Property Lawyers in Cyprus regarding contracts of sale/purchase start from 1% + VAT, plus expenses when necessary. If a cheaper rate is offered the motive for this should be seriously questioned, as it is not the practiced law in Cyprus.
If an Agent is offered incentives by the developer it could be he is not selling the best property but selling it for his reward.
Research the agent beforehand as ever more frequently, estate agents are going in to liquidation and leaving their clients in a helpless situation. Beware that this is happening to big major property agents as well as the smaller companies. The last couple of years many agents just disappeared and clients are left stranded. A good example is Parador who just vanished.
When an agent and solicitor have been selected, you must be 100% sure they have fully achieved their due diligence regarding your property and have represented you to their fullest potential. If it is considered at any throughout the procedure, that you are not benefiting from their services, it is your right to cease all dealings with the agent or solicitor and seek alternative assistance. You can check the British High Commission list for guidance.