Buying a home abroad is an exciting moment which always has pitfalls. The only way to deal with them is to contact true professionals and specialists. There are quite a few good real estate agencies in Cyprus.
Limassol is a special "field" of real estate
Limassol is very different from all other cities in Cyprus. First of all, in terms of real estate.
There are many different areas in the city. Each of them has its own residential complexes, buildings, infrastructure, even its own atmosphere. Thus the cost per square meter in Limassol varies significantly. Sometimes in the center they offer apartments with three bedrooms for EUR 250 000, while another two bedroom apartment far in the suburbs costs EUR 350 000...
If you have not lived in Limassol for a long time, it is difficult to understand the pricing policy. Even the locals sometimes don't understand! But the peculiarities of the city do not end there either.
The fact is that there are a lot of foreigners in Limassol. This inevitably gave rise to 'ethnic' quarters, more precisely, districts, which are very fond of immigrants. In such areas, there are many places where you can meet foreign speech. There are kindergartens and schools, cafes and restaurants, training courses, private clinics, beauty salons which speak other languages.
When choosing accommodation in Limassol, an important factor should be taken into account: proximity to the sea. Let's name them lines:
- The first line is the closest to the sea, you can leave the home and get to the beach in a minute
- The second one is farther away, usually 2-5 minutes by walk
- The third line is very far away, usually you can get there by car.
But sometimes the sea is not important, thus people settle away from it. In some ways they are right as they save money and same the home from high humidity.
Benefits of large real estate agencies in Cyprus
- Perhaps the most important factor prompting to buy houses in Cyprus through an agency is the language barrier. English won't help you in some situations. Some documents need to be translated to Greek, and the translation must be certified by a notary.
- The second problem is knowledge of local laws. The purchase of real estate in Cyprus by foreigners follows special rules, for example, you need to obtain a symbolic permission from the ministry to buy the first real estate in Cyprus. In addition, there are little surprises for those foreigners who have never made any real estate transactions on the island. It makes no sense to list them as this is a whole legislative framework. Qualified realtors will always be happy to answer the question of how to buy property in Cyprus.
- The third issue requiring the help of specialists is the choice of a city / district / complex that is most suitable for the buyer's requirements. Someone is interested in the entertainment sector, others want to have parks and kindergartens nearby, and still others are looking for village seclusion. And it's not always easy to find the perfect place without advice.
A real estate agency in Cyprus is the most reasonable option to make a transaction of any level. As a rule, real estate agencies in Limassol (and in other cities of Cyprus) try to supervise the transaction at all stages: from assistance in choosing an area and to obtaining a new owner of the title of real estate.
Services provided by real estate agencies in Cyprus:
- They can help to learn about areas where you want to buy real estate
- They have a big property base
- The collect all documents, make their translation and send them to the appropriate authorities
- The can help to open a bank account in Cyprus and to pay state fees and contributions
- The provide legal support of the transaction as well as assistance at the stage of registration
- Some agencies help their clients to make documents for a residence permit
- A separate service of agencies is to accompany the client after purchasing real estate in Cyprus. This means that foreigners are helped to understand local life: paying for utilities, registering children in a kindergarten or school, etc.
When buying real estate in Limassol, real estate agency services are free! Experts help to solve sophisticated and incomprehensible problems.
Unfortunately, a lot of real estate sellers in Limassol are cunning as they set a price higher than adequate, tell 'tales' about the comfort of apartments, and hide not obvious disadvantages. It is difficult for an inexperienced buyer to deal with a number of "excellent" offers, then specialists-realtors come to the rescue.
When buying luxury real estate in Limassol, agencies often act as a multi-intermediary: buyers do not need to constantly fly to Cyprus to close the next stage of the transaction. They only need to see the object once, approve it and they can carry out the further procedure remotely.
Criteria for choosing a real estate agency in Cyprus
The first and most important thing is to get to know the agency or its representatives before any payment comes from you.
It is important to know that all services of real estate agencies in Cyprus and realtors are free. If they are trying to get money from you for viewing a property or for a consultation, leave them immediately!
Be sure to ask about the positive experience and what difficulties you may have about buying a home in Limassol. If they tell you about the pros for a long time, but they don't want to talk about the cons, this is suspicious.
Browse the internet for reviews of the real estate agency.
When contacting a Cyprus real estate agency located directly on the island, please note the following:
- Ask how many successful deals were closed by agents in the city where you want to buy a home. It happens that the agency successfully sells houses in Paphos, but they are not familiar with the Limassol real estate market at all
- Positive "live" reviews are serious in Cyprus. In social media groups, ask around your compatriots who have moved and they will always tell and advise
- Website design. A true big company in Cyprus has a good website.
Agencies working “remotely” (for example from an office in Berlin) must prove their reputation regarding Cyprus. A good company has a solid base and a wide range of offers, as well as an impressive and comprehensive amount of information about the island.
If the agency successfully sells apartments in Malta and Monaco, and they have Cyprus just for show, it is worth looking for another option.
Is it possible to buy a property in Cyprus without a realtor but with help of a lawyer?
Real estate agency services in Cyprus are completely free. But many, thinking that they are saving, rely on only one lawyer (attorney).
It is important to know that a lawyer is only well versed in paperwork and knows the procedure for registering a property, but absolutely does not understand the real estate market and is able to give full advice when you are choosing an area or a residential complex in Cyprus. The lawyer supervises only those moments that relate directly to the papers, and the buyer have to deal with the rest.
The option using a lawyer is not bad, but it has a number of disadvantages:
- They take money from you, but there is no guarantee that the transaction will take place (the services of a lawyer in Cyprus are paid)
- Temporary delays can occur as they don't like to rush in Cyprus
- If you are a newcomer to the island, a lawyer will definitely not educate you about the details of local life and will hardly tell you how good the housing you are buying, whether it is worth the money, etc.
The services of one lawyer are used by people who have lived in Cyprus for a long time and know the intricacies of real estate transactions. And a trusted lawyer is chosen according to good local tradition, this is done according to acquaintance and recommendations.
Is renting a property in Cyprus also through an agency?
Several global platforms live on the Internet, which allow you to independently choose housing for a short or long term and protect the transaction. But the online platform is not a guarantee. It cannot save even in force majeure situations of a small scale. It is reasonable to use it only for tourists, but not for those who want to rent an apartment in Limassol for a long time.
Therefore, if you plan to rent a home in Cyprus for the first time, it is wise to contact a real estate agency. You can:
- Avoid deception and fraud
- Find a good option quickly in a good location, find your ideal property
- Protect yourself from unscrupulous landlords
- Insure yourself against all kinds of unforeseen situations.
Limassol is a big city with thousands of housing options. Finding accommodation in Limassol is not so easy. A real estate agency is the right option, which will give the buyer confidence in the transaction, protect against delays and deceptions, and also save the nerves.
- Paphos vs. Limassol. All the pros and cons (link)
- Should you buy property in Larnaca? (link)
- First acquaintance with Larnaca (link)
- Features of seafront real estate in Cyprus (link)