Over the past year, property prices in Cyprus have risen significantly. As a result, many buyers are trying to save money on the services of an estate agent and are choosing their own options.
In this case, the search for a property that fits all the parameters may be delayed. Finding the right property can mean sifting through hundreds of ads. In addition, it is not uncommon for the information to be false.
The main purpose of fake advertisements - to attract the attention of the client and force him to communicate. These are usually dishonest estate agents. The classic fake ad promises the buyer an unexpected windfall, which makes them reach for the phone. This gives unscrupulous agents a large flow of incoming calls from "warm" (ready for psychological processing) clients.
Today, let's talk about how to spot a fake and how to protect yourself.
Too low price for the property
The main sign of a bogus advert in Cyprus is an unreasonably low price for a property. Always monitor the market and calculate how much similar properties cost in the location you are interested in. Similar - it means approximately the same square metre, in houses of the same age, of the same series, with comparable repairs, floor, view from the window. It is clear that the condition of the flat is far from primary, because the new owner will furnish it "for himself", but in the case of secondary real estate it still plays a role. A "run-down" property may not cost as much as a property that has been recently repaired. The seller always includes his expenses in the final price.
Estate agents know that the modern buyer is quite "advanced" and price conscious, thanks to the internet, so they try not to place adverts in the "cheaper only for nothing" category. Most likely you will see an offer at a price below the market price, but not critically - the flat will be cheaper by 20 per cent at most. If there is no "urgent sale" in the ad - it is very likely that it is a fake.
Long exposure of the property at a below-market price
The secondary property market is organised in such a way that price plays a very important role, and properties that are advertised at a lower price quickly find their buyers. This is especially true when you consider that the price is always quoted with the possibility of negotiation. Always check the date of the ad. If it has been up for more than a month, you should be wary. It is very likely that there will be unpleasant moments during the negotiation phase. If the flat is sold at a price much lower than the market price, the offer will not be on the site for a long time - such a lot will find a buyer quickly.
Distortion of reality
This is the most difficult option to calculate. Estate agents tend to distort information about the property to make it look more favourable. For example, instead of the 13th floor, they may say the 12th or 14th (if you are not superstitious, this is certainly not critical, but you should bear in mind that this factor still affects the price and can become a bargaining point). In principle, you can "rethink" anything: the area of the kitchen, the number of owners or windows, the sides of the light. This is a kind of bait-and-switch: they are trying to encourage you to come and see the property. If you like the property, you may be willing to overlook some of the faults mentioned in the ad.
Too nice pictures or a lack of them
Every marketer knows that attractive images have a powerful influence on people's behaviour. This technique is the basis of all advertising, and it is no less effective in advertising. But if you are buying an economy flat at market price and the photo makes it look like an elite property with expensive repairs, be wary. Don't get carried away: click on the photo and follow the "Search on Google" link. If the photo has been downloaded from the internet, the search engine will give you a list of sites where this type of interior can be found. Most likely, it is a banal "photoshop" and the real state of the object will disappoint you.
Similarly, you should be wary if there are very few or no photos of the property itself in the ad. This means that either the property is "dead" and has been rented out for many years to a bunch of foreign workers, or the property does not exist and the agents are just building up a client base of potential buyers. The ad will have photos of the house from the outside, entrance groups, lobby, yard - everything but the property itself.
Standard ad text
If the description does not make it clear what kind of house we are talking about, and the ad is accompanied by enthusiastic epithets "about nothing", with the object being presented in the best possible light, but without any specifics, this is a reason to think. The real estate agent's task, if he is dealing with a real existing property, is to give as much information as possible about it: the size of the premises, where the windows face, who the owners are, whether it needs repairing and so on. And expressions such as "the most luxurious flat in the area" or "you will not find cheaper" - this is an attempt to throw dust in your eyes. Avoid these options. Even if the apartment is real, you will have problems communicating with such a "romantic" estate agent idealist.
Remember that free cheese only comes in a mousetrap. Study the property market in Cyprus thoroughly, compare offers with similar ones and draw the right conclusions. The best option is to use an experienced estate agent.
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