Agency or developer? Cyprus: the nuances of buying residential real estate
Usually one of the main advantages of making a deal directly with a developer in Cyprus is called low prices. In ads, they often write: "Proposal from the developer." But gone are the days when real estate agencies took a significant percentage of intermediaries. In large real estate offices, prices for real estate in Cyprus often do not differ from those of a developer, and they receive their profit through cooperation with a developer in the field of advertising, legal services, etc. That is, in most cases, a realtor is not an intermediary in our usual sense of the word. And too low prices - that of the developer, that of the realtor - can talk about problems with documents.
Of course, the developer is more free in terms of pricing: the pace of construction and sales volumes depend on him, and it is from him that you can get a significant discount. On the other hand, the developer has only his own objects at his disposal, and a reputable real estate agency allows you to choose among several developers (at the same time, the agency's specialists check the history and state of affairs of the developer). But if we are talking about luxury real estate, residential or commercial, then it is worth looking for a specific developer with a name and solid reputation in the market. Russian citizens are one of the main buyers in the luxury segment, and the best projects in the Cypriot real estate sector are largely created with Russians in mind.
Cyprus developer - what is he like?
First of all, it should be noted that Cyprus is southern Europe with its inherent features of the national mentality. In addition to formal laws and procedures, unwritten rules play an important role here, which will be useful to know. For example, almost all Cypriot developers work closely with a particular bank. And if you are going to purchase a home on a mortgage, then you will only be provided with a partner bank of the developer (although you can choose a bank for mortgage lending).
You will most likely find out about real discounts and other benefits only through personal contact with a representative of the developer - only the most general information will be in official sources. If you have relatives or acquaintances in Cyprus, especially from among businessmen or simply influential people, this will become a tangible plus (and sometimes a decisive factor) when concluding an agreement with a developer, because the institution of recommendations plays a huge role here.
Developers in Cyprus are interested in completing the transaction, therefore they willingly enter into dialogue with the client and provide additional guarantees when concluding a mortgage agreement with a bank. But it should be remembered that as soon as you give 100% of the cost of the object, the partner's interest in you will dramatically decrease. Therefore, experts in Cyprus real estate recommend not to pay the developer the entire amount of the contract before he fulfills all his contractual obligations.
Luxury real estate: the best offers from a developer in Cyprus
Real estate in Cyprus from the developer Now the leading Cypriot developers are betting on luxury and commercial real estate - in contrast to inexpensive housing, which is growing in price, then falling, this segment is in constant growing demand. The projects they are implementing are impressive: these are residential complexes, resort complexes, business centers, golf clubs, yacht clubs.
Each of these projects has a unique architectural appearance, and the design and construction were carried out in compliance with all environmental and safety requirements (Cyprus is a zone of seismic activity!). The best developers in Cyprus have their own sales department, a staff of lawyers and provide a full range of services, including the registration of mortgages.