Things The Estate Agents Don't Tell You!!

[thenshorn]

Hi All

My wife and I moved to Cyprus 2 years ago and decided to hedge our bets - buy a couple of rentals, buys some off-plan 'investments' and try some renovations. We were given a lot of positive spin by all the estate agents we spoke to and thought we'd done enough homework to not make too many mistakes. However, it wasn't until we lived out here and started renting/dealing with management companies, estate agents, tennants and watched our so called 'investment opportunities' sit stagnant that we realised the truth!

I've written a book on our experiences which basically follows everything we've done over the past 2 years in detail - it tells our story in a light humoured way, but contains lots of useful information that we've learnt and hope will help others not fall into a similar situation.

We've just got a website with more info: www.ThingsTheEstateAgentsDontTellYou.com and the book is available off the site or through Amazon.

Hope this could be of some help or interest for anyone looking to do the same!

Cheers
Pete

[depurple]

thenshorn
welcome:
Hope you didn't just come on to this forum to sell your book? Hope that you can also add your views about Cyprus as well:

Where are these properties?
Republic of Cyprus or Turkish Republic of Northern Cyprus?
Please let me know?
cheers DP

[brother]

Hi thenshorn and welcome to the forum

I would also like to know wether your experiences where in the North or South of Cyprus, i eagerly await your reply.

[thenshorn]

Thanks for the welcome

All the properties are/have been in the South - across from Famagusta, Limassol to Paphos - we spread ourselves around!

[depurple]

thenshorn
thanks for the info:
Couldn't the EU help you with any disputes?
Cyprus is a EU country!
DP

[thenshorn]

That was the reason why we bought in the South and that was exactly what we were spoonfed making us believe we would be safe!

I'll give you one example, we bought a re-sale flat initially for rental, but ended up living there when we moved out. It is in a lovely area, but the building needs severe renovations - the roof needs relaying, whole building needs patching where parts of rendering had fallen off, columns need strengthening, the grounds needs proper tarmac as they are rubble, but we were told by the estate agent and the seller that the commitee had got together and the works are starting in a few months - we even split the difference of the cost of the works when negotiating our price.

We spoke to a resident and he confirmed the works were being done. We spoke to other estate agents, who all agreed that now Cyprus is part of the EU, these buildings are gradually being forced to bring themselves up to 'EU Standards'.

Anyway, we moved in and discovered the committee members hadn't even been paying their monthly maintenance bills for years, they had done nothing about getting these building works, and none of them would come to any communal meetings we tried to arrange.

In the end, we managed to get on the committee ourselves, spent nearly 1 year getting quotes together for the works and then unsuprisingly had very poor response for collecting the monies in from the residents. One builder wouldn't even quote for the works as he said the building should be pulled down, that's how unsafe it was getting.

So we got a solicitor involved, and that was 1 year ago. So far we haven't even got to taking anyone to court. We were advised that if they don't appoint a solicitor the money could be collected by threat of court action within 3 months (6 months ago) and that if they did appoint a solicitor, it could take up to 4 years in a Cyprus Court!

We even went to the Municipality to ask for assistance in getting these works done - we are after all in the EU and they have standards! Their reply was, there is nothing you can't do yourselves, so stop bothering me!

So far after 2 years, we have about 1/3 of the money collected - who were the British and Germans who paid upfront anyway!

Words are all very well, but actions speak far louder and sadly we have seen very little of them!

Quite simple, in our experience, EU laws aren't worth the paper they are written on. Especially when there is no-one enforcing them.

[depurple]

Mate you should see the Seagull Apartments in Limassol!
Same story: LOOKS like Somalia OR Lebanon after the Jews renovated it!
There are 2 lifts to the 6 Floor building and none are working and there are like 10 people in each room: The stairs are covered with bikes, rubbish, clothing ect:
It is a disaster waiting to happen:
My Uncle who is Aussie has paid all his body corp fee and nothing has been done: He even paid 1800 Cyprus Pounds to fix one elevator because his apartment is on the 6th floor and in a week it was broke:
WHAT A JOKE!
As for the other people who he talk too they all said WELCOME TO CYPRUS!
What WILL happen in one of theses shit building will go up in smoke and they will get 100 or so people killed and THEN and maybe then something might be done!
So just wait and hope it does!
BUT there should be a Health and Occupation Safety Board or something: Check with the EU!
cheers
PS My Own personal View!
Sell the bloody thing and with the interest live at the Alexander the Great Hotel and FLASH a few bucks and get the Cypriots running around like flies:

[thenshorn]

Don't get us started on lifts - we have another story to tell on that one, but it's all in the book

I'll just say we paid more than your uncle, but at least we managed to sell that one before it broke down again!!!

[InterwatchSecurity]

......Cyprus actually rains 351 days of the year!!!!

[stavrizatz]

[100%cypriot]

Wellcome to the mad mad world of the EU