Cyprus Title Deeds Disgrace

Cyprus Title Deeds Fiasco Continues

Despite changes in the law during 2011 problems with title deeds continue to pile up for property buyers in Cyprus.

Banks in Cyprus provide mortgage funds to developers to build properties AND then the same banks provide mortgages to the buyers of the properties. The mortgages provided to the developer are not normally disclosed to the property buyers. The lawyers, banks and developers know that many buyers would not proceed with the purchase if they knew they were being offered a second charge mortgage. The first charge over the property is between the bank and the developer.

This means that if the developer fails to repay the mortgage before the title deeds are issued then the banks can auction off the property to repay all or part of the developers debt. When you consider it takes many years for title deeds to be issued in Cyprus it leaves buyers in constant worry that their developer may default on the mortgage.

Cyprus Title Deeds FiascoAlpha Bank have recently applied to auction off a group of properties mortgaged to a developer that ceased trading some time ago. This leaves the property buyers in danger of becoming homeless even though they may have paid off their own mortgage on the property. Please help us put a stop to the whole Cyprus title deeds debacle by signing the petition to halt the auction at title deeds fiasco.

If the problems with title deeds in Cyprus are not resolved the property market will never recover. Just 61 signatures short of 1,000 at the latest count on the petition to stop the auction. Please sign the petition if you haven’t already done so and  let us all hope the crazy Cyprus title deeds problems are resolved quickly

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Cyprus weather in winter

Cyprus Weather

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I was just about up to date with my paperwork and then BANG the Cyprus weather took a turn for the worse.

Thunder, lightening and heavy rain. Such weather is not uncommon in Cyprus especially after the long, hot summers but yesterday it rained hard ALL day and late into the early hours of this morning. Rained again for much of today but not nearly as heavy as it was yesterday. Temperatures are also well down, certainly compared with recent years (I was sunbathing on Christmas Eve last year). As properties in Cyprus don’t normally have centrally heating it is important that owners have some form of heating for winter guests. Most air conditioning units will blow hot air but it is important they are in working order throughout the year in case of a sudden cold spell. Alternatively halogen heaters can be used and even though gas heaters are cheaper to run they are not recommended as they can create problems with damp. Roads flooded, villas and apartments damaged and grey skies (rare in Cyprus) to boot.
Last night I was at a top floor apartment with a sizeable puddle of water in the lounge. Looks like the driving rain had brought water in from under the door. Today I had calls from tenants and property maintenance companies in the Kapparis and Paralimni areas. Modern apartment blocks with the roofs leaking and ground floor apartments flooded out. Fortunately as most villas and apartments don’t have fitted carpets it means the damage caused by the almost unseasonal Cyprus weather is relatively minor.

Cyprus weatherThe danger from forest fires has all but vanished following a single days rain and the farmers will be much happier now.

Along the top of our forum pages there are links to forecasts for Cyprus weather for up to 10 days ahead and historical data for previous months. In the summer I hardly ever look at the forecasts as it never changes, hot, very hot and sunny with no chance of rain. Even outside the summer months the chances of rain are quite low. The forecast may show several days in ‘winter’ with 20% to 40% chance of rain and even though this is much higher than the 0% in summer it generally means it probably will NOT rain.

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Cyprus weather doesn’t generally stay bad for long, unlike some countries I could mention, and the forecast looks to be much improved over the next week or so.

Posted in Armonia Resort, Cyprus Apartment Rental, Cyprus Property Rentals, Cyprus Property Sales, Cyprus Weather, Protaras Apartment Rental, Protaras Property Sales | Tagged , , , | Comments Off

Cyprus Property Sales & Rentals Update

It has been quite a while since  I have posted to the blog so here goes (and I will warn you now you may need a strong coffee to keep you awake):

We are now well into the summer rental season and all seems to be going well. Revenue from visitors is reported to be up 13% on the same period last year although many local ‘businesses’ appear to go out of their way to ensure this years tourists never return to the island. Local taxi drivers are ‘demanding’ that bus fares are increased and service levels reduced so they can fleece more tourists. Lidl’s in Protaras suffered an arson attack a week after opening as it provides value for money goods and the businesses here do not want tourists to have such things. Fortunately it wasn’t closed for long so hopefully not too much damage to the tourist trade despite the efforts of the arsonist.

Most of our guests are now settled into their chosen rental properties as we specialise in 2 and 3 month rentals to affluent families from Nicosia. Below is a list of issues that have arisen with / for guests in recent weeks:

1. ‘Broken’ TV’s – Cypriot digital TV has been running alongside analogue TV for ‘years’ here in Cyprus and the scheduled date for analogue to be switched off was the 1st July 2011. Probably one of busiest days of the year for property rental businesses. Cyprus is not known for adhering to timetables of any nature so the expectation by many was that analogue TV would still be available many months after the 1st July. No such luck and ‘all’ the TV’s on the island stopped working at 1 minute passed midnight. In truth some people still had working TV’s as they had upgraded their TV’s with MPEG4 decoders or bought the very latest TV sets. Until a few weeks before the switch off the decoders were selling for up to €65 and very few people were buying them. Suddenly the price dropped to €29.90 at virtually all stores (probably set by the Government to ensure a smooth transition to digital). On the 1st July many stores were out of stock though as even Cypriots weren’t really expecting the analogue system to end on the 30th June. Very few TV’s have MPEG4 decoders as standard, MPEG2 yes but that will not work here. So if you haven’t already bought a decoder you will need one as soon as possible (plus scart or HDMI cable). I have been quite surprised how many owners have modern, large, flat screen TV’s but neither satellite or local TV aerials. Guests can’t really be expected to watch DVD’s especially if they are staying for 3 months. I advocate dual systems to cater for local (Cypriot) guests and one off payment ‘Nilesat’ type satellites systems for international guests.

2. Keys – guests lock themselves out from time to time and the security feature of the locks here means they will need to be replaced if they leave the key in the back of the door when they lock themselves out. As many guests return to Nicosia on Sunday and return each Friday they sometimes forget to bring the keys with them.

3. Air Con – units should be serviced in late spring at a cost of around €25 per unit. Costs are considerably more if they are serviced / regassed in peak summer. Air con is essential in bedrooms but some guests are happy to rent properties without air con in the living rooms as they can have doors and windows open and fans on during the day. The ElectriSaver 15 units are useless, please do not use them unless you are a scrooge and clearly state air con will run for a maximum of 1 hour within your marketing. Even the Electrisaver 30 units, which run for 2 hours, are frowned upon by many of our guests especially as they pay for the electricity and not the property owner.

4. Water - low pressure or no water at all. Please ensure you pay your water bills (tenants can’t pay water bills in the Paralimni area). If the water is disconnected you may need to pay the 2009 and 2010 municipal tax totalling €200 (plus the outstanding water bill and reconnection fee) before they will reconnect you. Eventually the Mayor may decide to cut off your water supply if the municipal taxes (Council Tax in the UK) are not paid but politically this might be too dangerous for him.

5. Misc – broken kettles, bulbs, hair dryers, sofa beds and remote controls for TV and air con either missing or with no batteries are just some of the other issues we have faced in recent days. Although each in turn is quite minor we are not responsible for these items if you have your own Property Management Company. Please ensure they check the properties over to ensure a smooth transition between rentals.

Title Deeds – if you receive letters or emails from solicitors or agents offering to obtain your deeds for a fee of €3000+ please do not take them up on their offer. This is a service they should have provided when you bought the property and they are offering no timescale to obtain the deeds (and the fees are paid in advance).

Summer Rentals – we still have a few rental properties available for the summer, please text your requirements and email address to +357 9983 6563 or +44 7822 185 982 if you are still trying to find somewhere for the summer.

Property Sales – there are certainly many more property buyers in the area at this time of year. If owners are realistic on prices (and preferably those without Swiss franc mortgages) there are buyers available for properties with AND without title deeds.

The homepage is now back to a PR3 having fallen to zero following the revamp 6 months ago. Over 850 UNIQUE visitors a month and Google Search Engine Rank Position (SERP) of 1 for at least one quite competitive keyphrase. The pictures and videos help achieve this number 1 ranking but unfortunately Internet Explorer takes forever to load some of the pages (pretty poor user experience). Try Mozilla Firefox, much better web browser in my opinion.

Think that is enough for now but please feel free to add your feedback below (no spam please).

Posted in Armonia Resort, Cyprus Apartment Rental, Cyprus Property Rentals, Cyprus Property Sales, Protaras Apartment Rental, Protaras Property Sales | Tagged , , , , , , | 3 Comments