Cyprus Property Lawyers
Property Lawyers in Cyprus – 2010 property markets – 13th February 2010 – Cyprus Property Lawyers.
The question is now, what is going to sell properties in 2010?
Property Investors are looking for the X factor. There looking for the most attractive package offering them affordability and profitability.
After review it was apparent that Self Invested Personal Pensions are selling more overseas properties and it is catching on at an accelerated speed. Initially aimed at UK nationals the SIPP concept is now being explored in places such as, Ireland, Australia and some parts of Europe.
We have also heard a lot about Fractional Ownership. Available on the market now is SIPP Fractional Ownership developments these two most talked about concepts are now working together. This is really good news.
Many developers are offering a guaranteed rental income and insurance to mortgage payments if the rental income is not achieved.
Governments are also playing their hand and providing financial schemes, Relaxing visa procedures and introducing tax benefits.
Attracting investors will be the most important issue, other sources and tools for marketing must be sought. Social Media is taking off in a big way and is the current and future tool for getting information out there.
Marketing is the key along with the right package and product. Those who take time and perfect their marketing will reap the rewards.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15TH FEBRUARY 2010
Property Lawyers in Cyprus – Reviews – Property Auctions completed on 19th February 2010. Cyprus Property Lawyers
2010 is said to be the year for Property Auctions?
Buyers and sellers want to cut out the agents and get their properties sold quickly, and brought at cheap prices.
This saves the developers a lot of time as many properties can be sold at once. Banks are also using Property Auctions to sell off distressed properties acquired through the financial downturn.
Property Auctions were previously back of the queue in terms of property sales, but with the changing times, quick and cheap sales are must.
Property Auctions are taking place in countries such as Dubai, Spain, Portugal, Greece, USA, and here in Cyprus. It is expected that Property Auctions will grow very popular and will soon take place all over the world. With foreign interests upping auction sales, agents may very well become a thing of the past.
We feel practising as International Property lawyers in Cyprus, that Property Auctions are a good idea for investors to obtain a bargain property.
Times are definitely changing and we have to change with them!
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19TH FEBRUARY 2010.
Property Lawyers in Cyprus – Studies – Climate Change on 3RD January 2010 – Cyprus Property Lawyer
After our previous review on the issue of eco-tourism and property, it appears eco-friendly is making rapid progression in Cyprus, with new EU Laws being passed to regulate and implement specific changes. Practising as Property Lawyers in Paralimni Cyprus and being such a highly distinguishable company within our community, we are obliged to follow all issues of Property Law, Property Markets and growing trends.
Eco-friendly is not just a trend anymore, it is a must. The EU Parliament and Council have made preliminary agreements that all newly built properties must not only be built with energy saving materials and products, but must also be powered with a renewable energy system. Zero energy consumption is needed and criteria to this effect will be implemented and obligatory for all new developments.
By the year 2020 all EU states must be in line with strict regulations and all developments must be achieving a high standard of energy saving through renewable functioning. Set regulations are yet to be agreed upon for the renovation of existing houses but this is surely soon to follow.
This decision has come before the Copenhagen Summit on climate change and this decision by the EU Parliament could positively influence and help achieve the goals that officials attending the Copenhagen Summit are striving for.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 3rd JANUARY 2010.
Lawyers in Cyprus – Analyzies – Cyprus no smoking ban – on 2nd january 2010.
CYPRUS PROPERTY LAWYERS ANALYZE NO SMOKING BAN
Although we at A&G Kouzali Legal Firm in Cyprus are in favour of the NO SMOKING BAN, we still have to review all issues to this controversial subject.
Tensions are rising as Cyprus now abides by the no smoking ban, of which has actually already been introduced in Cyprus but has never officially been forced. However, that has now changed as from 1st of January 2010 if anyone is caught smoking in an enclosed public place, they will be fined up to €2,000.
The no smoking ban was planned to commence at midnight on New Years Eve, but later became conscious to authorities that this could quite possibly cause major rebellion for smokers whilst under the influence of alcohol celebrating the new year and therefore came in to affect on news years day.
Cypriots are commonly known for social smoking and it has always been allowed in places of business and pleasure, it has never really been judged as a prejudicial issue, more of a social habit and therefore this is not a concept that Cypriot Nationals are in favour of.
A no smoking ban, although you would not believe, can actually have a negative affect on the economy. For example the no smoking ban in England has physically changed the face of night time activity. Bars and clubs are no longer busy because individuals like to smoke while consuming alcohol. While day time life proceeds as normal night time life is diminishing.
Many of our seaside towns gain major revenue from the island nightlife. Agia Napa for example situated in the Famagusta region of Cyprus consists of many bars and clubs accommodating the younger visitors to the island, this is one of the main revenues in the tourist season. After review, we found many individuals would rather not go out and drink if they can not smoke.
Therefore, what will happen to the business owner who relies on the night time tourist trade and is this really a good time when Cyprus is already trying to revive its economy? We will endeavour to answer these questions in the New Year when this ban comes into effect.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 2nd JANUARY 2010.
Cyprus Lawyers – Studies – Home swap scheme on 30th January 2010.
CYPRUS PROPERTY LAWYER REVIEWS HOME SWAP SCHEME
While the Property Market in Cyprus is functioning at such a slow pace, developers are trying different schemes in order to prevent the market from coming to a standstill. Our job as International Property Lawyers in Cyprus is to keep a look out for new concepts and how they work legally. One scheme in particular that caught our eye was the home swap scheme.
After review, we found that this scheme is still in the early stages, but looks to be an effective way for developers to sell their high supply of unsold properties. The Home Swap Scheme initially targeted at the UK property buyers, offers them the chance to exchange their UK home for a Cyprus home of approximately the same price range. Their other option is to part exchange their UK home and take out a mortgage for the remainder of the asking price.
This is a great opportunity for those who want to move to Cyprus but cannot sell their UK property due to the current depleted market. The developer will keep the UK property and use it as a rental income until the UK Property Market is on the up and then sell it to make their profit.
In the long run this appears to be a good investment for the developer. And it is less hassle for the UK buyers having to go through the rigmarole of selling their property. As in all new schemes and projects there are always hiccups, so we will continue to follow this new adventure and update you on any future progression.
Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 30th JANUARY 2010.
How our office works – Review by International Property Lawyers in Cyprus on 11th January 2010.
OUR OFFICE IS BASED ON TRUTH SAYS INTERNATIONAL CYPRUS PROPERTY LAWYERS
We honour the truth in all aspects of work and life and therefore, all members of A& G Kouzali Property Lawyers in Paralimni Cyprus would like to take this opportunity to apologise in advance for any inconvenience caused to our clients. At the same time we promise you that we are learning from our mistakes.
We can truthfully admit that because of increased volume in workload our office could not always cope. We are very pleased our workload has increased but we are sad to say our income has halved due to the global struggle. And although we have not had to terminate any staff contracts, the economic crisis saw to it that we could not employ additional staff to deal with this problem.
Our business has increased dramatically and certain mistakes have been made and therefore, after extensive review of our actions during the course of 2009, we have learned where we went wrong and how to rectify these issues in order to offer a flawless service.
Being a company that can accept constructive criticism we have decided to create a new section on our website for people to put forward theirs views and criticisms in order for us to discuss this with our clients and further learn from our mistakes.
We will also go a step further and create articles based on mistakes we may have made and the expectations of our clients in a quest to clarify our procedures and our working methods.
Visit us at www.lawcyprus.org with your views and thoughts and help us to become your perfect Cyprus Legal Firm.
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 11th JANUARY 2010.
Lawyers in Cyprus – Analyzes – Fractional Ownership in Greece – completed on 28th January 2010.
INTERNATIONAL CYPRUS PROPERTY LAWYERS REVIEW FRACTIONAL OWNERSHIP IN GREECE
We have been practicing as International Property Lawyers in Cyprus for many years. As part of our job we have to constantly review the Global Property Market. Naturally, being of Greek/Cypriot origins we pay special attention to Greece.
Diversification has been a priority in keeping the Global Property Markets alive and Greece has been no exception. Although Greece is taking every step possible to establish itself as a major player in the property and tourist industry, it has still suffered the same as the rest of us.
Fractional Ownership has been present in Greece for some time, but did not really appeal to the property market. This could be due to the lack of marketing and education or the notion of buying property with people they do not know. However, since the global financial downturn it has become increasingly more popular.
It can be said worldwide, that people want to invest in property but have held back due to nervousness and apprehension of spending money. Fractional Ownership emerged to be the best possible solution to this problem, and as in several other countries it has proved to be the current growing trend in Greece.
The law in Greece allows any number of purchasers to invest in one property, awarding each investor an equal share and documented on the sale of contract. So for an example on the island of Crete this concept easily allows for purchasers to buy into one property with relatives, friends and acquaintances and not having to share with strangers. This also saves on money relating to the running costs and agents commission.
Due to the progression of major development in Greece now is a perfect time to invest. It is predicted that Greece is the up and coming place to be.
Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALIS LAW OFFICE ON 28th JANUARY 2010.
Study on Fractional Ownership completed by A&G Kouzali Cyprus Lawyers on 23rd January 2010.
IS FREEHFOLD A THING OF THE PAST ASKS CYPRUS LAWYERS ?
Fractional Ownership is expected to take over the European Property Market within the next few years. Our Lawyers office in Cyprus continually follows this subject in order to perfect our services regarding Fractional Ownership.
Fractional Ownership is thought to be an affordable solution in this time of economic struggle within the property industry. It allows for individuals or family and friends with any amount of budget to purchase a percentage of a property. Plus it allows the agents to keep on selling their properties in this time of unrest. Lawyers in Cyprus such as our office are currently working on this issue.
Fractional Ownership is now worldwide and ranges from individual properties to major resorts. Cyprus Properties can be ideal for this ownership. Many developers are now looking to build Fractional Ownership developments, however it has been advised it is not always possible due to the lack of fully trained agents being able to handle the sales.
With a freehold property expected to soon be a thing of the past and is believed will only be available to the wealthy in future times, maybe it is time agents and developers hurry and get on the fast track.
If you are interested in Fractional Ownership but require further information visit our website at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 23rd JANUARY 2010
Cyprus Lawyers – Review – World wide Fractional Ownership – completed 1st February 2010.
PROPERTY LAWYER IN CYPRUS CLAIMS FRACTIONAL OWNERSHIP IS NOW WORLD-WIDE
Fractional Ownership is now a worldwide recognized structure of the property industry. Fractional Ownership in Cyprus has proved to be worthwhile, especially in these hard times of worldwide financial struggle. It has also give people the chance to be able to buy holiday homes in other countries besides Cyprus.
In the USA, fractional resorts are situated in South Florida and Miami and it is reported that due to popularity it may expand to Las Vegas.
In Australia, it is reported that even though tourism has decreased, Fractional Ownership has been very strong.
In France, it has been advised that there are no Fractional Properties on the market at the moment and leaseback is the leading practice, but it is recognized that Fractional Ownership does offer certain advantages. We will follow the progress of Fractional Ownership in France.
In Thailand many developers are interested in Fractional Ownership and a conference is being held on how to implement this system and to give a full precise understanding of the procedure. Educating and marketing is very important if Fractional Ownership is to flourish. It is said that associates from, India, Malaysia, China, Hong Kong, and Australia will attend the conference.
Overall, it seems while worldwide tourism and property markets are at an all time low, Fractional ownerships are beginning to thrive. We fully support this method of property buying and have skilled legal experience regarding this subject.
For further details on Fractional ownership contact us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI ON 1st FEBRUARY 2010.
Cyprus Property lawyers – Review – Developers and Property Dangers completed on 14th January 2010.
INTERNATIONAL PROPERTY LAWYERS IN CYPRUS – CLIENT PROTECTION AWARENESS
As part of our client protection awareness articles, we would like to advise you on a matter that unfortunately happened to one of our clients. We hope by publishing this article we can avoid it happening to anyone else in the future.
One of clients who had existing debt in the UK, proceeded to purchase a second holiday home here in Famagusta. Due to their unfortunate financial situation they got to the point of maybe having to sell their UK property.
Our office ran a due diligence on the Cyprus property and later found out that our clients had land registered the contract in January 2006. However, it later came to our attention that in March 2007 the developer had used the property for collateral at the bank for the amount of €170,000.
Therefore, in order to sell the property a waiver had to be obtained. The bank initially would not grant a waiver and we proceed in sending numerous letters to the central bank and to the British High Commission.
Finally after a few months had passed the bank granted us a waiver but the wording was not satisfactory. The waiver deemed to be in the interest of the bank and not of the purchaser.
In the end the purchasers cancelled their contract and this in turn, left them in further and more major debt.
The moral to this story is to always perform due diligence on a positional property investment. The bank lost clients and the clients nearly lost their UK home.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 14th JANUARY 2010.
Lawyers in Cyprus – Review – The Orams case – Completed on 19TH December 2009.
CYPRUS PROPERTY LAWYERS STUDY THE ORAMS CASE
The Orams case has been the talk of all Greek Cypriot nationals of late. Our Property Lawyers based in Paralimni Cyprus, have particular interest in this case and continually study any developments.
The case originally started in 2005 when Mr & Mrs Oram received instructions to appear in a Nicosia Court regarding their property situated in Lapithos on the Turkish Occupied Northern side of Cyprus. Before the Turkish invasion in 1974 the said property was owned by the Apostolides family and after the divide was sold by a Turkish Cypriot to UK nationals Mr & Mrs Oram, who proceeded to rebuild a house on the land.
The summons ordered the Orams to appear in the Nicosia court to converse on the matter of allegations of infringement regarding the Apostolides family home. The Orams did not respond at first, feeling safe in their knowledge that they had brought the property fair and square and so were protected. However, this proved to be quite the opposite when they later attended the Nicosia court and were ordered to tear down their house and give back the land to the Apostolides family along with further corrective compensation.
The Orams continued to ignore this pressing issue and believed that as they were north of the Island no court could possibly have Jurisdiction and therefore, no decision could be upheld. The Apostolides family, very determined of their rights proceeded to have this judgement solidified in the UK London court of Appeal.
The UK court initially denied the case stating they had no jurisdiction on this matter, but then decided to request advice from the European Court of Justice as to whether the UK court had any authority to make rulings on cases involved within the Turkish Occupied Northern part of Cyprus, as this state is not recognized as an official sate by any country but Turkey. The European Court of Justice returned their conclusion as any court who is a member of the European Union can officially rule on legal issues regarding the Occupied Northern side of Cyprus.
The case is still pending in the London Court of Appeal and we will endeavour to keep you up to date on this matter. We are supporting all Greek Nationals in making claims for their property in the Northern area of Cyprus.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19TH DECEMBER 2009.
International Property Lawyers in Paralimni Cyprus- review Euro Exchange Rate on 1st February 2010.
CYPRUS PROPERTY LAWYERS BELIEVE CYPRUS COULD BE A PARADISE TO ALL
After we analyzed the effects of the Euro against the Sterling Pound we found that English citizens are now accepting the low rate offered. It is becoming the norm these days and now that it is widely accepted there seems to be a rise in property and business transactions.
The exchange rate for Euro to Sterling Pound on average is pound for pound. Yet some countries like Spain for example take the low rate in to consideration and reduce prices accordingly, offering major discounts.
Non EU countries who offer strong rates against the currency are seeing a major rise in interest from European buyers. Countries such as the USA and South Africa for example have many Europeans buying property and holidaying at the moment.
Cyprus is reported to still be quite expensive compared to other European countries in relation to what you can buy for Euro currency and maybe could take a leaf out of their books and start introducing some reductions on relevant products.
In saying that Cyprus has many qualities that other EU Countries can not offer, such as safety and excellent tax regimes being a just a couple to mention.
If we did offer reductions to override the Euro rate, Cyprus would be the perfect paradise for all.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 1st FEBRUARY 2010.
Property Lawyers in Cyprus – Studies – Brazilian Property Market on 15th January 2010. – Cyprus Property Lawyers.
Overall, we are hearing good things about the property markets for most countries. Performing as Property Lawyers in Paralimni, we are constantly on the lookout for positive news.
Brazil has been receiving fantastic reviews confirming the Brazilian market on the whole is doing amazingly well. A recent project consisting of 104 new properties, situated in the Sao Paulo region was reported to have been sold out within a few hours. The developers are advising that there is higher demand for Brazilian property than there is a supply. This is great news in this time of struggle.
To help the construction industry the Government has provided R$ 60 Billion. This is part of a motivation package towards supplying more affordable housing for the lower – mid income purchasers. Other incentives included in the package to revive the Brazilian Property market are, reductions on property tax from up to 6%, subsidies to cover costs for purchasers of a certain criteria and a restructured easier process for required licences relating to new developments.
Many overseas investors are buying Property in Brazil at an accelerated rate, giving rise to Brazil being one of the most popular places to invest at this uncertain time of financial worry.
Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15th JANUARY 2010.
Cyprus Based International Cyprus Property Lawyers – Review of Cyprus Property Market completed on 9th January 2010.
We are sad to report that the Cyprus Property Market saw a major collapse during 2009. Fewer than 2,000 properties were sold to international investors and compare this to 2007 when over 10,000 properties were sold, it is a pretty sad picture.
Cyprus has had a lot of negative press during 2009 which has greatly affected overseas sales, plus the value of the sterling had a negative impact also. The Title Deeds issue in Cyprus has scared many of the international buyers away and all these factors together saw to it that Cyprus endured a rough and bumpy journey through this last year.
However, through all this Cyprus still remains to be many overseas investors favourite, as this vibrant country remains in the top ten lists of many worldwide polls to be a safe place to invest for overseas investors. While other countries disappear Cyprus remains consistent within the top ten.
It appears investors are beginning to regain confidence and are looking ahead to the future when Cyprus is free from scrutiny and the economy has inevitably revived. This is when the investors who had confidence in Cyprus will, with no doubt at all reap the rewards.
Economic policies being implemented will eventually and greatly manifest and the island of Cyprus will thrive once again. There will be a lot of investors very sad that they missed out on this great opportunity.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 9TH JANUARY 2010.
Due to a recent review of real estate in Cyprus, it has been suggested that Developers, Agents, Solicitors and other professionals operating on the Island must edify foreign nationals on all issues concerning Land registration. With the current market taking a turn for the worse, the developers must also do their duty and put their hand in to play to help pacify this situation.
Professionals must explain in detail to purchasers, how the Land Registration System works regarding Title Deeds for their property. Also of paramount importance is putting emphasis on the safety of the system and their rights to the property, while Title Deeds are in application.
There has been so much controversy surrounding this issue that overseas buyers have lost confidence in the Cyprus Property market. We feel this is due to lack of information and we fully support this advisory notion, that developers should play their part in educating purchasers and help in trying to restore their confidence.
Due to the current drop in sales of property, developers are in a vulnerable position, so to speak, as the purchasers are making the most of this situation and demanding more for their money. There are also many competitive hotspots to choose from around the Mediterranean and in Europe. Therefore, it is imperative that the developers, agents and solicitors are on top form, and the overseas buyers feel safe investing in Cyprus.
We at A&G Kouzali Law Office are continuously involved in trying to help find a solution to the Land Registration issue. Members of the Cyprus Government are taking every step possible, along with introducing 5 new legislations, to facilitate in making the system more efficient and speedy.
As a Practicing International Property lawyers based in Paralimni Cyprus, having an established and continuous international client base, we feel more confident that this issue is closer to a solution. We also strongly recommend to all overseas buyers interested in property in Cyprus, that it will be a solid, safe and profitable investment.
Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 7TH DECEMBER 2009
Review by A&G Kouzali Property Lawyers in Cyprus
Sales of property in Northern Cyprus, has been a very controversial and risky subject. As practicing Cyprus Property Lawyers, we take great interest in this subject. Developers who sell property in the Turkish Controlled Northern Side continue to put their clients at risk. The reason for this is that, the original Cypriot owners are now taking a stand and making claims for their property that they were forced to leave in 1974 due to the Turkish invasion.
Owners of Property in Northern Cyprus may find that a claim has been brought against their property and the claimant may have the right to take the property back or they can sue the owner for compensation. Purchasers, who have brought property against any advice given, may find they have made a very foolish and expensive mistake.
It is also advised that previously, the agent has had no duty to find out if there is a claim against the property he is selling. However, with recent progression in the courts it is now their responsibility to research and declare their findings otherwise the agent can be sued also.
This said UK buyers are no longer interested in property in Northern Cyprus they have grown to aware of the political situation. The Turkish controlled area now relies heavily on the Russian and Israeli investors. But with the recent court rulings, this may have a big impact on any prospective purchasers thinking of buying in Northern Cyprus.
We are supporting any Greek/Cypriot nationals who want to claim their property in Turkish Occupied Northern Cyprus. Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE CYPRUS PROPERTY LAWYERS ON 4th DECEMBER 2009.
November 11th, 2009 – A & G Kouzali Law Office are well established Cyprus Property Lawyers, based in Paralimni. We recently reviewed the efforts of the Committee for the Holy Church of Agia Sophia which is situated in Istanbul, Turkey.
Up until 29th May 1453 the Great Holy Church, was a place of worship for its faithful followers. It was the greatest Christian Church ever to be built. But tragedy hit when the Ottoman Turkish soldiers took control of The Great Church in 1453. Since this date it has been abused and neglected and until recently, it stood as a mosque. However, it now stands as museum for the public and tourists.
It is expected on the 17th September 2010, that many members of The International Congregation of Agia Sophia, along with members throughout the world and other political and religious parties, will visit Istanbul and carry out Holy Mass in the Holy Agia Sophia Church.
Mr. Chris Spirou, President of the Congregation of Agia Sophia invited the Turkey Prime Minister Erdogan by letter, to allow all Christians to exercise their Human Rights and attend this ‘International Pilgrimage to the Great Agia Sophia Church.
Istanbul has being named, European Culture Capital for the second half of 2010. To honor that, the Turkish authorities and its Prime minister must at least allow the rest of the European pilgrims to exercise their Human Rights and use that holy temple as it was originally built by Emperors Justinian and Theodora back in the 7th century.
The International Congregation of Agia Sophia want to be able to conduct Mass in accordance to their religion, and feel that Prime Minister Erdogan should make efforts to bring social order to his country.
PUBLISHED BY A & G KOUZALIS LAW OFFICE 29th October 2009. Cyprus Property Lawyers
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