south cyprus gets its act together

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
03/12/2008 22:19

interesting page in today's "daily express" entitled "renaissance isle"

it is about property investment in south cyprus, here are some extracts:



"concerns have been voiced over the issue of title deeds...

it is not uncommon to wait years...more than 20,000 properties

are still waiting for title deeds to be issued...

now the fear is that if some developers collapse,

banks will reposess homes...

owners must pay property tranfer fees (in addition to stamp duty)

which can run into thousands...it is important to use an

independent lawyer familiar with the cyprus system"



and speaking about his project near limassol, a mr christodoulu says

"we've seen overdevelopment in some areas-

parts of larnaca are a disgrace..."

the article continues:

"the main residential building, inspired by the form of an ocean liner,

will rise to 14 storeys in a series of stepped layers...

the planning rules have been changed to allow this height

in order to create green space"



andre