Not every Cyprus Estate Agent is the same

The odd Cyprus Estate Agent will actually charge for after-sales care

After signing a contract for a purchase, clients are sometimes hit with bills in excess of four or five hundred pounds to cover after-sales care usually given as standard by many other agencies.
Furthermore, some charge exorbitant fees to cover numerous other charges and utility connection fees normally associated with the purchase of an off-plan property in Cyprus.
These charges are hidden, but are apparently legal in spite of the fact that most clients are unaware of them until the final stages of a property purchase. There are however, a number of flaws in these bills, quite aside from the fact that a client’s entitlement to after-sales care is supposed to be a right, not a privilege.

1. Cyprus has no mains gas supply, therefore, obviously, there cannot be a gas connection charge.
2. Due to the large number of properties on the island which are built ready with their own septic fields for sewerage (this falls under property maintenance) or they are plumbed into the main municipal sewage system (sewerage charge is included in municipal taxes)… there is no connection charge here either!
3. The Cyprus Electricity Authority (C.E.A ) do make a nominal connection charge of all of C£20. In addition, foreign nationals are also required to pay a C£50 refundable holding deposit in case of non-payment (Total charges C£70 approx.)
4. Connection charges for water run at between C£3.30 and C£30. Again a refundable C£50 holding deposit is taken from foreign citizens (Total charges C£80 max.).

It is worth noting that all utility holding deposits are refundable after two to three years.

These figues have been included as a reference for you and should be reflected in costs quoted to you by other agencies.

Another common hidden extra is the ‘Progress Report Fee’.

This is another popular charge made by a number of operators. In essence, these Cyprus estate agents will, for a set fee per visit, keep track of the way construction of your property is progressing and email you pictures at regular intervals. Although not an unethical charge, this is nevertheless an added extra to your property purchase.

With Aphrodite Property Sales, this service is included free as part of our after-sales care.

The next example is of a more serious nature; The ‘Finder’s Fee’.

This is a practice occasionally employed by some less ethical agencies to glean extra income from unsuspecting clients once the sale of a home has been completed.

The scenario is as follows;
Having found the perfect property through an agency, the client decides to go ahead with the purchase and signs the sales contracts.

Upon signing the contract, they are invoiced by the Cyprus Estate Agent for a finder's fee, which is normally a percentage (0.5% to 1.5%) of the property's purchase price.

Usually, the invoice will cover all aspects and costs incurred by the agents during the run up to the property purchase and reference to it will have been concealed within the property sales contract.

It is worth noting that, from a client's point of view, this trap is easily avoided by using a reputable, independent lawyer, who will question any untoward clauses hidden within the purchase contract.

As we firmly believe they are all part and parcel of our commitment to you, our client; Aphrodite Property Sales do not make any hidden charges for any aspect of our services.

Financing your Cyprus Property

An increased demand for loans by foreign buyers purchasing Cyprus property has prompted the Republic's financial services sector to introduce an ever more sophisticated set of products and services.

Our Cyprus Mortgage Information section provides a quick overview of home loans available through Cypriot lenders, both in Cyprus pounds and other currencies.