It’s common for foreigners in many countries, particularly the UK, to use an agent or marketing company in their own country who works in co-operation with Cypriot agents and developers. Many Cypriot agents also advertise abroad, as well as in expatriate magazines and newspapers in Cyprus, and many also have extensive websites.

All Cypriot estate agents have staff who speak English and other foreign languages. As Cyprus is a small island, many agents have property listings covering all the popular areas and are knowledgeable about the entire island.

SURVIVAL TIP
If you pay a deposit to an agent in Cyprus, you should ensure it goes into a separate bonded account.

Registration

Cypriot estate agents are strictly regulated by law and must be professionally qualified and registered with the Registrar of Estate Agents. Nevertheless, there are some unregistered ‘agents’ operating on the island. At the end of 2004, a new law was passed which aimed to protect house buyers and control unregistered agents. The CREAA (see below) is closely monitoring those who call themselves estate agents, property consultants or property finders. Unless they’re registered, they’re operating illegally and you’re advised not to use their services. Always check an agent’s registration. Ask for the estate agent’s registration number and have it checked if you aren’t convinced that it’s genuine.

Although this isn’t compulsory, most bona fide agents are members of CREAA and you’re strongly advised to use the services of a CREAA member to protect your interests. Members must have professional indemnity insurance for a minimum of CY£100,000. They must also possess a thorough knowledge of the law regarding immovable property. They must be able to speak Greek, have extensive experience in selling property or be a university graduate in a relevant subject, possess an untarnished criminal and civic record and not be a bankrupt.

If you have a dispute with a member, CREAA will intercede on your behalf and, if necessary, appoint a lawyer for you for a nominal fee. You may be afforded extra protection if the agent is a member of an international organisation, such as the International Real Estate Agents’ Association (FIABCI).

Fees

There are no government controls on agents’ fees in Cyprus, where an agent’s commission is usually paid by the vendor (although he will obviously ‘include’ this in the asking price). The commission charged is normally at least 3 per cent of the selling price (plus VAT at 15 per cent) but the usual fee is 5 per cent (plus VAT).

Foreign agents or marketing companies located abroad often work with local agents and share the standard commission, so buyers usually pay no more by using them. However, check in advance whether this is the case and how much you’re required to pay. When buying, also check whether you need to pay commission or any extras in addition to the sale price (apart from the normal fees and taxes associated with buying a property).

Viewing

If possible, you should have an idea about which area you might want to live in, what sort of property you want and your budget before visiting Cyprus. Obtain details of as many properties as possible in your chosen area and price range, and make a shortlist of those you wish to view.

Many estate agents have websites so you can check what’s on offer from the comfort of your home, although sites won’t show all properties for sale or the latest properties on their books. Agents’ wesbites have improved considerably in the last few years, and many provide not only information about the properties and the areas but also information about Cyprus, especially for those thinking of relocating there. Nevertheless, you should always double-check information.

Agents vary enormously in their efficiency, enthusiasm and professionalism and the best ones provide an abundance of associated information and guidance. If an agent shows little interest in finding out exactly what you want, you should look elsewhere. There are plenty of experienced agents in Cyprus keen to give you a good service.

There are no national property listings in Cyprus and agents jealously guard their list of properties, although many work with overseas agents in areas that are popular with foreign buyers. Cypriot agents who advertise in foreign magazines or who work closely with overseas agents usually provide coloured photographs and a full description, particularly for the more expensive properties. If you’re using a foreign agent, confirm (and reconfirm) that a particular property is still for sale and the price, before travelling to Cyprus to view it.

You’re usually shown properties personally by agents and won’t be given the keys (especially to furnished properties) or be expected to deal with tenants or vendors directly. You should always make an appointment, as agents need to ensure that a property is available for viewing and there’s someone available to show you around. If you’re on holiday, it’s fine to drop in unannounced to have a look at what’s on offer, but don’t expect an agent to show you properties without an appointment. If you view properties during a holiday, it’s better to do so at the start of it so that you can return later to inspect any you particularly like a second or third time.

You should try to view as many properties as possible during the time available, but allow sufficient time to view each property thoroughly, to travel between properties and for breaks for sustenance. Although it’s important to see sufficient properties to form an accurate opinion of price and quality, don’t see too many properties in one day (around four to six is usually a manageable number), as it’s easy to become confused over the merits of each property. If you’re shown properties that don’t meet your specifications, tell the agent immediately.

You can also help an agent narrow the field by telling him exactly what’s wrong with the properties you reject. It’s advisable to make notes of both the good and bad features and take lots of photographs of the properties you like, so that you’re able to compare them later at your leisure. It’s also advisable to mark each property on a map so that, should you wish to return later on your own, you can find them without getting lost.

The more a property appeals to you, the more you should look for faults and negative points – if you still like it after stressing the negative points, it must have special appeal.