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Article - Are you buying a LEGAL property in Cyprus

ATTENTION!!!

Are you buying a LEGAL property in Cyprus????



A lot of discussion and controversy has been noted with regards to hotels and hotel apartments converted into properties for private use, without acquiring the necessary and hugely important Change of Use permit.


A very large interest from property developers has been expressed for buying hotels and hotel apartments situated mainly on the beach throughout Cyprus and converting them into Private Residences on the Beach.  The reasons??  Some very obvious and some not….

A big reduction in demand for 2 and 3 stars accommodation has occured in Cyprus the last few years which has seriously “shaken financially” the owners of hotels and hotel apartments of such categories built during the late 70’s – early 80’s.  The Cyprus tourism industry is anxious to implement upgrades to the accommodation and services offered to tourists to help upgrading the quality of tourists visiting the island.  The owners of 2 and 3 stars hotels and hotel apartment are not in a position to invest hundreds of thousands of Euros to upgrade the buildings and the services provided, particularly considering that due to the reduction in demand of the services they provide the anticipated returns are not rosy…

Taking advantage of the unique location of these hotels and hotel apartments as most of them are situated only a few meters from the sea, the fact that their use as hotels allowed their owners to construct multiple floors and many more square meters that what the Town Planning Authority and Cyprus zoning regulations approve today,  and considering the large demand by foreigners and Cypriots for acquiring a beachfront property, as well as the very limited availability of beachfront land for sale, Property Development companies and Hotel Owners signed the agreements considered by many as “The Golden Deals”!!!

These so called “Golden Deals” involve risks, high fees payable to various authorities, they demand extensive studies and evaluations related to the structure and security of the building, and a long bureaucratic fight for the acquisition of the Change of Use permit, which is a prerequisite for selling a legal product and for the issue of separate title deeds.


The Town Planning Authority can approve, but not easily, the change of use of hotels to convert to properties with private use provided that all the procedures under the Cyprus law are followed and the requirements related to specifications, facilities and structure of the building are met.  All these, in combination with the high fees a developer needs to pay to the related authorities for the acquisition of the Change of Use Permit, make it extremely difficult for many candidates to succeed.  As a result, according to information obtained, only one project on the whole coastline of the island has so far managed to obtain the crucial Change of Use Permit. The Ermitage on the Beach on Limassol’s coastline developed by Lordos Properties Ltd meets all these high specifications demanded by the authorities and is proudly the only legal and licensed project currently in the market.

Prospective buyers are urged to seek legal advise by a Cypriot lawyer prior to proceeding with the purchase of a converted property in Cyprus and to ensure that they are presented with all the necessary permits of the project.



Eftychia Christodoulou
General Manager
Lordos Properties Ltd
 

 

 

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