Problems in the real estate market | Cypriot News

** By browsing through numerous real estate listings, one might wonder whether the managers, owners, or investors involved with these properties have the ability to handle them correctly.

When it comes to real estate promotion, I see some pretty strange things happening, which in many cases boil down to misinformation reaching such a level that it can also be a criminal offense.

Advertisements often contain only brief descriptions, but if information is hidden, it can mislead the buyer and lead to poor decisions. For example, if a building is for sale but lacks a construction permit and is illegal, the buyer may face an unpleasant surprise.

There have been cases of apartment sales in Limassol where an unfortunate buyer, who was not allowed to visit the property, later discovered that the previous owner had a debt of 15,000 euros for utilities and other payments. With the purchase, the buyer became a debtor themselves.

In one case in Strovlose, the advertisement mentioned the sale of a complex of 16 apartments, but the buyer discovered that eight of them do not have licenses, and one cannot be obtained. Another case involves a plot of land on a road, as stated in the advertisement, but the road on this plot is not registered and therefore is not considered a road.

The presence of tenants is also a significant drawback, especially when it comes to legal tenants, as it decreases the property's value. Failing to disclose debts, taxes, utility payments, or legal proceedings related to the property is considered withholding information and it is unacceptable not to mention such factors.

The indication of the possibility of VAT payment with the phrase "may be subject to VAT" does not help buyers. Of course, encouraging buyers to conduct their own research is necessary, but it does not contribute to the sale of real estate and generating interest.

Another problem is that large investment funds and other sellers are often very disorganized, which does not help their sales. Some funds have a multitude of different properties, which can amount to hundreds of listings across all areas of Cyprus. However, instead of helping the buyer find the right property, they have no idea how to deal with interested parties. These sellers should categorize properties by location, type, price, etc., to simplify sales. If someone has a budget of at least 500,000 euros, these sellers should have sorted listings so that the buyer can be served quickly and correctly.

It seems that there is a lack of desire and knowledge to serve customers, and this weakness of sellers and agents ultimately harms both themselves and the debtors, who may receive less than they could provide.