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Cyprus: Developments

Overview

Purpose-built developments, which may include apartments, townhouses and villas, are the main form of new building in Cyprus and most popular areas are seeing an increase in developments. Some are small with a limited number of properties, while others are huge complexes, almost towns in their own right. Property available on developments is varied and caters for different needs and price ranges; many contain a mixture of apartments, townhouses and individual villas. Facilities and amenities also vary greatly: some have sports facilities including swimming pools, tennis courts and golf courses, others have shopping facilities and some have bars and restaurants. (Golf homes are popular, as no one can build in front of you and spoil your view and you can consider the golf course as your lawn and garden. They also usually include discounts on green fees, ‘free’ golf membership and access to other facilities.)

Some developments (particularly those with a large number of retirees) have permanent resident populations while others turn into ghost towns outside the high season. Many developments are populated mainly by foreigners, usually British, especially around Paphos. Most developments have landscaped gardens and some also offer high security. At the other extreme, cheaper, older developments may consist of numerous cramped studio apartments with few, if any, amenities. Some developments are planned as holiday homes and aren’t attractive as permanent homes.

Advantages of buying in a development may include pleasant, well maintained surroundings, ‘free’ access to a range of leisure and sports facilities, good security (if the development has private security) and a ready-made foreign community often with a good social scene. Disadvantages may include poor or expensive maintenance (you may have little or no control over maintenance costs if they’ve been agreed by a committee), lack of privacy or noisy neighbours, limited or oversubscribed facilities, and restrictive rules and regulations; some may find a predominantly expatriate atmosphere claustrophobic.

Management

Unlike the situation in Spain, it isn’t a legal requirement for owners in a community development to set up a management committee, although there’s commonly some kind of management structure to make decisions regarding the maintenance of common elements of a development, such as patios, gardens, roads, and leisure and sports facilities. In many developments, the developer pays all costs for the first year. In some cases, the developer himself then manages the complex; in others, owners collectively set up a management company and form a committee to engage contractors to maintain the development. Either way, the costs of maintenance are shared among the owners, who must agree a set of rules. These may therefore differ from development to development.

Before buying, check whether there’s an owners’ committee and what you will be committing yourself to if you buy a property on a particular development. For example, if you’re buying a holiday home that will be vacant for long periods (particularly in winter), don’t buy in an apartment block where heating and/or hot water charges are shared, or you will be paying towards other owners’ bills.

Costs

If a committee of owners has been formed and the property purchased is within a complex or development with common areas, you usually sign a general agreement when you take possession of the property. A charge will be made to cover your share of cleaning, repairing, and maintaining common elements such as exterior lighting, landscaping and gardening, paths and parking areas, and a swimming pool, tennis court, etc. This is usually calculated per square metre for each property and must be paid annually at the beginning of every year.

Checks

Before buying a property in a development, it’s always wise to ask current owners about the management and maintenance of the development. For example:

• Do they like living there?

• What are the fees and restrictions?

• How noisy are other residents, are the recreational facilities easy to access?

• Would they buy there again (why or why not)?

• Is the development well managed?

If you’re planning to buy a property on a development, it’s important to ensure that there aren’t any outstanding major problems. If there are, you could be liable to contribute towards the cost of repairs, which could run into many thousands of pounds.

More pages

Page 1: Overview

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