The Buying Process

There are three - five stages to the buying process after the reservation fee of £ 2,000 is paid.

Money paid to reserve a purchase will be lodged in an escrow account with our legal partners so it is fully protected until such time as all permissions and legal formalities have been completed by the developer.

THIS FULLY PROTECTS INVESTORS’ RESERVATION FEES

·  The exchange of contracts means an investor actually owns the units / estate and is protected by law. If the contract is registered within 60 days of signing and first stage payment is made.

·  After this, money for each stage will only be released to the developer when that stage has been completed and the work signed off by an independent civil engineer.

·  This gives investors control and quality checks on the developer.

PERSONAL PURCHASE PLAN

WHAT DO I DO NEXT?
If you are at all interested in any of the projects then please register your interest immediately today and reserve the property!

The property will ultimately be offered to those people who registered their interest first. As we believe that this is both an exceptional opportunity and also highly affordable, we do expect demand to be very strong.

Pay a reservation fee by Credit card or by cheque or organize a banker’s transfer to ERACYPRUS LTD. This will be fully refundable if you decided not to proceed. We will make a transfer to the lawyers escrow account.

Then we would like you to book a flight to Cyprus where we will organise the airport transfer to a villa or an apartment similar to the one chosen for a week holiday and fact finding mission.

Over the course of the week you will meet the developer, review the site and plans, be given a tour of the whole area, meet with the lawyer and the bank to open accounts, organize mortgages etc, and where necessary, an accountant to formalize all the arrangements.

Time prevailing you will even be able to choose all the finishes to the property, tiles, wardrobes, etc. included in the price and choose the white goods and furniture. “On The final night will be a full meze dinner with us” before returning home to the UK.

WHAT’S THE DEAL?

1. This is an exciting opportunity to invest in “off-plan” “pre-release” developments chosen by us in one of the best areas in Cyprus for high growth potential.
2. We class these deals, as very much “basement level” because we firmly believe the property market in Cyprus is about to boom.
3. The discounts on offer average 5%-10% on our assessment of market value.
4. The Developments we are offering are built exclusively over the next 18 months/2 years for our investors – which means we have had a big influence on location and design, which have been optimized for resale value and rental performance.
5. We have had the development independently assessed, for offer price, for discount and for growth potential, by a leading property research and analysis firm in Cyprus. This company it is no way connected with the deal or the developers and is a registered valuer on the island – the equivalent of surveyors in the UK.
6. We have located what we can guarantee is the best finance deal in Cyprus.
7. We have created special safety nets to safeguard investors’ deposits, we employ lawyers who are experts in Cypriot property law and “UK trained” to check all contracts and carry out due diligence on the land earmarked for development.

INVESTOR SAFETY NETS
As with all investments it is wise to set up some safety nets. That’s what we’ve done. And, as with most safety nets, the most effective are often those that come about because of careful due diligence.

We have had the above arrangement thoroughly checked by our lawyers. Their conclusion is that it is perfectly in order and that furthermore, investors’ reservation fees (money paid prior to the exchange of contracts) will be totally protected.

Once the investor has paid the initial deposit and contracts exchanged the investor will be protected by having the right to ownership of the property in question.

Our lawyer will verify that;

• The Developer has the right to Build on the Land e.g. a Building Permit and local approvals
• That the land is free of any encumbrance, mortgages, loans, etc.
• Will verify that at every stage the developer complies with the contract in respect of payment and will not issue stage payments without an Architectural Certificate of Compliance.

So, as to be extra safe we have arranged that all reservation fees paid prior to the production of the bank mortgage will be held in an escrow account by the lawyers released according to the Deed of Deposit and Reservation Contract. In addition the planning permit for this development has not yet been issued.

Once again, reservation fee will be held in an escrow account until the permit is issued.

CHOICE OF PROPERTY
Our developments are carefully chosen to satisfy all requirements; 1. Retirement homes => own use or / and Rental
2. Custom built homes => own use or / and Rental
3. Property to let; -
a) Apartments
b) Villas 2/3/4/5 bedroom
4. Capital Growth.


As was said earlier we have chosen properties “OFF-PLAN” and “PRE-RELEASE” that satisfy our tough criteria on developments. The importance of location is not as significant in Cyprus especially on the East Coast as you are never more than 15 minutes from the beach, even in one of the inland villages. As it is customary for a Cypriot family to posses a minimum of 3 cars or more! Even the shopping areas are sprawled out. A car whether purchased or rented is a must generally wherever you choose to live. So regarding location you have to decide your requirements:- VILLAGE LIFE , TOWN LIFE, SEASIDE LOCATION or SOMEWHERE OFF THE BEATEN TRACK ?

The single biggest factor governing property prices has always been the cost of land and Cyprus it’s no different. A plot of around 500 – 700 sq mts can cost as much as 100,000 CYP close to the sea or as little as 10,000 CYP away from a village or town.

It is very important to look at the building co-efficiency and local planning laws. As this generally governs the price of the land and thereafter the property,

In the centre of villages and towns this co-efficiency can be 90 % build on 100 % of the land. This obviously makes apartments attractive in this type of zoning.

In some seaside resorts the % can drop to as little as 20 % resulting in an area free of apartments and a location of houses with larger plots than say a 45% zoning area. Some authorities will only allow detached properties in specific areas or demand a minimum size of houses etc. agricultural plots only allow a single property upto 6 % co-efficiency if the plot is within 200 metres of a road and utilities.

The co-efficiency is just as important as the location as it usually determines the type or mix of properties in each location.

Other planning laws require a minimum of 10 feet (3 mts) for a detached property to be away from a boundary wall. This generally means at least 20 feet between houses.

No property boundary can finish within 60 metres of the sea line as this is classed as a public area.