Advise needed

Discussion in 'Cyprus Property' started by clacher, Mar 19, 2009.

  1. reynolds

    reynolds New Member

    Sorry am asking about the 2 bed apartment, am looking to buy but as i said there are 4 other sellers giving me there price, am going to buy the cheapest.
  2. reynolds

    reynolds New Member

    You can give me the price of the three properties you have
  3. clacher

    clacher New Member

    Hi Reynolds.
    Sorry it took so long to get back to you ,if you know the site then to tell you that all my properties are in Block 4 should be an advantage to you. My Townhouse is selling at 208,000€ which is 20% less than original price , 2 bed apt is selling at 174,000€ again 20% less and 1 bed at 126,000€ same 20% less , the fact that this Block is unique and a stand alone with sea views , this is a great location and I think my properties are well worth the monies ,willing to sell the three as a single purchase .

    Let me know what you think , the ball is in your court

  4. Lysos

    Lysos New Member


    The original price you paid is irrelevant. In a stagnant , over supplied market, if you need to sell you take the highest offer. In the last couple of years agents/developers have tried the auction route - in most cases no offers. Draw your own conclusions. Interesting that you invested so much in one island, albeit North & South. You claim the Northern purchase was for personal use, so one assumes you were hoping to flip those in the south, because seasonal rentals are not a good investment, whatever agents may claim. If you are looking for a rental rerturn then you have to be looking at year round long term lets.
  5. clacher

    clacher New Member

    Hi Lysos,

    Bit confused I only purchased in Southern Cyprus and for investment,do not know where you got the Northern from, are you maybe replying to some body else and got me mixed up.

  6. Lysos

    Lysos New Member

    Hi Clacher,

    My sincere apologies; you are right, I was confusing you with Chandra on another thread. Sorry.
  7. Taiga

    Taiga New Member

    Problem with Pafilia

    I was planning to buy a house from Pafilia, and paid a €2000 reservation fee, which Pafilia's sales manager told I could use for traveling or renting a house in case I decided not to buy the house. Well, it turned out that you cannot trust the word of Pafilia's sales people, and not even the word of the owner's daughter, who said that Pafilia would stick to our agreement. They all of a sudden claim that we cannot use the money in accordance with our agreement, and that they will they will only deduct it from the price of a property when we buy it.
    I am happy I did not buy the house, because buying from a developer whose word you cannot trust is very dangerous. I suspect that something is wrong with the title deeds, because they were unwilling to discuss the matter, and said that we should not worry about it for the next ten years. Perhaps they have used the property as security for a loan, and we would have been in real trouble not knowing about it, and finally could have lost the property to a bank if they went bankrupt, for instance.
    Anyway, I will recommend to anybody that they stay away from Pafilia, there must be some honest developers in Cyprus to buy from!
  8. Veronica

    Veronica Administrator

    There are some very good developers who will look after their clients and whose prices are much lower than those of Pafilia.
    If you have chosen to walk away from the €2000 deposit you have made the right decision as you will more than compensate for that if you use a decent developer.

  9. christop

    christop New Member

    Hi All, i found a Company on google called cyprus repossessions, got me out of alot
    of trouble, hope it helps.
  10. mfo

    mfo New Member

    Greetings Clacher,

    It seems like you are one of many people who would like a way out of this problem. I can give you some feedback regarding bankrupsy if you like, as i do not believe there is another way out of this.
    Let me know for how long you have been paying mortgage, and wheather the contracts are registered on your name or a companies name?!
  11. Goodie

    Goodie New Member

    Are you able to consider long term rents on any of the properties to bring some income in?
    Not looking myself, but something to consider perhaps?
  12. williamb

    williamb New Member

    Pafilia experience

    I also purchased a two bedroom apartment from pafilia. We were told of the guaranteed 10% a year increase!!
    When we sat down to sign the contracts in 2004 we told the phased payments on the build will not affect us. We told them that we would prefer to make a one off payment when the build was complete once we had seen the development. We still handed over a £28000 deposit.
    Just before the build was complete we started getting letters from pafilia saying we owed them £2500 for late payments.
    I made calls sent emails to ask why, they told me I should have been making stage payment throughout the build! I told them what we had spoken about whilst signing the contracts. They asked me for written confirmation of this of which there was none. I then refused to pay the amounts owing. They quite happily started charging me 9% interest on the amounts they believed to be owing. I eneded up paying them another £4500 for this as after a while they was threatening me with legal action. This made me laugh when they instructed the same solicitor that I was using throughout the build. (papazacharia)
    Once the build was finished we noticed a rather large unsightly electrical housing cupboard about 12 meters from our balcony, which also impeeds the view.
    This was there when we visited the site in 2004. I remember asking then about it and they said it was just a temporary measure so the build could be completed.
    After complaining about it they offered us £500cy, which was un-negotiable not nearly enough. Especially as at that stage they were asking me for £2500 for late payments.
    The build is nice though.
    However the maintenace of the properties and pools is crap. They charge a fortune in maintenace costs. About 1500 euros a year. And they never stop sending you bills, estimated bills, insurance bills, bills that you cant understand.
    Im pretty sure the pool has never been cleaned which is such a shame as it was beautiful to start with.
    They still havent offered us any deeds nearly six years later. I hope theres no bad news to come there..
    I currently rent the property out each month at a loss, but I seem to have a good tenant.(lucky) Im still hopeful that this investment will come good for me one day but for now it looks like the worst financial move ive made.
    For any people thinking of buying from pafilia, Please Please Please dont. They are the worst people I have ever had the displeasure of dealing with. They are rotten to the core, everyone of them. I do not know how they sleep at night. They are nice at one point, just before they take your money!! After that be warned...
  13. Veronica

    Veronica Administrator

    William one thing that I can say in Pafilias favour is that you will get your title deeds. You can ask them if they have got the final certificate and if they have an
    AX number in the land regsitry yet. Once you have an AX number you can find out from the land registry when your title deeds will be issued.
    Although it takes a few year Pafilia are better than some of the other developers who do everthing they can to hold up issue of deeds so that they can benefit from charging for transfer if you want to sell.
    As I have said, I am not a fan of Pafilia but they do seem to get title deeds eventually.

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