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Cyprus adopting the Euro - change to contracts

Discussion in 'Buying Overseas Property' started by CyprusSimon, Jul 4, 2007.

  1. CyprusSimon

    CyprusSimon New Member

    I purchased a property in Cyprus off plan and have been asked to modify the contract to reflect the adoption of Euros.

    This means converting the purchase price from CY Pounds to Euros.
    The developer has suggested a rate which is not compliant with current official exchange rates and has the effect of increasing the overall purchase price. They have stated that they "cannot" change this figure. Has anyone else encountered this?

    Any thoughts would be welcomed!
  2. DC

    DC Member

    Speak to your lawyer. It should of been in the contracts. The developer and you should of known well before the transaction has taken place. Use an FX provider to improve your rate. If you dont have one I can recommend one to you.
  3. immernoch

    immernoch New Member

    Sounds like he's trying to make money off of you since the property will only increase in value after conjunction to the EU. Be tough, as GB said get your lawyer on it - contract law is my background and I hope the papers will catch this! Keep us updated.
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