You may wish to buy or sell, build from the ground up, convert or renovate; your project may be small, fit for yourself and your family, or a large project involving various property types. It all comes down to the same question, though. Who is the right Cyprus property developer? How do I choose? Here, we go through the top property developers in Cyprus and give tips on finding the right one for you.
Key takeaways
- Construction is one of the critical industries of Cyprus.
- Cyprus law requires all developers and real estate agents to be registered.
- Conspicuous developer companies in Cyprus are renowned for their ambition and size. However, many smaller or at least not-so-large companies are also excellent.
- Therefore, before choosing a developer, research the market, check their reputation and look at their portfolios and track records.
- Look beyond the image and social media appearance. Some companies are “masters of image but not of execution”.
- The best developer is often a personal choice.
- The qualities of a developer include professionalism, a good reputation, availability, knowledgeability, and clear, precise words.
Top property developers in Cyprus
Property developers in Cyprus rank by factors like the largeness of the company, projects, and whether the government employs them for works of public importance.
In this sense, top Cyprus developers are:
- Aristo Developers for holiday resorts and high-quality residential and commercial properties.
- Cybarco: luxury villas, the Oval, the iconic Limassol Marina.
- Cyfield Construction Ltd: construction of roads for the government and the residential 360 Nicosia building in the Nicosia city centre.
- Iacovou Brothers: construction of buildings and roads for the government.
- Leptos Estates: a company with considerable experience in construction; a recent work is the Blu Marine in Limassol.
- Pafilia: the landmark development in Limassol called ONE.
Cyprus has a vibrant construction industry, which lists companies of international repute and impressive know-how. Apart from large companies, numerous smaller companies, agents, or offices can help you find your forever home, buy, sell or rent a property!
Law and developers/ agents in Cyprus
No matter how dependable or approachable a real estate agent or developer seems, they must comply with the law and legal requirements.
Developers must be registered with ETEK, the Cyprus Scientific and Technical Chamber. Otherwise, they are not allowed to do business.
Real estate agents must be registered with and licensed by the Real Estate Agents Registry Council. They must:
- Display their certificate in their office.
- Show their license and registration numbers on their office facade.
- Print their license and registration numbers on their documents and papers.
Otherwise, they are not allowed to do business.
If one person is acting in both jobs, that is, they are both developers and real estate agents, they must have both licenses.
What not to look for
Choosing means selecting but also avoiding. Here are the basics!
Images can be misleading. You may come across an alluring website with glossy visuals and impressive videos or fantastic pages and accounts on social media. Sometimes, this can be a trap. Learn to look beyond the image by doing your research. Meet and talk to the people in person.
So, what does the best real estate agent or developer do?
The best real estate agent is the one that will get the job done for you. They will act professionally, straightforwardly, and help you achieve your goals.
True professionals do more than build, buy, sell, or showcase properties. They know the area and have a personalised approach. Be careful if they only tell you what you want to hear. A professional will give realistic advice based on your needs. They confidently answer your questions (e.g., design, materials, completion dates) and take responsibility for delays.
Breaking up
Don’t hesitate to stop the relationship with an agent or developer. Buying or selling property is an important decision that should not be taken lightly. Therefore, avoid a specific professional if they don’t feel right.
How do you choose a property company? Top tips
Apart from feeling comfortable and at ease with an agent or developer, here is what to look for!
Their background and experience. Learn their company’s history and who they are (quickly done by accessing their website). It’s good if they have roots in the area and the market and are experienced at what they do. Research the developer, their track record and reputation in the marketplace.
Quality of their properties. Look at houses and other properties they have constructed and see their recent work.
Financial expertise: They can make an appealing offer, link with established financial institutions, and appreciate your financial necessities.
Availability: They respond promptly to messages and calls, and you can quickly get hold of them. There are several ways to reach them.
Professionalism: They have a credible appearance and good manners; they speak clearly, explain things and answer questions knowledgeably using their expertise.
Specialisation: If you are looking for a specific kind of property, look for a developer that specialises in property of that sort. If it’s a team, have a look at their sub-specialties.
Visit more than one developer: “You’re the CEO of this transaction, so own it,” writes The New York Times in a December 28, 2018, article on choosing real estate agents and developers. Visit at least three offices to “interview” them. Ask them about recent deals, their record in the area where you live, and see their portfolio.
Post-transaction support: Do they offer any post-transaction support, like help with property maintenance and security?
Conclusion
Finding the right developer depends on the type of project you have in mind and your specific needs. It is always an important decision not to be taken lightly. Therefore, before choosing, you must research the reputation and track record of various companies or offices and visit them in person. Have a look at some of the work they have already completed. The best developer is the one who will “get the job done” for you!
Also read: 5 Lesser-Talked Ways Your Real Estate Property Can Fill Your Pockets
