No.183
Q.: I wonder Mr Loizou why people come here from abroad.
I was at Porto in Portugal to see the match with Porto/Apoel.
We had dinner (4 people) in a classic restaurant, with
the menu being steaks, 1 bottle of wine, 2 soft drinks,
coffees etc and it cost us €20/head. In Cyprus the
equivalent is €35/head at least. How are we going to
attract foreign investors with such a high cost of
living including selling holiday homes?
Linos Tsiakkas
A.: It was a very good match Linos and “little” Apoel
stood up magnificently. Porto with its €1 mil. (+)
players could not score much better than Apoel players
with 1/5th of the budget. Football apart, I also got
this added information, which might go someway in
justifying Cyprus. Porto’s unemployment is over 12%,
every other shop in Porto city is closed and it rains
all the time, having a short summer. People tend to
compare restaurants, but ignore the out of the tourist
areas taverns in Cyprus, which you can eat less what it
is served, the atmosphere is more homely and there is
more interaction between the host and the customers.
Have I given you a good reason? I don’t think so. A
steak cost (to buy from the supermarket) is the same
more or less everywhere, but what I think is a “crime”
in Cyprus, is the selling price of wine, which is
exorbitant, bearing in mind the low acquisition cost.
Regarding home prices, I understand that they are
similar, but, overall, it is a matter of choice.
Regards,
A.P. Loizou
3/29325-td
26.10.09
No.184
Q.: You say that we are not allowed to rent out our
homes. This is a disaster to most of us foreign people,
who depend on this extra income to pay off our mortgage
and make an investment in Cyprus worthwhile in terms of
financial returns. Is there any logic behind this, on
the one hand the Government wants to attract investors
and on the other not considering the attraction that
foreign people want to have?
Lina Drakou
A.: The reasons were given in my article as well as the
effectiveness of the law (not enforced). But at the same
time, I see the hoteliers’ part, who are subject to all
sorts of restrictions and regulations, whereas
villa/flat owners have no such responsibilities. I hear
what you say, regarding competition etc, but this is how
things are here, regrettably, for those who use their
property for income.
Regards,
A.P. Loizou
No.185
Q.: We want to budget for the building cost of a
house/bungalow, with not much luxury. It is a flat
ground and the house will be around 120 sq.mts., no pool
and basic garden – Please can you help us?
Terra & John Lawrell
A.: Budget for around €125.000 + 15% V.A.T. If it is
your main residence and you are a permanent resident in
Cyprus, you get the 10% V.A.T. back (out of the 15%). At
this point of time with a depressed market, you stand to
get very competitive tenders.
Regards,
A.P. Loizou
No.186
Q.: Are corrugated aluminium “tiles” allowed Mr Loizou?
They are so out of place I wonder if there is any
regulation on this. Love your most informative column.
Like many others, I know I keep cuttings of your
articles and Q/A column for reference. Thank you in
advance.
Costas Liver
A.: It depends on all sorts of circumstances, e.g. if in
the mountains etc. Better to ask the local town planning
office giving specimen of the tiles you want to use.
Some tiles of this nature look very nice, I must say,
but one must bear in mind the quality, the noise created
by rain etc.
Regards,
A.P. Loizou
3/29324-td
26.10.09
No.187
Q.: Dear Mr Loizou
We've read your latest set of questions and answers in
the Cyprus Mail and many thanks for keeping up the flow
of information.
With regard to the article entitled "Electing a
Committee" (23 October issue), would this apply also to
communal pools, when this and a car park are the only
communal areas?
We have been advised that our pool, shared between 10
houses, is deemed to be a public pool and therefore
needs to be registered with the municipality and a
committee formed to manage the communal issues. We have
also heard that the law may be changed so that a
communal pool will be regarded as a private pool.
We would be most grateful if you could clarify for us:-
-
Do we need to register the pool and, if
so, is this before or only after issuance of title
deed?
-
Are we legally obliged to form a
committee to manage pool issues? If you cannot print
your reply, could you reply to us by email as we would
like to give feedback to our neighbours.
Thanks in advance
TR Paphos
A.: An administrative committee will manage whether is
public or private ownership pool, common parking etc.
Your information regarding the 10 unit pool, which is
regarded on paper as being public is correct. The law on
this is a mess and I would not bother unless so asked by
the local authority. The “public” in this sense refers
to the facilities provided and it could extend to
lifeguard on site, supervision etc. As I have said – no
need to register the pool with the Municipality. You are
not legally obliged to set up a committee, but I suggest
you do set one for good management, who will be
running/look after the pool etc. Should you register the
pool this must be done prior to the deed issue.
Regards,
A.P. Loizou
3/29323-td (26.10.09)
www.aloizou.com.cy
www.aloizou.ro
www.aloizou.ru
ala-HQ@aloizou.com.cy
