James' Blog about Property

Discussion, advice and philosophical points about all things property whether UK or International markets

Posts Tagged ‘buyer protection’

Bank Guarantees and the responsibility of the developer in the world of Overseas Property – Part Two, Cyprus

Posted by jamesdearsley on December 16, 2009

I have had a lot of positive response regarding the last blog I wrote about Bank Guarantees in Spain. It is a really contentious issue and one that is not often discussed. I felt the really interesting bit of information was that in the past it was in the interest of the client not to have a bank guarantee in the past – I thought this was a slight contradiction until I realised that the guarantee was on the money submitted and not on the paper value of the house – the developer was quite happy to hand back the money if the property was delayed as they could still sell the properties easily and this time get far more money for them! The markets have changed however and prices are not rising as quickly as before but the need for security has increased rapidly. Now it is Cyprus’ turn to be reviewed and this is a quite different market to that of Spain……. Read the rest of this entry »

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Posted in Cyprus, Overseas Property | Tagged: , , | 1 Comment »