Iranian property buyers get help

To help Iranians who are considering buying property in Cyprus to avoid unnecessary and costly problems, Artemis Cyprus Consultants has been established with offices in Tehran and Larnaca.

AS part of the bi-lateral trade and culture agreement in 2009 between Iran and Cyprus, Iranians who wish to buy property in Cyprus and can demonstrate that they meet certain criteria, especially more than the minimum prescribed property price and personal income, may be allowed a special visa entitling them to temporary 1-year residence in Cyprus.

Some may be entitled to apply for permanent residence. However, there is no guarantee that a visa will continue to be granted annually after the first year and some have fallen foul of this. In addition, a growing number of Iranian buyers have experienced serious problems over property purchases, including significant losses on their investment.
Artemis Cyprus Consultants www.artemis-cyprus-consultants.com has been set up to help prospective Iranian property buyers avoid unnecessary and costly problems. Fully independent of property developers, estate agents, banks and lawyers, Artemis is directed from Cyprus by Dr Alan Waring who has long-standing connections with Iran. The business also includes native Farsi speakers in Cyprus and Iran.

Most Cyprus developers claim to be highly experienced, to deliver ‘luxury’ properties at affordable prices and to treat the customer as a king. Artemis points out that while some developers do meet their own claims, some do not. Unscrupulous developers have often inflated prices to cash-in on the demand from naïve foreign buyers. Artemis is aware of Iranians who have been misled into paying sales prices inflated by as much as 25-30%, especially where a chain of Farsi-speaking sales agents keen on their commissions has been active in Cyprus. Some Iranian buyers have also been misled by sales agents about their long-term visa status in Cyprus. Many have been kept in the dark about the true position regarding the Title Deeds of the property they have bought.

Artemis has positioned itself to help Iranian buyers by identifying only Cyprus developers who have established a solid reputation for honesty, integrity, and quality. Artemis charges the prospective buyer a modest fee for a package of protective services before they leave Iran to search for property in Cyprus.

There are many developers who advertise Cyprus properties on satellite channels and the Internet. Some have offices or agents in Iran. As Artemis’ Tehran representative Mohsen Poursorkh notes, “We strongly advise Iranians not to enter into any contract or to make any payment until and unless they have visited the actual property in Cyprus, obtained the services of a reputable independent Cyprus lawyer and been satisfied that all is as it should be. Don’t be swayed by slick-talkers who descend on you at the airport or in your hotel, especially if they demand a hefty deposit and say you will not need your own lawyer before you sign the contract. Once signed, you will be committed”.

Alan Waring concurs. “We cannot emphasize too strongly that a buyer should have his own independent lawyer. It is essential that your lawyer should be totally independent of any of the other parties such as developer or estate agent and should definitely not be acting for them as well as for you. If a developer or agent even recommends a lawyer, beware of a potential conflict of interest! Artemis is very careful to only introduce independent lawyers of high reputation and integrity to Iranian buyers”.

For further information visit www.artemis-cyprus-consultants.com or contact poursorkh@audiodiamond.com in Tehran or waringa@cytanet.com.cy in Cyprus.
© Nigel Howarth Cyprus Property News