Expats John and Claire Walters were waiting to move into their new home in Cyprus when the banking crisis hit in March, but proof that many expats have been unaffected by the island’s economic problems, the couple are now happily settled into their bungalow and loving life on Aphrodite’s Isle.

Article written by The Overseas Guides Company

The Walters, from Porthcawl in Wales, arrived in Cyprus at the start of November 2012, when they signed the final contract for their bungalow in Liopetri, a village in the Famagusta district. Their property, which they found after contacting the Overseas Guides Company and local agents during two visits to Cyprus, was due to be completed in three to four months, so in the meantime, their estate agency provided them with free accommodation.

Delays meant completion was pushed back to the end of April, after which the developer, Flourentzos and Andreas Developers, would have been liable to pay a financial penalty. “Then in the interim the financial situation in Cyprus hit the headlines, as did a construction workers strike,” said John, a 66-year-old retired business advisor. “The developer used sub contract labour which meant he had limited control on progress. However, building resumed after we chased the builder, and we spent the first night in our completed new home on 27^th April.”

John and Claire’s bungalow has three bedrooms – two downstairs and the third master bedroom occupying the loft space, three shower rooms and an open-plan kitchen-diner-lounge. Their outside space is predominantly stamp concrete with a small garden space. Since moving in, the couple have wasted no time in getting to know the local area and attend Anglican Church of St. Patrick on the nearby British Military base of Ayios Nikolaos.

Continued John: “One of our favourite trips is our weekly visit to Famagusta’s farmer’s market on a Thursday. As a lawn green bowler I have joined a short mat bowling club at a local hotel – members can use the hotel facilities free of charge and get reductions on all purchases! So when I am bowling, Claire relaxes by the pool or on the hotel’s beach!”

Asked if they have been affected by the banking crisis, John commented: “In all honesty, not at all. We had decided before leaving the UK that until we knew how the Spring budget might affect us, we would continue to operate our finances through our UK bank and to continue paying UK taxes. So, all our money was safe in the UK.”

From his own experience, John offers the following tips for other people buying new-build property in Cyprus:

• List your preferred requirements – including location and property style.

• Research all the options on the Island.

• Do not be rushed into signing contracts by an agent or developer.

• Find out from your new neighbours realistically what needs to be included in the build contract. If it’s not in writing it’s not included.

• It might suit you to purchase the kitchen separately – if so, discuss this with the builder.

• Get everything agreed in writing and ensure that it is included in the contract.

• White goods included by a builder are often of a basic standard, so have them specified in any contract.

• Get a snagging list agreed and signed  by an authorised representative of the builder or construction company.

• When viewing properties, don’t be afraid to speak to neighbours or get their contact details to speak to them later about the area and property.

• Use currency exchange specialist Smart Currency Exchange to transfer money from the UK to Cyprus – you get far better exchange rates than you would if you asked your bank direct to make the transfer.

A simple way to save money when buying property in Cyprus is to use a currency exchange specialist when transferring your pounds into euros. For more information on this, download Smart Currency Exchange’s free report or visit the Currency Zone.

For more information on buying property successfully in Cyprus, download the Overseas Guides Company’s free Cyprus Buying Guide – and start receiving free news updates by email.