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The notices below apply to all properties included within the auction sale catalogue and are essential reading before you bid. 1. Properties are offered subject to the “Common Auction Conditions”
a) Glossary
This gives special meanings to some words used in the rest of the conditions.
b) The conduct of the auction
These conditions regulate the conduct of the auction. If you read our catalogue or attend the auction you do so on the basis that you accept them.
c) Conditions of sale
If you buy a lot you will sign a Preliminary Contract of Sale or A Contract of Sale under which you agree to be bound by the conditions of sale that apply to the lot. These conditions are:
· General conditions that apply to all lots
· Any extra conditions in the catalogue or an addendum
· Special conditions that only apply to the lot you are buying (and which may vary the general conditions).
These conditions are legally binding |
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Auctions: A Professional Property Service thriving in an Unstable Economy.
Global Property and Fine Art Auctions have thrived in the last few months despite the general financial crisis, showing that Auctions are immune from tough economic failures.
Selling or purchasing by Auction has, for centuries, been one of the most efficient methods for capital growth. Prospective purchasers who hold Capital and Property Investors can benefit from Property Auctions in times when the economy is unstable, since they can invest their funds and capital in the most secure way, that of real estate. |
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The Cyprus Real Estate Market and the shade of the Economic Crisis
The Cyprus real estate and property market remains firm despite the global economic crisis, but there is a need for urgent measures to be introduced by the government in order to ensure future stability, improvement and growth. The major problem in the property sector of newly constructed and off-plan properties has been the imposition of the 15% VAT on property since 2004, which has lead to a dramatic increase in the prices and generated millions in added revenue for the Republic of Cyprus in the form of taxation. Thus, the Purchase of immovable property though property Auctions does not entail any taxation in the form of VAT, since all the properties are Re-Sales.
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