ANNITA LANITOU speaks to Andreas Lordos about the importance of having history and a reputation behind you
LORDOS Properties is a family company that started activities in 1936. “That’s a long time ago and mathematically this means a lot of relatives and shareholders have accumulated!” smiled managing director of Lordos Properties, Andreas Lordos. “At the end of the day, you either make the company public or you take what’s yours and you put in new ideas. This is what I have done, what my father has done. We prefer to keep a company private because we feel that we can devote our time to the company and to our clients and their needs.”
Lordos Properties ( a name under which around eight property companies operate) aims to provide quality projects, with those heading into retirement the main target. “The strong point of our philosophy is that we have the clients in mind and we listen carefully to their philosophy of life. We then propose an appropriate solution that pays equal emphasis to the interior of the property and to the exterior.”
“My recommendation to property buyers,” Lordos said, “is to take a close look at the island as a whole which can be done in two or three days if you are organised. Then buyers will be more qualified to decide where they would like to live.”
Having surveyed site options, increasing numbers are now plump for properties out of town. “We really appreciate the village quality of life for many reasons, apart from the obvious savings which allow buyers to get more for their money. It is the pristine nature, the pace of life, the lack of tourism. Where would you rather live? In a £170,000 three-bedroom villa plus garden house and pool set in a vineyard or in a three-bedroom town house trying to look like a villa in a trendy area with a lot of noise and really not much to do?”
It is obviously a matter of taste and any property needs to be developed to reflect the lifestyle of the purchaser, Andreas said. “Part of our service is to make sure the transit to a home in Cyprus, a home in the sun, as some people like to say, will be as effortless as possible.”
Andreas’ goal is to maintain a professional organisation that creates beautiful properties and happy clients. “Every problem that arises I see as a personal challenge. It is inevitable that problems will exist and building, by definition, is a complicated profession. It is long term: the procurement cycle of a project through to title deed issuing is something like seven years. So this is not a one night stand type of business.”
What buyers should be wary of, he warned, are some companies that started two or three years ago with no history or experience. These companies build on speculation and clients who do not really understand what they are doing and will eventually lead to a dangerous situation where some people will not be able to meet financial obligations and will not be able to sell, he said.
“I hear a lot of things about Paphos town and the Paphos area but I really don’t think that the sales there are the greatest. The town had 375 developers but there must be 500 now because I keep seeing new names. There are too many. Because of the restricted geographical location, there is no manpower and no government structure that can cope with the shifting demands.” This will lead to a developer losing money: if a commitment has been made construction may start before a building permit has been issued forcing the developer to either begin building under another permit to prevent losing money due to cost increases or waiting until the relevant permit is issued. Either way it is a loss making venture if a deal was negotiated at an earlier date with a fixed price.
Andreas would advise anyone wishing to buy property in Cyprus to go for companies that have paid to keep their reputation by staying in the business for so many years. “It is a small place and you can find out things about each company and each person in particular. People make companies. Moreover I would definitely recommend a prospective buyer seek independent legal advice. We insist on this because it creates a very solid and healthy foundation in the relationship between builder and purchaser.”
Andreas said something else that sets Lordos Properties apart is that a year-long warranty is offered on properties. “We do not feel that six months is an adequate period to make sure that a house is in good working order. We give at least a year because houses have to go through a winter.” If something crops up that is a defect, Lordos Properties will fix it “It doesn’t matter when this happens. You’ve either done it right or you haven’t.”
Lordos Properties currently has projects on the go around the island:
Paphos: There are projects in Droushia and Lysos, both of which overlook Polis. These are Cypriot village style properties selling at less than £150,000 including a swimming pool, spectacular sea views and a “lifestyle to die for or to live for, because people there tend to live to be 100 years old,” said managing director of Lordos Properties, Andreas Lordos. “A branch of my family comes from there actually,” he added. “It’s a beautiful area.” Apart from detached villas there are also two-bedroom villas with interior courtyards and swimming pool, fully furnished selling for £75,000.
A new project with spacious plots is underway in Lasa. The properties and the land will be very accommodating, said Andreas. There are also a couple of projects in Tala. “People should choose the area that reflects their lifestyle needs in general and their budget requirements. Our designs are very successful because we either do them with the clients or by thinking about particular clients.”
Limassol: A project is coming up in Episkopi, while the group is currently looking in the general area for other properties. There are also some beachfront apartments in the heart of Limassol town. “We’re talking about large penthouse properties in the Yermasoyia area. In the area of Kalogiri in Limassol we also have luxury villas. These are extraordinary villas and cater for very particular needs,” Andreas said. There are also two new projects in the mountain village of Lania. “Our concept there is to create very spacious properties on spacious plots of land.”
Larnaca: “We have completed a project called Forest Beach Estates on the Larnaca seafront which has 49 villas and 16 shops. They have all been sold but what might be of interest is that the project won two international awards for the best Cypriot residential development.”
Famagusta: “In the Protaras area we develop small estates of usually six to ten villas on private roads with particular emphasis on the landscaping and with designs that are very accommodating, that create a good relationship between the exterior and the interior of the property.”
