How will you own a property in Cyprus?
Cyprus relishes comfortable weather throughout the year. Hence the place is truly amazing to own a property here in Cyprus. It's also a good place for retirees due to flexible taxation laws.
The value of a property in Cyprus:
In 2004, the island has got access to the EU. As a result, Cyprus has now better infrastructure, improved communications and upgraded facilities to offer the inhabitants. Specifically, in the educational and medical sectors, the improvement shows the most. On 1st January 2008, this island has joined Euro and got underlined its position as one of the modern republics. Now, Cyprus has the scope to welcome global people to its beautiful shores.
As the island is getting popular, the property prices have increased by almost 80 percent over the past five or six years. Still, it represents a decent value compared to the other established markets like Portugal, Italy, or Spain. Specifically, when it comes to new build properties, Cyprus serves better than these popular places.
Choose the most popular locations to buy your property:
When you have decided to buy a property in Cyprus, you should know the best locations, therefore. This article can give you a guideline about where to start first. Many resources are there to help you with advanced researches. This includes radio and television programs, property exhibitions and searching through the popular property websites on the internet. Also, estate agents can help you a lot with the recently available properties in Cyprus.
The interest from the overseas property buyers has generally been distributed among Pathos on the western side of the southern coast, Larnaca on the eastern end of the southern coast and Limassol on the central southern coast. In recent years, the far east coast of the island has drawn extensively differing crowds to the shores.
While considering Polis and its surrounding areas and the rural locations, the price of the available properties is comparatively lower than the other popular areas in Cyprus. Rural areas are more appealing to more environmentally minded people. For example, Asia Napa is a quiet fishing village, but the place has earned a negative reputation due to the rowdy behavior of a small group of people in recent years. Obviously, the truth lies in between the reported extremes. Hence, when you are looking for a quiet place to own your property in Cyprus, must look for the local history that happened in recent years.
The process of buying a property in Cyprus:
The property buying procedure in Cyprus is almost like that in the United Kingdom along with a few differences to keep in mind.
To buy a property, the buyer should get a permit from the Council of Ministers by providing a written application. Do you want to buy a new property from the property developer? Then the developer will apply for permission on behalf of you if requested.
On selecting a property to buy, usually, you should pay a deposit of around 2,500 Euros to reserve it. Then a contract will be signed up. After signing it, the buyer needs to pay an advanced deposit of 10% of the total price. Otherwise, 20-30% of the total money should be paid for a newly built home.
After buying a property in Cyprus, it will be transferred to the owner after accomplishing it by the buyer’s legal representative. An independent inspection should be carried out by the legal desk on which the latest completion certificate is issued.
Last but not the least, lots of taxes and additional fees are payable when you finalize buying a property. The general amount varies between 6-7 percent of the total purchase price. This may include stamp duty, VAT, the additional fee to apply to the Minister's council, legal fees, surveyor’s fee, foreign exchange fees, mortgage fees etc.