Cyprus is of the fastest-evolving real estate markets in Europe, but the decisions need to be based on actual facts and figures. These are ten things that you must know before investing in Cyprus. You could be planning to buy an apartment for your family or make land investments; as long as you are well-versed with the ground rules, there are minimal chances of going wrong.
The ten things to know before buying a property in Cyprus are:
1. The types of properties that are available to buy in Cyprus and which ones can a foreigner buy. In Cyprus, you have the choice between villas, townhouses, farmhouses, modern bungalows and apartments, stone village houses, and a resort. The villas are costlier than the townhouses, while the stone houses and farmhouses found in rural Cyprus are the cheapest.
2. Which are the best places in Cyprus to invest in real estate? One of the best and in-demand places to buy a property in Cyprus is North Cyprus. Since the international community does not recognize North Cyprus or the Turkish-Cypriot, the property market is relatively low compared to other markets in the region.
3. Can foreigners finance a property in Cyprus? Buying a property in Cyprus can be financed. You will need to look at the various financing options available to a foreigner. You can take aaa mortgage from a bank based in Cyprus. Your able and established international real estate agent introduces you to specialist overseas mortgage brokers who will further assist you with getting the right deal. In major cases, you can get a loan for a term period of 15 years, while the deposit upfront while buying the property will be about 30%.
4. What are the other costs that you need to bear while buying a property in Cyprus? Some of the charges that you need to bear are:
- IVA or Tax VAT at 19%
- Stamp Duty in the range of 0.15 to 0.20%
- Surveyor fees
- Bank charges
- Land Registry fee
- Legal fees.
5. Who can help me in buying the right property? It is generically applicable and not just confined to a property purchase in Cyprus. Whether it is Cyprus or Florida property or a property in Dubai, engage the best and the most reliable international real estate agent. Ensure that the agent is accredited by AIPP (Association of International Property Professionals). Also, hire a lawyer with a specialization in Cypriot properties to help with the legalities of the investment.
6. Once you accept an offer for buying a place in Cyprus, you will be required to sign a reservation agreement and pay a holding deposit. The agreement is not legally binding.
7. The real estate agent, along with your lawyer, will review the property to ensure it is debt-free with Title search and Boundary Searches conducted. Your lawyer with the local council might also advise a Plan Search.
8. The Contract of Sale should be signed only when the reports from all surveys above come out clear. Your power of attorney in Cyrpus can sign on your behalf for the overseas buy to let or reside in Cyprus.
9. The contract has to be registered with the District Land Registry office, and you will need to submit your character reference and bank reference alongside.
In Cyprus, short-term rentals are not allowed for foreigners. You also need to declare to the Council of Ministers that the property will not be used for any commercial purpose.
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If yes then have in mind that you might need to compromise a bit with your requirements in order to satisfy all your needs.A property in Cyprus can offer a wide range of advantages in relation with weather, cost and standards of life, safety etc.
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The North Cyprus experts have of late raised undertakings to make purchasing Cyprus houses for sale in North Cyprus less hard for abroad nationals.
Since North Cyprus has a Turkish administrative system, the getting of houses on this space has focused on various extreme principles and experts dull formality which can require various months or even seemingly forever buying property.
