Buying Property For Sale in Cyprus - The Essentials

With all the havoc being wreaked in the financial world, crime rates soaring and the climate reinforcing the feeling of doom and gloom - is it any surprise that buying property for sale in Cyprus is still popular? Despite the value of property falling in the UK, the market prices in Cyprus are holding steady and even increasing, making it still a great investment. For example properties like self catering Cyprus apartments are sought after for holiday homes and also for rentals when not in use by their owners and buying a Cyprus holiday home and villa is making many buyers think about moving to the island permanently to enjoy stress free living in the sun.

Buying property for sale in Cyprus is easy and safe and many of the procedures will be familiar to UK home buyers. Buying off-plan is the most cost effective way to buy, it means that you purchase a Cyprus property on a development some time during the planning and construction phase. Buyers are guaranteed a lower initial purchase price compared to the finished value, with the greatest returns being gained from buying in the early stages. Payment terms are typically a 3,500 Euro reservation fee to take the property off the market with a 20% to 40% deposit being payable within 30 to 60 days of signing the sales contract. Flexible staged payments are then made until completion, with the final payment paid on delivery.

When buying property for sale in Cyprus the deposit paid guarantees the sale price and it also buys that specific plot of land which gives you maximum security on your purchase - the land will be registered against your name at the land registry and this will be attached to your contract of sale. Other than the deposit there are 2 other costs that are payable upfront. Firstly are the solicitor's costs, it is strongly suggested that you appoint a lawyer that is independent of the developer so there is no conflict of interest and the contract of sale is drawn up in your best interests. The costs are dependant on purchase price. The other payment that is required up front are for land registry stamps; this is a government charge that is payable for the official stamps on your contract. This is based on the purchase price and is charged at 0.0015% up to €170,858.40 and the remaining balance is charged at 0.002%, plus €6.83 for the actual stamp.

After buying property for sale in Cyprus and the development is completed the title deeds for the property are issued, a fee is payable to transfer the freehold ownership to the new owner. For a property bought in joint ownership the costs would be 3% up to €170,858, 5% between €170,860 and €341,720 & 8% over €341,720. This cost will be payable 3-5 years after completion, if the property is sold in the meantime the cost is transferred to the new owner. When the charge is calculated it will always be based on the original sales price.

Here are the basics of buying property for sale in Cyprus whether for self catering Cyprus apartments or buying a Cyprus holiday home and villa the procedures are simple and straight forward with built in security for buyers. Buying property for sale in Cyprus is a great investment and may even be life changing if you choose to come and join us in the sun permanently.