Useful Points To Be Kept In Mind Before Buying Properties In Cyprus

Everyone is well aware of Cyprus. Cyprus is the third largest Mediterranean island and one of the most popular tourist destinations worldwide. Cyprus is blessed with a warm climate, stunning beaches, beautiful countryside and a calm lifestyle. Its proximity to the European mainland also makes Cyprus well connected and easily accessible. Investing in real estate or buying Cyprus property offers a high standard of living at low cost. Cyprus has always been one of the safest places to invest, due to the growth of the local economy and the huge investment being made in the infrastructure, such as marinas, motorways and new golf courses all over the island. From the point of view of a home owner Cyprus has everything including the weather; an enviable average of 340 days of sunshine a year, ideal locations for outdoor activities such as trekking, golf, sailing and diving, beautiful golden sandy beaches and ancient monuments, castles, walled cities, abbeys, and Roman ruins steeped in history. There are lots of fantastic villas available for sale in Cyprus that really are affordable and not just dream properties. The Cyprus property market is already showing signs of recovery as there are huge benefits available for tax payers and interest is on the increase. In addition, the cost of living here is relatively cheap and property price growth of 20% per annum in popular locations makes it a sound investment.

Before buying or investing one’s hard earned money in property, it is also vital to check out the legal formalities or procedures entailed in such an undertaking. Fortunately Cyprus manages to deliver on this point as the legal procedure for buying any property is extremely simple, full of clarity, easy to understand, has no ambiguity and is much cheaper than you might think.

The various legal steps necessary for investing in the Cyprus property market can be summarized in the following points:

A Non refundable reservation fee of approx €3,000 is submitted to the developer to reserve your property and fix the price.
Contract of Sale is then completed and signed; with 30% initial stage payment to be made through the lawyer.
Stamp duty as applicable is to be paid.
The contract duly signed and stamped must then be deposited at the Land Registry. This ensures that the developer performs as per the contract and prevents your property being resold to anyone.
As a foreigner, application to the Council of Ministers to purchase the property is necessary. This is a formality and performed by your lawyer.
Throughout the build stage payments are made as stipulated in the contract
On completion of the property, the outstanding balance is to be paid.
Payment of Property Transfer Fees is necessary once the Title Deeds are issued.

Limited legal formalities, ease of execution and efficient working of the administrative system makes Cyprus investment property an ideal option. Normal problems related to the complex and lengthy procedures of buying real estate are avoided. Due to the increasing value of property, the growth in the local market and infrastructure, and the potential returns on your investment, makes buying property in Cyprus a favoured choice.