The Cyprus Property Market
The Cyprus property market is very stable and this is mostly due to the growing interest to Cyprus as a popular holiday and retirement destination.
Currently, you should expect to spend €100.000 – €250,000 for a standard plot of land (depending on location), €100.000 – €250.000 for a one, two or three bed apartment, €150.000 – €350.000 for a two, three or four bed house/villa. €350.000 and over for property with swimming pool, large garden etc.
These prices of course depend on the location, size & quality.
Info on buying property
We are available to advise you on the general issues regarding purchasing property in Cyprus; we can offer you our insight on various issues regarding owning a property here, especially now that EU nationals will be able to live and work here.
Buying property in Cyprus is a straightforward procedure with attractive tax implications. Attractive financing options are arranged through Cyprus Banks.
All properties are freehold. The legal system is largely based on the British equivalent, safeguarding the homeowner’s rights. We still recommend that our clients always employ the assistance of an independent lawyer to research.
We do not recommend to our clients to use the developer’s or seller’s solicitor for the contract work as we feel this represents a conflict of interest, which cannot be reconciled.
Buying a Building Plot or Land
While it is very romantic to purchase a piece of land to build your dream home, we as registered real estate agents we will ensure that the plot/land is suitable for building purposes and can produce the following information: i.e.
A. The building zone which defines the coverage and density in sq.m that you can build.
B. Usage License –what can the land be used for, i.e. residential, commercial or industry.
C. Any building restriction such as agricultural, archaeological site, seashore, etc.
D. Building regulations, access to an official road, availability of water and electricity supply, telephone lines.
E. Whether there is a valid title to the plot on the seller’s name.
Land for Development
We can offer you building plots in towns, land for orchards and land that is suitable for building a country home now or in the future. We also have renovated traditional stone built Cypriot houses in idyllic villages and locations, close to amenities, offering for those that want a traditional Cypriot lifestyle, among the friendly locals of the village.
We can also help you with the development of the land of your choice as you can sit and discuss your dream home requirements with an Architect and Quantity Surveyor, and we can help you realise your plans for creating a new home.
Buying Property from a Developer
We will ensure when buying an apartment or house from a Developer that we check their history, reputation and reliability. Whether there is a valid title to the plot and that there are no encumbrances, that he has secured the building planning and other permits.
Otherwise this may present problems with the transfer of ownership. After signing of a sale contract, a copy of the contract of sale should be filed with the District Department of Land and Surveys. For added security you may request bank guarantee. Normally the cost of such a guarantee is on a buyer’s account.
Points to look for when buying from a Developer
1. Location & expected completion date of the building or complex.
2. Quality of construction and reliability of the developer
3. After-sales service.
4. When a separate title deed is expected.
5. Facilities provided i.e. c/h, a/c, solar heating, swimming pool, furniture, etc.
Any extras that you may want to add to your property that would increase the price of your property should always be discussed in detail. Ask for the cost to be put in writing so as to avoid any unnecessary misunderstandings. It is very easy to find that you have gone over your budget.
Selling a property bought through a developer before receiving individual title deeds could mean that you will pay a cancellation fee to the developer.
What to look for when buying a re-sale property
1. The location and amenities to shops, schools, doctors etc
2. A title deed that has the property and the name of the seller is clearly entered
3. If the property is an apartment, the costs of monthly/yearly common expenses.
4. Quality of construction and fixtures & fittings
5. A list of additional fittings or contents included in the purchase price