Cyprus Property Market
The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full and affordable lifestyle. Recent statistics pointed to Cyprus as one of the most affordable countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish, and Cyprus’ modern supermarkets are fully stocked with a large range of local and imported goods. The local population is Greek speaking. Cyprus was once a British colony resulting in over 80% of the population talking English. Street signs, direction signs, and shop signs are written in English. Knowledge of German, French, Russian is increasing with the Island tourist trade.
The next step is to appoint an architect to carry out the design. There’s an abundance of well qualified architects on the island and many capable technicians as well. We suggest that you appoint an architect for the purpose (not an engineer or technician). Architect fees range from 4%-6% (on the building cost) but you can concur also on a fixed fee. The prevailing fees are 3.8% on the building cost for a complete set of architectural plans and 1.6% for supervision (including the issuing of certificates).
Another factor which is also related to the price, is the payment terms. A developer could be asking a high price for flats but he could be offering very attractive payment terms over a long period. Compare, therefore, not only the extent, quality etc. of a flat, but also the payment terms in order to ascertain who is offering you the ideal deal.
Upon signing a contract, the Purchaser is liable to pay stamp duty which amounts to 0.115% of a purchase price up to CY 100.000, and then at a rate of 0.2% on any buy price in excess of CY100.000.Land registry fees are payable when the owner ship of the property is transferred. This is on a sliding scale, ranging from 5% to 8% depending upon the value of the property.
Transfer of ownership from vendor to purchaser is accomplished by a easy procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date.When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives – these are confidential and won’t be published or made accessible under any circumstances.
Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good...
Cyprus Property Market SecretsThe seashore protection zone is independent of the town planning zones. It is a zone which extends from the sea and it usually (but not always) has a width of approximately 300 feet. Within this zone no building can be...
Property Investment In Cyprus…A Guide To A Successful BuyAlthough Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in...
Buy Property Cyprus SecretsThe relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full and inexpensive lifestyle. Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The local markets flaunt...
Cyprus Property Developer SecretsCyprus enjoys a remarkably low crime rate 1/6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this...