Property Real Estate Secrets
Cyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. It is expected that in the run-up to becoming a member of “the club”, prices of property for sale in Cyprus will continue to rise at an estimated growth rate of around 20% per annum.The climate of Cyprus makes the island one of the healthiest places in the world. With 340 days of bright sunshine annually.
Cyprus 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 relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are required to have a work permit.
Firstly, a preliminary contract is signed. This binds both the vendor and the buy to purchase and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The buys lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.
Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.
For those who want to purchase a plot of land and put up a building there, there are certain major points they have to bear in mind. As a rough and general rule, and provided there’s a “satisfactory” access, a single house can be erected on a plot of land. If more than one house is required, then water must be provided. The water supply may be either from a public or private source. In the event of private water supply (usually a borehole) its quantity and quality are tested by the Water Development Department.
Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11...
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