Check whether the property you intend to purchase is affected by any town planning zones. If you intend to build a home in a certain area, you may find that the building density is so low that you will not be able to erect a satisfactory unit. In addition, the zones might exclude the use you’ve in mind in that locality.There have been cases where a person acquired his dream holiday spot only to find out afterwards that it was sited within an animal farming zone of the parish in question (which implied that his neighbour could very well be a pigstry).
Accommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Like to get hired accommodation rather than think that you’ll sell your one bedroom unit and purchase a larger one in the future.You may well find that selling the one bedroom flat is problematic. Flats most in demand are the three bedroom (around 120-130 sq.m.) and two bedroom (70-100 sq.m.) ones. This say of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.
Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the buy process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It can’t be emphasised too strongly that anyone planning to purchase land or property in Cyprus must take expert, independent legal advice.
It is general for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement – 1/3 of the total value; during construction – 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)
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’s a 11 good” area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good” area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.