Cyprus Property Developer Secrets
The 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 allowed, even a small hut, ice cream shed or a swimming pool. When there are ancient monuments close to your plot, be careful to examine whether the Director of Antiquities has any objections to a building project. If a plot of land is classified as an ancient monument area, the Director’s approval must first be sought.
If your property does not possess an access, the property can acquire a right of way over adjoining property in order to reach a point of public access. The procedure is undertaken by the Lands’ Office on application and the right to obtain an access is reserved even if the owners of the property over which the access will pass object to it. Please note that if the right of access is in excess of 1,000 feet (distance from a public road to the property) then a permit to erect a home will, most likely, be refused.
The annual immovable property tax imposed by the government is approximately CY60-120 per year. The municipal authorities also levy an annual property tax of CY20-30 per year and other authorities may also require CY20-40 sewage tax. Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property.They cover an owner’s share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and fixes. The estimated total is in the region of CY150 to CY300 per year.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They’re based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
Check whether your neighbours keep any animals in their yard since if they do the smell might be unbearable. Check also the distance from the town, the access, whether there’s a telephone service, the nearest doctor, the frequency of the local post etc. Bear in mind that the cottage may be eligible for an improvement allow from the Government, if it is of historic interest. Your architect can advise you on this.
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. Prefer to get hired accommodation rather than think that you will sell your one bedroom...
South Cyprus Property SecretsIt is usual 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...
Cyprus Property Forum SecretsIn addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects...
Cyprus Apartments Rent SecretsFirstly, 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...
Property Renting SecretsOn a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per...