Cyprus Property Finance Secrets
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 unit and buy 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 state 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.
Reliability: Be very careful to whom you are giving your money. A developer’s past performance is the best form of guarantee but if you are afraid that the block will not be completed (and it is not the first time such a thing happened) ask for a bank guarantee. It is most important for you to deposit the sales contract with the Lands’ Office within two months of the purchase, so that you will have some form of a right to claim and/or seek specific performance if something goes wrong.
Prices are usually quoted as pounds per sq. metre. It is important, however, to ascertain the square metres of which area you are paying for. Certain developers include part of the common areas (staircases, lifts etc) while others include the verandahs and so on. If therefore, you are shopping around for the right price, make sure that you are comparing the same area.
The best approach in buying your cottage is to visit the village of your choice yourself and seek information from the village muchtar (the chairman of the village parish). Estate agents may prove helpful but use them as a second choice. It is evident that the less popular the village is by foreigners, the lower the cottage’s price.
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.
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...
Buying Cyprus PropertyIn 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...
Tasiana Apartments CyprusGoing through a company like Headlands has several advantages: you will get to see a wide range of properties in Cyprus that suit your requirements;you have the benefit of our many years experience, as well as a fully staffed office...
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...
Cyprus Apartment SecretsCyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone...