Find Rural Property In Cyprus
The Cyprus Property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. The climate (340 days of sunshine a year), along with easy access to the UK, Europe and other destinations is also a significant plus factor when considering the purchase of property to buy in Cyprus.
As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).
The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
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.
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