Renting Property In Cyprus
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.
If there’s a building on the plot you’re buying, ask for the building permit in order to make sure that the structure isn’t illegal, as well as to ascertain the terms and conditions of the building.Please note that most of the above problems do not exist in case you buy a building site (as opposed to a plot of land/field). Even if the title deed registers the property as a building site, however, it is suggested that you go through the motions of checking the various prerequisites for development.
In case you require air condition ing/central heating, we recommend that the advice of a qualified electrical and mechanical engineer be sought. Fees for this consultant are around 4% for the design and 2% for supervision (on the cost of the works).Insist on all drawings being ready before inviting tenders.It is suggested that a building permit be secured first before works commence, although works such as excavations etc may start prior to the issue of the building permit. In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings.
As an indication, one should have in mind that the average construction cost for a home 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 Town Planning Act. This law (expected to be fully enforced very soon) regulates development and it will supersede the liberal town planning zoning which exists at present. It requires the preparation of local plans for development and prior to any acquisition/development of property, the inspection of these plans is a must. Any development in the future will require a Planning Permission as well as a Building Permit.
Usually, the ancient monument area is marked as AM on the Lands\' and Surveys\' plans but the non inclusion of the letters AM. does not guarantee that the plot is free from this kind of restrictions. If, therefore, you see...
Property Developers In CyprusCyprus 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...
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...
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...
Looking For Cyprus PropertyCyprus 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...