Cyprus property is selling like hot cakes with more and more houses being built on the island, there are still no signs of supply exceeding demand for a long time. The downside to this is that prices continue to rise and will continue to rise for some time. If you are considering buying a villa or apartment in Cyprus, now may be the best time to put your plans into action. Many of the potential investors hesitated during the Spanish property boom and lived to regret their tardiness. We ourselves could have bought a Cyprus villa at the best resort in 1998 with three beds, a pool and ensuite bathroom for just £65k! We held back and ended up paying nearly £180,000 for a similar property six years later. Oh!
The good news for property buyers in Cyprus is that there is a wide variety of houses and villas on this beautiful island. Whether you’re looking for a luxury apartment or villa in Cyprus, you won’t have to look far. The only downside is that the huge choice could be a bit overwhelming if you’re not sure where to start. There are literally hundreds of developers and estate agents in Cyprus, so you’ll need to do some homework before you dive in. Like everything else in life, there are good and bad, and real estate agents are no exception to the rule. In general, however, most Cyprus real estate companies have a long-standing reputation when it comes to dealing with non-residents.
Buying property in Cyprus has never been easier with so many people speaking English as a second language. Lawyers and real estate agents have English-speaking staff, so you shouldn’t experience any communication difficulties when conducting business with them. The legal system in Cyprus is very similar to that of the UK due to British influence during their occupation of the island until the 1960s. However, there are a thing or two to keep in mind. First of all, as a non-resident of Cyprus, you are only allowed to own property on the island, although this situation could change in the future. The other thing to keep in mind is that if you buy a new property in Cyprus it is unlikely that you will receive your title deeds for up to five years after the completion of the project.
The reason it takes so long to get possession of property titles is as follows. When a Cyprus property developer buys the land to build on, they usually come with a single title deed for the entire plot. When the melons, tomatoes, or whatever used to grow there have been replaced by houses, the developer will need to apply for separate title deeds for each individual property. Of course, this can’t happen until the whole house is built and the roads are finished etc. When the developer submits the application to the land office, he or she will conduct a complete survey of the entire development to verify that the only construction work performed is as detailed in the original planning application. This is why the owners of these new properties are advised not to carry out any additional structural work until the deeds are completed. There is a risk that work on any property that contravenes planning regulations could compromise the issuance of title deeds for all properties in the development.
That is why when you buy a new property in Cyprus, a contract must be drawn up between you and the property developer. This will show that even though the developer has the deed to the land, you have a right to your home while you wait for the deed. This may even be the procedure if you buy a resale property in Cyprus of up to five years where titles have not yet been transferred. In fact, many sellers were surprised to find that developers require a fee of around three thousand Cypriot pounds to set up a replacement contract with the new buyer. However, the buyer of such properties is not required to contribute to this cost.
There you have basic information about the property market in Cyprus and we sincerely hope you find it useful. Obviously, there is much more to take into account, such as the availability of financing in Cyprus and the cost of owning property, etc. Cyprus banks seem more eager than ever to lend against the purchase of non-resident property and the cost of living in Cyprus is dramatically lower than in the UK or other parts of Europe. Happy house hunting and enjoy Cyprus!