Buying property in Cyprus could be exactly what you’ve been looking for if you’re looking for that dream vacation house abroad or simply looking to invest in a foreign property. Cyprus, or the Republic of Cyprus as it is officially known, is a member of the European Union and one of the major Mediterranean islands located south of Turkey. For many years, the British have considered this island to be a personal favorite. Cyprus has everything that somebody might possibly want, regardless of their taste or choice. It features year-round sunshine, scorching temperatures, white sand beaches with brilliant turquoise waters, and a culture and way of life rooted in history and tradition… A huge draw is the laid-back ambience and exotic Mediterranean vibe.
With all of this in mind, it’s no surprise that many Britons are considering buying a second property in Cyprus, whether for retirement or investment purposes.
Another reason for the popularity of this wonderful island among Brits is that English is extensively spoken there.
Many people feel more at ease and confident about establishing roots there because of this.
Cyprus has the allure of being a home away from home.
The jspkg foreign property buyers guide includes a lot of crucial points that you should think about if you’re thinking about buying property in Cyprus as an investment or a Cypriot vacation home abroad.
Purchasing Real property in Cyprus
However, the most significant advantage of purchasing property in Cyprus from an investment standpoint is the country’s favorable tax policy, which attracts many retirees.
Foreign pensions are currently taxed at a maximum rate of 5%, which is unheard of in other countries.
Cyprus, like all EU countries, had a massive surge in property development before to the global economic slump, and the country prospered with new investment and housing prospects popping up everywhere.
Similarly, the housing boom in Cyprus has halted due to the consequences of the downturn, as it has in many other countries.
Cyprus, on the other hand, appears to be recovering faster than the rest of the world, with newly built residences and certain off-plan constructions resuming their popularity.
Property interest in Cyprus is slowly but steadily increasing… With this in mind, now might be the best time to buy that dream home for a fraction of what it would have property before the crash.
What are the Best Places to Buy Property in Cyprus?
If you’re serious about buying a property in Cyprus, you’ll need to start looking into the many areas and types of property that are available… However, we feel that the areas of Lanarca, Limassol, and Paphos will not disappoint.
PAPHOS REAL property BUYING
Paphos, in particular, offers numerous benefits to first-time property buyers in Cyprus.
First and foremost, it has a major international airport within half an hour of its center, which is a huge benefit if you want to rent out your property to holidaymakers and visitors to Cyprus.
Paphos, on the island’s west coast, also has beautiful golden sand beaches and a plethora of tourist attractions to keep visitors occupied during their stay.
Paphos, for example, will not disappoint you if shopping and dining out are high on your wish list.
It boasts outstanding utilities and several tourist attractions while still retaining the exquisite Mediterranean charm for which Cyprus is known.
On the outskirts of Paphos, you’ll find a slew of charming fishing villages and harbors that are popular with Brits and ideal for those seeking a more laid-back lifestyle.
Few homes are available for purchase here, primarily because they have already been picked up or are held by residents.
If you want to buy a house in Paphos, your best choice is to buy a new build property in a purpose-built hamlet, which will almost always be cheaper.
That is not to mean that you should abandon your search for a property in a traditional Cypriot village.
Many people locate their dream property in this gorgeous region — it’s all about timing and a dash of luck.
HILLS OF APHRODITE
Aphrodite Hills, which overlooks the mythological goddess of love’s birthplace, and Minthis Hills are two more areas to consider for a property purchase on the island.
Of course, Aphrodite Hills is one of Cyprus’ most exclusive neighborhoods, with a plethora of tourist attractions and activities around.
It’s a €150 million resort that opened in 2005 and continues to be as popular today as it was when it initially opened.
HILLS OF MINTHIS
The island’s Minthis Hills region is likewise proving to be a desirable location to live.
Minthis Slopes blends natural beauty with luxurious apartments in the picturesque hills of Tsada town.
The Procedure for Purchasing Real property in Cyprus
Isn’t it amazing how all of this sounds?
But how do you go about making your Cypriot dream home a reality if you’re serious about buying property in Cyprus and have located your ideal home?
Before you get caught up in the excitement of it all, take a step back and educate yourself on the Cyprus property market, property laws, the purchase procedure, and more.
Because it is a distinct country from the UK, it will have different laws, rules, and regulations governing the purchase of real property.
You should also conduct extensive research to ensure that you are purchasing in the best location for both your personal needs and financial potential… Finally, and perhaps most crucially, you must determine whether you can genuinely afford this property investment.
Can Foreigners Purchase Real property in Cyprus?
After you’ve mastered the local rules, regulations, legal processes, and secured financing, the first practical step is to determine whether you’re allowed to buy property in Cyprus.
Many countries throughout the world have very strict laws about who can own property in their country, so this will need to be investigated before any property purchase can be made.
Fortunately, as a member of the EU, there are no restrictions on EU citizens purchasing property in Cyprus.
Understanding the Legal System in Your Community
Another significant benefit is that Cyprus’ laws are based on English law, which means that the property buying process will be recognizable to property investors from the United Kingdom, making the transaction less stressful and transparent.
Deposit Agreement for Reservations
After you’ve selected your desired holiday property in Cyprus and agreed on a price with the owner or their representative, you’ll need to sign a Reservation Deposit Agreement and pay a deposit.
The deposit amount is not set in stone and may vary based on the property and other factors, but as a general guideline, it should be at least 1% of the purchase price, and this money will be paid subject to contract.
The property will be removed off the market for a predetermined amount of time after this Reservation Deposit Agreement step is completed or is at least in progress.
Conducting Legal Research
During the period the property is not on the market, your solicitor will do all essential searches to ensure that the property title is clear and free of any concerns.
A attorney will use this time to ensure that the seller has the legal right to sell and that the property is not linked to any debts or shady deals, just as they do in the UK.
The Purchase Agreement
If your solicitor’s searches turn up nothing, the property selling process can forward to the ‘Contract of Sale’ step.
During this crucial step, the buyer has a fixed amount of time to make payment to the seller.
After full payment has been received, the property is almost ready to be taken possession of, with just a few minor formalities to be worked out.
Following this stage, the property’s title deed will be transferred from the seller to the buyer.
The Procedure for Selling a property… Just like in the United Kingdom!
To reiterate, Cyprus is in high demand not just because of its white sandy beaches, crystal blue seas, culture, laid-back lifestyle, and exotic Mediterranean aura, but also because the entire property purchasing and selling process is very similar to that of the United Kingdom.
This means that most of the time when buying property in Cyprus, things are fairly clear cut and transparent, so there’s less risk of being caught out by a local rule or regulation, and you can spend more time focusing on your prospective property purchase and making it work for you, rather than getting to grips with an unfamiliar and difficult-to-understand property legal system.