Tips
on Buying Property in Cyprus
In the Eastern
Mediterranean area Cyprus is the only country that offer a quality life
style and the standard of living is comparable with any other European
countries.
Cyprus is
the place where you can have fantastic infrastructure, quality hospitals,
excellent shopping places and English is widely spoken in the entire length
and breadth of the country.
Cyprus enjoys
around 300 days of sunshine in a year and has become a favourable destination
for ex-pats.
Because
of the low cost of living coupled with a very low flat 5% of tax for non-residents,
as many 60,000 Britons have made Cyprus as their second home.
Most of the
buildings in major part of the Cyprus are fairly new, say less than 20
years old, barring the traditional and historic stone houses in Nicosia
City.
Now a days,
such old stoned houses are also attracting investments for ownership and
renovation purposes.
You can get
a twin bedroom apartment in the west coast of Cyprus island for a reasonable
CY£67,000, a two-bedroom holiday villa for CY£130,000, and
a three-bedroom house starting from CY£185,000.
In an another
popular town by name Larnaca, one can have a two-bedroom house for CY£42,000,
and because of these competitively priced houses, many Britons have made
this town as their popular destination.
With great
investment opportunities, the prices have gone up even by 20% and that
many people who have invested few years back have reaped a bonanza due
to doubling of values.
You may also
witness a further increase in appreciation value once the country joins
the European Union.
Many people
buy properties for letting out, but today it will be a wise idea to go
for a villa type house with a pool, preferably near the sea or some town.
Due the proximity
to sea or a town, there will be hectic nightlife and when the same is
made available with other amenities, then you can get a very good demand
for your villa from tenants.
There is
also a wide spread talk about relaxation in the existing property ownership
restrictions once the country joins the European Union.
When you
have decided to buy property in Cyprus, you should be aware of the document
requirements well. Initially you have to apply to the Counsel of Ministers,
and the same should be routed through the District Officer concerned.
You are
bound to provide details about your financial standing, details of the
proposed property, the names of the present owner, and the type of purchase.
As the deal
involves foreign exchange, the same has to be reported to the Central
Bank for approval of bringing in foreign exchange.
All such
applications are to be submitted personally along with documents such
as passport number, purchaser’s identity, copy of the council Minister’s
approval, etc., to the District Lands Office.
Once you
make the full payment, ensure transfer of ownership and registration of
the same with the authorities concerned.
Once you
comply all these things, you will have a peace of mind for having made
a wonderful and remunerative investment in Cyprus.
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