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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