Cyprus is a beautiful location to relocate to. With warm climates all year round and a much cheaper cost or living and better quality of life for the family. It is no wonder so many foreign nationals are now relocating to the Island.
Over the last few years we have seen investment from Russian and Chinese Buyers after the European Golden Visa. As well as UK Expats looking to move to a warmer climate.
This is a life changing decision and should not be taken lightly, get to know the local law speak to experts in Cypriot law please refer to the Buying Guide for Cyprus to some up to date advice.
Obviously you cannot for see every pitfall or stumbling block when buying property in Cyprus but you can make yourself aware of a number of things to look out for.
First and foremost after spending time researching and finding a property in Cyprus you are interested in speak to neighbours and other tenants in the complex to get an overall view of the running of the complex or area you are about to buy into. Ask if there are any problems you need made aware of get to know why you pay maintenance fees and what this yearly amount is used for. Inspect the area and complex fully if you see anything in need of repair make a note of it and ask the management if they will be carrying out these repairs before you commit to make a deposit on the property in Cyprus. Ask as you are a new tenant will you have to pay for any of these repairs. Ask about noise in the complex or area as no one wants to be stuck beside noisy neighbours.
Hire a reputable estate agent. Worldwide Group have helped clients buy many properties in Cyprus over the years. We can advise to every aspect of the purchase. Do you research and background checks into the agent you decide to use. As you don’t want to be sending thousands of pounds off to an agent only to find out later the agent has now gone out of business. Allot of research can mean very little problems.
Always use an independent lawyer who speaks your language and it totally independent from the seller and the Estate agent. Make sure they thoroughly check your contract and don’t sign anything that is not fully translated into your language.
All the best of luck in your move to buy property in Cyprus and if you need help sourcing a property contact us today.