Why should you buy property in Cyprus?
Cyprus is a beautiful island nation, so tiny that you can get from one end to another with just a few hours of driving. The weather here is lovely all through the year, days bright and sunny, and evenings pleasant. There are terrific beaches with outstanding views of the sea, with mountains serving as a majestic backdrop.
While Turkish and Greek are the official languages in Cyprus, almost everybody in Cyprus speaks English, which is a major advantage if you’re looking to buy property there, as you won’t feel lost due to a linguistic barrier.
The Cyprus cities are lovely – Famagusta, Paphos and Larnaca are known for their beaches, Polis and Latchi are popular for being friendly and welcoming to foreign tourists. The Cyprus cuisine is delightful as well.
And most importantly, Cyprus properties are really quite cheap, so it’s a great place to buy a second home, away from the stress and traffic of say, London or Berlin.
Are You Eligible to Buy Property in Cyprus?
It’s easy to buy property in Cyprus if you are a citizen of a country that is a part of the European Union. Cyprus has been a part of the EU since 2004, and so gives EU members the same property rights as Cyprus citizens. However, if you’re from outside the European Union, rules for you may depend on Cyprus’ bilateral relationship with your country, so it’s best to contact your Embassy and find out the criteria that are relevant to you.
Buying Property in Cyprus – The Essentials
#Finding Property in Cyprus
There are plenty of real estate portals online where you may look for Cyprus properties for sale. You should also look up the business websites of prominent property developers or real estate agents in Cyprus and contact them by email as well.
#How must does it Cost to Buy a Property in Cyprus?
While buying property in Cyprus, you should be prepared to pay at least 15% more than the purchase price for expenses such Land Registry Fees and legal costs. Also, your property may get revalued after purchase by the government’s Land Registry Department, so be prepared for a nasty surprise as you may find yourself having to shell out more even more tax than you had originally expected. Sure, you are allowed to appeal against such a revaluation in court, but that means having to spend more on hiring a solicitor for it, so perhaps it’s not something you should consider. Fortunately, as a buyer, you don’t have to pay the real estate agency anything – the seller takes care of the real estate agent’s commission.
# Importance of Hiring a Real Estate Agency in Cyprus
When buying property in Cyprus, it is important to form a relationship with at least 2 or 3 real estate agencies, or an agency in each of the cities you are interested in buying a property in, with the hope that at least one would click. Property buyers don’t have to pay any commission to a real estate agency on a successful property purchase, because this is taken care of by the property seller. A good real estate agent in Cyprus is worth his weight in gold as he is very aware of the current market trends, local property prices and the best houses put for sale, and he can be a valuable in your search for a Cyprus property. Worldwide Group Can source any property at any price contact us today to buy property in Cyprus.
# Importance of Hiring a Solicitor in Cyprus
Hiring a trustworthy English speaking solicitor is very important as he represents you in a property transaction and ensures that your interests are well protected. In Cyprus, a foreign property buyer is fortunate when it comes to solicitors because a majority of those here speak English quite fluently, so nothing much is lost in the translation. A good solicitor ensures that you are not cheated or swindled in a property transaction, as foreign property buyers are seen as easy prey by property dealers in many countries.
# Importance of Hiring a Translator in Cyprus