Everything You Need to Know About Properties in Cyprus Before Buying

What you need to know about buying a property in Cyprus? What are the laws in place and where are the pitfalls? How much will it cost? When it comes to owning a home, Cyprus is the perfect location. With its beautiful sun and amazing sea views, you will never find a better place to live! However, buying property here requires research as well as preparations beforehand so that everything goes smoothly when the purchasing day arrives. The process of buying a property in Cyprus can be intimidating for those who are not familiar with all the legalities and pitfalls that need to be avoided. However, this article will go over what you need to know before putting your offer on something!

Properties in South Cyprus

The people of South Cyprus are more economically robust than their northern neighbors. Not only does it provide opportunities for doing business with Europe, but also provides a safer and better-quality life as well!

Who can purchase properties in Cyprus?

Southern Cyprus is a beautiful destination for foreign nationals to purchase property without any restrictions. The only requirement is that you apply to the Council of Ministers.

Most probably your application will get approved, but the process can be long and tedious when it comes to paperwork. You will have to wait for approval from your local council of ministers before receiving title deeds or registration with the Land Registry Office.

To avoid any doubts, you might want to include a clause in your sale contract protecting your interests in case you are refused permission.

When it comes time to buy your next home, Cyprus is the perfect destination. With its beautiful sun and stunning sea views, you will never find a better place than this! However, buying property here requires research as well as preparations beforehand so that everything goes smoothly when the purchasing day arrives.

What about UK citizens after Brexit?

Cyprus is a popular destination for UK citizens wishing to purchase real estate. Following the same rules and procedures as other non-EU visitors, they may buy property there.

There are certain size and duration limits for your plot, until you become an official resident, but otherwise it is simple.

You can visit any of the EU’s countries for three months out of every six without a visa. If you want to move about longer, then permission will have to be applied for with your local authority as soon as possible before making plans.

Getting a mortgage can be difficult, so it’s best to use an international agent. As for the size of your land plot and house, a maximum 4,014 sq m per property should be good.

Are there risks when buying properties in Cyprus?

When you are looking to buy a house in Cyprus, you should understand the process beforehand. Here is a list of precautions:

1) Make sure the land isn’t mortgaged and has not been sold off by developers already.

2) Use agencies with good reputations who have experience dealing with commercially active properties.

3) Have an initial look at any completed buildings before making final decisions on the house.

4) Check whether your lawyer works independently of those representing sellers/buyers etc.

How important is it to have a lawyer in the process?

When buying a property, it is important to employ an experienced lawyer who can assist with the complexities of paperwork and track down your title deed before making any purchases.

When developers take out mortgages on land or property, they can go bankrupt. This has led many buyers in Southern Cyprus and other areas to become liable for the debts that were incurred by their developer counterparts when they signed contracts without knowing about these risks beforehand.

Your lawyer should check if any mortgages are placed on the land. If you sign a contract for property in Cyprus with any existing financial claim, then do not expect to receive your deed just until after the loan is paid off.

The lawyer should never be a representative of the selling part, this is very common and can bring some issues along the way.

When buying property in Cyprus, it is important to make sure the land and buildings are available for use. You should also check if any renovations will be needed before purchasing the property.

The legal process

The contract of sale is signed by both parties and should be deposited with the relevant District Lands Office within two months.

When the buyer puts down a 10% deposit, they agree to be bound by all its rules. The title deed cannot legally change hands until after government permissions and funds have been certified for it go through without issue.

What about the costs

The fees for transferring property are not insignificant. You should allow at least an extra 15% on top of the buying price to pay transfer, stamp duty and legal costs, with vendors usually footing the agent’s fees.

Transferring properties can result in 3%-8%, depending upon its value. The stamp duty depends also on the value of the property and can be between 0.15% to 0.20%, this should be less than 20,000 EUR.

Buying in North Cyprus

North Cyprus is a popular destination for investors and tourists alike. In 2021, Forbes ranked the North Cypriot economy as number one on their list of the best beachfront buys due to its beautiful beaches which are perfect all year-round! However, before you buy property in this area make sure that it’s worth your while by renting first so see if there are any issues arising. 

Conclusion: Understand the process!

Beautiful beaches and sunny days are very appealing if you think about living on this Island. If you are considering making a living here, it is important to get all the information in advance in order to avoid any hindrances on the way. Buying a house in Cyprus is possible but also has its process, and it’s essential to understand what is going on.