Buying Cyprus Property
Home Ownership
Long established Cyprus property laws make home ownership a dream come true for many buyers. All home purchases are free from expiration dates and land rates. Once the bottom line has been signed by a buyer, the property is their possession for generations to come. At that point, the documentation stating who the clear owner of a property is filed with the land registry office. From that moment forward, an owner can do whatever they chose with the property.
Investment Potential
Cyprus property rates average at a fourth of the value in all of Western Europe. For this reason alone, owning a home in Cyprus is not only affordable, it can be a profitable option as well. The last five years alone have seen home appreciation rates come in around 15% to 25% per year. The variants in the percentages rely on where the property is located.
The recent strong economical standing of the island is only proving to benefit a home’s equitable value. This healthy growth is expected to continue well into the future. It is fuelled by an ever increasing demand by international buyers for Cyprus property. Ownership of a home entitles the ability to rent it out for additional profits without breaking the bank.
Cyprus is a long standing member of the European Union. This membership affords it the luxury of establishing favourable settings for international investors looking to profit on rental income in the island. When coupled with the sunshine filled climate of Cyprus, there can be no better setting for property investors to strike it big. These factors added to the predominately English speaking nature of the island enhance the spectrum of prospective buyers that investors can market to.
Undertaking an investment property in Cyprus affords an investor with substantial financial gains and income potentials virtually sky rocket. There is an endless array of housing property developments an investor can select from. Apartment units, villas, town homes, semi-detached and detached homes are readily available. Bungalows also provide additional investment opportunities. Many housing properties are available for a discount on the current market value prices. All of this comes together to provide an investor with the opportunity to spend little now and reap substantial financial rewards in the near future.
There are a few safeguards all investors should keep in mind before purchasing a property. Never conduct business with anyone other than an established Cyprus property developer. Unfortunately there are those individuals that present themselves to be reliable developers. In the end, those individuals prove to be out for nothing more than an investor’s hard earned money.
With that in mind, it is also advisable to seek the guidance of an independent third party separate from a particular purchase process before purchasing a property. Before engaging in business with a developer, take the time to view completed projects from the same developer. It is equally important to invest in a little research time. This will ensure that there are no existing title claims on a property being considered for purchase.
There are far too many benefits to becoming a Cyprus property investor that out way possible bad situations. In additional to current standing properties to invest in, there are a number of ‘off plan’ properties available. In this setting, investors can customize just about all aspects of a property with or without a particular buyer in mind. By doing so, the investor has the ability to receive investment returns in excess of 100% of an initial investment price. Investors are also afforded the luxury of holding on to a piece of property longer therefore reaping the full benefits of appreciation.
Rental Income
Another investment avenue to pursue is purchasing property for the sole purchase of rental income. Properties are on the market in Cyprus regions that are virtual tourist hot spots. Holiday travellers would much rather spend a little extra money to rent a home-away-from home during a holiday stay. In addition to holiday travellers, there is the potential to market to year round residents that would provide a steady stream of rental income. These can be individuals who do not wish to undergo home ownership in Cyprus.
Selling Property
Selling a home in Cyprus is virtually as easy of a process as that of buying a home. There is really nothing much to it. The essential elements needed are a home for sale and a purchaser interested in said home. At that point, establish a contract of sale with the potential buyer. At this point, it would be advisable to seek the services of legal council if not done so already. Following completion of the sale, the title work and related transfer information will be handled by the Cybarco Ltd organization. Here is where the title will transfer over into the new buyer’s name.
In the event a sale falls through and needs to be cancelled, fees will be charged to the seller at a rate of cy £1500. This covers all fees relating to the cancellation and any related documentation work that has been completed to that point.