FAQ - Property In Cyprus

 

Why Cyprus?

Cyprus is a beautiful island with golden sandy beaches where the sea is translucent and the sun shines almost perpetually. The landscape could have been carved by Aphrodite herself with the contrasting ravines and pine forests found all the way up to the peaks of the Troodos mountain range and the Great Mount Olympus. The population is under 800,000 and since entering the EU in May 2004 Cyprus is going from strength to strength. The property market is already showing significant growth and will continue to grow over the coming years due to an ever increasing demand to visit the island and strict building laws allow mainly low density construction. This makes Cyprus an excellent place to purchase property for the smart investor.

 

What do I need to travel?

Anyone can visit Cyprus on a valid passport either as a tourist or to work with EU regulations.

 

What does an investment trip consist of?

A property investment trip usually lasts 4 days and 3 nights and involves a trip to Cyprus to view properties and become familiar with the area in which you are going to purchase. A professional from our marketing department, will arrange every last detail for you, based on the information you give us. Visit the Cyprus investment trip page for more information.

 

What is the buying procedure?

Once you find the property that your looking for, it is reserved by you making a £4000 sterling deposit with the vendor. This is done by credit/debit card.

 

Once you return home the first instalment usually around 30% of the purchase price (less the deposit £4000) is required to be paid within 30 days.

 

Once this is done depending on the property you choose there will be instalments required at set intervals during the course of the build if the property is off plan.

 

Payment options can be discussed and arranged in Cyprus with an independent mortgage advisor.

 

Who will I be renting to?

You will be renting to people mainly from western Europe which will give you a large rental market! Not only that but the season in Cyprus is very long and stretches from April until November. The winter season is also very popular because of the fantastic climate. In short this means that you will have a year round market for rentals.

 

What guarantees do I have that my investment is safe?

The initial deposit, normally around 30% is protected by "title deed" for a portion of the land to be built on. The value of this land must be worth any deposit paid. Any subsequent instalments are paid during the build, therefore you are only paying for completed work

How do I finance the property?

 

Financing your property can be done by either arranging a housing loan from a bank based in Cyprus or by using capital from home. Interest rates can vary depending on where and for how long the loan is required although an interest rate of between 5% and 6% is typical.

 

How do I get the best legal advice?

We can provide introductions to established lawyers who have expertise in local laws and the property market.