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CYPRUS REAL ESTATE PROPERTY
Being part of the European Union since May 1, 2004 Cyprus has and will become even more popular as permanent or semi-permanent residency.
Immigration to Cyprus will probably start with finding a house. Whether you intend to buy a house, buy land to build a villa or rent property Cyprus has a large network of real estate agents, legal consultants and accountants to help you throughout the entire process. |
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Buying a house or villa
The real estate market in Cyprus is booming and property prices are still going up rapidly. Not surprising because who wouldn't want to live in this beautiful Mediterranean climate, surrounded by unspoiled nature, thousands of years of culture and in this likable society. It's also quite a save investment, contrary to many other countries Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners. And Cyprus has made it relatively simple for non-Cypriots to acquire real estate property. |
Rent a house
Apartments, houses and villas for rent can be found at real estate agencies, in the newspapers (Cyprus Weekly for example), on the internet and by asking locals. Before you approach a real estate agent to help you find a house, make a list of your demands/wishes, like: location, furnished or not, number of bedrooms etc.
There are a few things to pay attention to: |
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| The main restriction is that a private person can buy just one real estate property and the property may not exceed a size of 4.013 sq. m. However, there are still legal issues and various fees and taxes you should know about before you sign a contract. On this page there are links to real estate agencies and legal consultants who can provide the necessary information. |
- Long term rental is indeed long term rental. Contracts for a year are common practice.
- Installing satellite TV is quite expensive in Cyprus so if a house already has a satellite dish and decoder, your start-up costs will decrease considerably.
- Most houses and villas have solar installation for hot water, in the winter a boiler is used to heat the water.
- Although the winter months in Cyprus can be cold, not many houses have central heating. Alternatives are gas heaters, air conditioning and a fire place.
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Building a house or villa
Non-Cypriots may also acquire land, again not exceeding 4.013 sq m and only for the purpose of erecting a house or villa within a reasonable time.
When buying land check whether the permitted use allows building a house, the permitted building density, the permitted height and number of floors, access to a public road and other infrastructure, and in case of an existing building ask for the building permit.
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Selling property
There are two possible situations:
- In case the property is sold to a non-Cypriot and is paid for with external funds, the whole amount can be repatriated
- In case the property is sold to a Cypriot and paid for in Cyprus Pounds, the seller can repatriate a) the original buying sum plus b) proven costs to improve the house plus c) the transfer fees plus d) the inflation plus e) CY £ 50.000 per person yearly
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Property in occupied areas
The only real danger is that you buy real estate property that cannot legally be sold. The European Court of Human Rights ruling affirmed the rights of Greek Cypriots to their property in the north under Turkish occupation. Therefore, foreigners who purchased Cyprus property in the north stand to lose big time in the event of a settlement, and could also be liable to compensate the rightful owners of the property.
Common sense and consulting well established real estate agents and legal consultants will most certainly protect you from being exposed to grave legal and financial consequences.
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Disclaimer
Although carefully collected from various sources none of this information can be used to derive any rights from. |
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