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Property In Polis Cyprus Article
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Guide to Buying Property in Cyprus
from: by Les CalvertThe Cyprus Property Market
Cyprus is one of the more popular real estate markets in the world. Activity
in the real estate market in Cyprus is brisk, including foreign nationals who
buy and sell real estate Non-Cypriots have been involved in all areas of the
real estate market. Foreign nationals have been found to invest in commercial,
investment and residential real estate in all areas of the country.
Most industry experts maintain that the real estate market in Cyprus should
continue to do a brisk business well into the coming decade. With the entry of
Cyprus into the European Union, more and more foreign nationals from EU member
states likely will become involved in the Cypriot real estate market.
There are no prohibitions on foreign nationals purchasing real estate in
Cyprus. However, and as will be discussed in greater detail shortly, a foreign
national must obtain prior permission from a Cypriot governmental agency in
advance of making the purchase of real estate in that country. Generally
speaking, this approval is relatively easy to obtain -- although the process of
obtaining the permission can be rather time consuming
Investment Property in Cyprus
One of the primary areas that foreign nationals have become involved when it
comes to real estate investment in Cyprus is in the resort and vacation property
arena. Cyprus remains a very popular destination for people on holiday. As a
result, foreign nationals have taken to buying apartments, single family
residences and hotel properties which in turn are utilized by men and women on
holiday.
Over the course of the past decade, a number of foreign nationals have
profited dearly through investments in real estate used for vacation or holiday
purposes in Cyprus. Indeed, because this type of venture has proven so
profitable for some foreign nationals, these men and women have taken to
purchasing and investing in multiple property holdings in Cyprus. Again, and has
been noted, this is particular true in the area of investment in properties that
are intended to be used for vacation or holiday purposes.
Residential Real Estate in Cyprus - Single Family Properties
A significant number of foreign nationals have established second homes and
vacation residences in Cyprus over the course of the past thirty years. The
trend towards purchasing second residences and holiday homes in Cyprus continues
on to this day.
One of the more recent occurrences in regard to holiday or vacation homes in
Cyprus involves the creation of significant developments that are designed
exclusively for people who want gracious residences on Cyprus. These
developments in many instances are taking the form of gated communities for the
security conscious foreign national who wants to idle away part of the year in
Cyprus.
In addition, some foreign nationals have determined the benefit of purchasing
older residences in the country and embarking on improvement and remodeling
campaigns to bring them up to date. In some instances, these men and women are
rehabbing properties and putting them back on the market -- making nice profits
in the process.
Residential Real Estate in Cyprus - Apartments
The Cypriot apartment market is bustling in the 21st century. With Cyprus
movement into the EU, a significant number of foreign nationals from other EU
nations are finding themselves in the country with some degree of regularity. In
this regard, many of these business men and women have turned to spending a
significant amount of time in Cyprus each and every year. Rather than hole up in
a hotel, these men and women have taken to purchasing apartments in Cyprus.
Some of these business minded people have gone so far as to rent or lease out
their apartment properties when they are not in the country on business --
making their apartments an income generating enterprise.
In some resort communities, men and women from foreign countries have
purchased apartments for vacation and holiday purposes. There is a wide range of
different types of apartments of available for sale in resort areas in
Cyprus.
Holiday Property in Cyprus
As referenced previously, vacation real estate sales in Cyprus is brisk
business in the 21st century. One area in which foreign nationals have been
active in the market is the purchase and ownership of single family, free
standing residences on the island. These types of residences generally do come
with some fairly hefty price tags.
In addition to larger residences that are being purchased with regularity by
foreign nationals, many foreign nationals have taken to purchasing holiday
apartments in the country. In some instances, these foreign nationals have
turned these types of property into something of a lucrative investment. For
example, when they are not in residence in Cyprus, these men and woman are
turning around and leasing out these holiday residences to other individuals --
including many foreign nationals -- who then use these residences for their own
holiday purposes
Specific steps to buying real estate property in Cyprus
The initial step that a foreign national must take before he or she can
purchase real estate in Cyprus is obtaining approval from the government.
Specifically, a foreign national must require permission to purchase real estate
in the country from the Council of Ministers. A would-be purchaser of real
estate in Cyprus needs to keep in mind that the process of obtaining approval
from the Council of Ministers can take from between eight to fourteen months. A
would-be purchaser also needs to appreciate that if he or she makes the purchase
of real estate without the prior approval of the Council of Ministers, a title
deed will not be able to issue transferring ownership of the real estate to the
foreign national.
While the process of obtaining permission from the Council of Ministers is
not a matter of overnight approval, the process itself is not difficult. The
Council has taken steps to make the process as easy as possible for a foreign
national seeking to purchase real estate in Cyprus. Time consuming in some ways,
the application and approval process is not difficult to maneuver through.
Once approval is obtained from the Council of Ministers, the next step in
buying real estate in the country -- once a piece of real estate has been
identified for purchase -- is signing of the preliminary contract. At the time
this agreement is executed, a holding deposit is posted with either a lawyer or
a notary.
When the holding deposit is paid, a companion reservation deposit agreement
also is executed. In point of fact, it is the deposit and this secondary
agreement. The property is then taking off the market and remains in that
position for the time spelled out in these agreements. Provided that the terms
of the preliminary agreement are satisfied, the property will not return to the
marketplace.
The deposit that is lodged in Cyprus normally is as low as 1%. The parties
can negotiate a particular deposit amount -- but, in most instances, the
standard deposit is in the amount of 1% of the overall purchase price of the
real estate that is being sold. The remaining balance due and owing on the
overall purchase price will then be due and owing at the time of the execution
of the final contract, which will be discussed shortly.
During the period of time that follows the execution of the initial,
preliminary agreement, the lawyer who has been appointed to oversee the
transaction will investigate the status of the title the real estate through the
District Land Registry Office.
Following this period of investigation into the status of the title, and
provided that the buyer has obtained appropriate financing, the parties move
onward to the execution of a final contract. It is at this juncture that the
closing of the real estate transaction in Cyprus becomes rather complex when
contrasted with what occurs in many other countries around the world.
When the final contract is signed by the parties, the contract itself is
filed with the Land Registry Office to prevent the same piece of real estate
from being sold a second time. An application is then made to the Central Bank
of Cyprus to approve the transfer of funds for the purchase of the real estate.
(This approval is not necessary if both the seller and buyer happen to be
foreign nationals. However, it is required if at least one party to the
transaction is a Cypriot.)
The title will be transferred to the buyer at this juncture and the buyer
will be entitled to possession the real estate. It is important to note that if
the real estate is newly developed, the title itself will not issue for upwards
to three years after the signing of the final contract. With that said, the
buyer is protected because of the filing of the final contract with the District
Land Registry Office.
There will be some different taxes due and owing -- and paid by the purchaser
-- after the signing of the final contract. However, these taxes are not
particularly costly or significant.
Property Abroad always recommends using a Solicitor or Lawyer
target=_top>http://www.property-abroad.com/cyprus Visit Property Abroads
website for further details on property for sale, guides and general information
on the Cypriot Property market supplied by the author Les
Calvert.
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