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Property Investment In Cyprus...A Guide To A Successful Purchase

Jun 7, 2008
Although Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.

So what is the special appeal of buying a house in Cyprus? Many people find it combines ease of living with a special quality of mystery and beauty - and of course a gorgeous climate. Because the island underwent some decades of British rule.

But what's involved in buying a house in Cyprus? Well, it's not especially difficult, but there is a procedure you have to go through. (This process of course applies to the Republic of Cyprus, which excludes Northern Cyprus where the legalities are quite separate.) So these are the main steps you need to take to purchase your property:

1. Should a non-resident want to purchase a property in Cyprus, then they will need to apply for special approval from the government. This process may take up to 14 months to conclude so it is very wise to get this process underway well before you seriously look at starting the purchasing process.

2. You need a solicitor and you should have no problems in finding one that speaks English. If you need any help just speak to some of the local ex pats that are always willing to give good advice based on their experiences.

3. As soon as you have got the necessary approval from the Council of Ministers and the property has been correctly identified, you may proceed to sign an initial contract and the holding deposit may be placed with a notary or your own solicitor. The amount placed as a deposit may be a little as just 1 percent of the total purchase price.

4. The next step involves the payment of a second deposit on an agreed timescale that will finally conclude that the property is officially off the market. If you keep up your side of the contract in full then property can not be put back on the market again. 5. The following step sees your lawyer making the necessary application to the District and Registry Office in order to establish that the property you wish to purchase will not give you any problems at a later date.

6. Once the property is off the market you will have time to look for a finance deal if you need to. Any drawn up mortgage will also be signed before the notary on the day you sign for the property you are going to purchase. There are several different options as to financing a property deal, but always be certain that you confirm any other option with a high street bank first.

For anyone who is selling up everything they own and looking at Cyprus as a new era in their life, then you should be prepared for having quite a lot of money left over from the Cyprus property purchase. It won't take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.

7. The final contact is drawn up and signed before the notary once your lawyer has completed the investigation work into the property and that the finance for it's purchase is in place. As soon as the signing is finalised the relative documentation is filed with the Land Registry Office.

8. If one of the parties is a Cypriot, an application then has to be made to the Central Bank of Cyprus to approve the transfer of funds for the purchase of the property. If both parties are foreign nationals, this is not necessary.

9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don't worry as you are registered as the owner at the District Land Registry.

10. Relax and enjoy your holiday or retirement home. You can get by with speaking English, but if you can manage to learn some modern Greek you will find your experienced greatly enriched.
About the Author
Find Out About this Content Packed Cyprus Villa Rental on-line magazine written by the illustrious Tim Martins and check out this Cyprus Travel Tips Blog
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