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Tips For Buying Property In Cyprus

Sep 7, 2007
It seems that Cyprus is the place to go when it comes to overseas investment or retiring. Although the prices of property in the Cyprus market are increasing on a regular basis, the demand for property in this ancient land rich in history and culture seem insatiable. Europeans especially seem attracted to this island.

If you decide to purchase property in Cyprus, you'll do well to learn a few things before you do.

People who wish to purchase property as an investment may find Cyprus to meet their needs. Depending on what your requirement, is you could invest in property that you could live in, that you could lease out, or that you could rent for a vacation home. What you plan to do with the property will strongly influence what type of property you should buy.

It should go without saying that you should have really done your research and due-diligence. Unless you are from Cyprus, you will likely have a good deal to learn before you make an investment. It would be very wise to find a real estate agent with expertise in investment properties in the area. Of course, you should choose an agent that you can trust, or else their expertise will do you no good.

Language shouldn't be considered a barrier when you decide to buy property in Cyprus. This is because English is a second language in Cyprus, and most property agents and solicitors are adept at speaking English. With the island having being under the British influence for a long time, the legal system in the region is closely similar to that of the United Kingdom.

It should be noted, however, that there two things one must be aware of when buying property in Cyprus. One, a person may only own a single property in the entirety of the island; and two, buying a new property may take you more than five years before the title deed is completely transferred to your name. This is because the deed is only given to the rightful owner only when the project has been finished.

Just, to summarize, there are three things you should do before you start to purchase a property in Cyprus. First, decide what type of property you want to purchase. Second, do your research. Third, find a real estate agent who you can trust to guide you through the process. If you do these three things, you will be well on your way to making a good buying decision.
About the Author
Find Northern Cyprus properties at http://www.sweetwaterbay.co.uk/
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