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Cyprus Property Sales

Jan 10, 2008
Cyprus is an independent and sovereign republic with the elected president (5 year election cycle) as head of state. The legislation power lies with the elected House of Representatives and appointed council of ministers. The legal system is based on the British/European system with independent power exercised by judiciary. Cyprus is a member of the UN, the British Commonwealth, the non-aligned movement, World Bank and IMF, and shortly to be a full member.

The annual immovable property tax imposed by the government is approximately CY60-120 per year. The municipal authorities also levy an annual property tax of CY20-30 per year and other authorities may also require CY20-40 sewage tax. Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property.They cover an owner's share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs. The estimated total is in the region of CY150 to CY300 per year.

Permission to purchase a property must be obtained from the Council of Ministers by written application. This must be submitted by the non-Cypriot purchaser after the agreement has been signed. However, the permission is granted more or less as a matter of course to all bona fide buyers. In the meantime purchasers may take possession of their property without restriction.

Solar heating is an economic alternative and its adoption is relatively inexpensive, having a payback period of approximately 5 years.If you will have a garden, it is advisable to drill a borehole for watering as the water charges rise more than proportionately with consumption. This will cost around C1,200 for the borehole and the pump, although it will depend on the depth of the borehole. The drilling of a borehole requires a Government permit first.

The most important pending legislation which affects the property market is the following: the Estate Agents' Bill. This proposed legislation regulates the estate agents' conduct and imposes penalties for misrepresentation etc. The agents must be registered with the Government and take out an indemnity insurance; the Developer's Bill. This, most important piece of legislation, regulates development and it proposes to have the Lands' Office to act as an overall controller on development projects which are for sale. Developers will have to take out an insurance in order to indemnify purchasers for wrong doings.
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