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Vangelis Apartments Cyprus Secrets

Feb 5, 2008
Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. There are, of course, cases where the purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.

Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.

The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.

The transfer of the title can be effective once the Council of Ministers' permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

Transactions and payments are simply made through your foreign deposit account. The Cyprus currency system is based on the decimal system. One Cyprus Pound is divided into 100 cents. Coins range in value from one cent to 50 cents and four bank notes are in circulation: 1, 5, 10 and 20.
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