Home World news Requirements for choosing real estate in Cyprus and useful recommendations

Requirements for choosing real estate in Cyprus and useful recommendations

by buma888

The island of Cyprus is a very attractive place for foreigners. Its southern part, at least. Real estate in the Republic of Cyprus is being purchased more and more actively, and prices are constantly rising. You need to buy now! And in order not to make a mistake with your choice, it is better to contact MySpace real estate agency. They will help there.

Basic requirements

A foreigner who is not a citizen of the European Union cannot buy more than 2 real estate properties. These could be two apartments or, say, an apartment and a country house. There is also a limitation on the maximum area: no more than 4014 square meters. The purchase requires permission from the Council of Ministers, but it is easy to obtain. Taxes are added to the value of real estate, but for the first property they are reduced (VAT, for example, is 5% of the value of real estate). To pay for your purchase you will need an account in Cyprus.

Conducting a transaction on your own is possible, but not recommended: there are many pitfalls. It is better to contact a lawyer or real estate agency. They will also help you open an account in Cyprus, because due to sanctions the procedure has become more complicated.

How to choose a property

Properties for sale in Cyprus is a broad category. Before you begin the selection, you need to answer a few questions.
What’s the budget? How much are you willing to pay for real estate? Include taxes, title fees, attorney fees, and other similar expenses.

What is the goal? Is the property purchased for investment or residence? Perhaps to obtain a residence permit? Are you going to rent it out?

What are the requirements? Without what will real estate in Cyprus lose its meaning? Perhaps your dream is an apartment in the city center. Or a villa on the seashore, where the waves gently hit the sand… Your own plot where you can do landscape design? Decide what interests you personally.

Once you answer these questions, start your search. They will help you decide on the location, type of property, and basic requirements. It is better to buy on the primary market: real estate on the secondary market will have to be checked more carefully for legal purity.

Inspect properties in person. Spare no expense, fly to Cyprus and explore the most promising options. Virtual tours and selection through an agency exist, but only with a personal inspection will you be able to understand how suitable an apartment or house is for you. Make a list in advance, agree with the realtor and owners and pack your bags.

Have you made your choice? Book the property by paying a deposit for it. In exchange, the seller will remove the property from auction and fix its value. Afterwards it is fashionable to carry out additional checks and the transaction itself.

Leave a Comment

@ California Invest, 2017-2022. All Rights Reserved.