Cyprus has been a popular holiday destination for its pleasant weather, crystal clear beaches, natural beauty, water sports and golf. In recent years Cyprus property sales has grown at an amazing rate. While the demands for new constructions are overwhelming, properties around sea or with sea views tops the wish list of foreign buyers. There are luxury villas, apartments and properties that may be purchased for living or letting to tourist. A vibrant tourist inflow offers lucrative investment opportunity in rental property. Here are few tips to guide Cyprus property buyers: Locating Property: It is desirable to search for the appropriate location, price range and amenities offered. Online searching and visit to the selected location is recommended to streamline the process. Once a locality or preferred area has been selected a local real estate agent may be hired to show Cyprus property sales that may not be listed online. It is preferable to buy property with title deed. However, under qualified professional guidance, property from plan or without a deed can be purchased. Some may even opt for off-plan properties that are cheaper. Appointing real estate agent: It is very important to appoint a real estate agent who is registered. A registered agent follows national code of conduct and carries an insurance policy to indemnify any wrong. The purchaser of Cyprus property sales should ask the agent to produce proof of registration. Fee for reservation: When a property is selected the buyer pays a small amount of reservation fee for booking the property. At this point the seller is expected to provide necessary documents like architectural plans, title deed and other necessary documents to the buyer or its agent. If the buyer intends to avail loan then the lender initiates mortgage process that may take 3-4 weeks to complete. A lawyer may be appointed or a registered agent may be entrusted for searching in Land Registry and preparing sales contracts for Cyprus property sales. Finance: While permanent residents of Cyprus can avail up to 80% of the property value as first time buyers for main residence as loan, non-permanent residents and those who wish to buy holiday homes at Cyprus is eligible for loan up to 60% of property value. For commercial properties loan amount is 50% of the price. Banks usually charge 0.5% of loan value as fee to arrange mortgage of Cyprus property sales. Repayment period may vary from 10-30 years. Contract for sale: Sale contract is usually in English and a deposit of 20-30% of the agreed purchase price is made before both parties sign it. A completion date is mentioned in the contract, beyond which the purchase is canceled and deposit forfeited. Stamp duty of the contract is paid by the purchaser. The contract of Cyprus property sales is deposited to Land Registry Department. Transfer of Title: Seller must settle all property taxes and obtain certificates of concerned authorities, failing which the transfer cannot take place. Buyer must ensure that the mortgage is in place and transfer fee for the property is paid. Seller pays the commission of agents. Taxes: Annual property tax, sewerage and service charges need to be paid for the property. Electric bills come every two months and bill for water supply every four months.
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