What Expatriates Should Know Before Investing in Cyprus Real Estate

Cyprus is a beautiful country that offers great opportunities for visitors. With its warm weather and abundance of natural beauty, it is no surprise so many expats have chosen to reside on this island or even buy property there! Sitting at the intersection between Africa, Asia & Europe, blessed with both many sun hours annually as well as diverse landscapes, Cyprus can easily accommodate all types of people from beach lovers to mountain climbers and cultural enthusiasts seeking eclectic experiences on the island. The best beaches in Cyprus are a must-see for anyone who loves the outdoors. The golden sand, serene bays and jagged cliff edges make this country an amazing getaway from modern life with its hustle bustles of cities everywhere you look! The island has recovered significantly since the financial crisis of 2008 and the property prices have recovered too. Since 2014, there has been an increase in competition for reasonably priced properties, with more people than ever before looking at cheaper homes or investing money into developing their own real estate projects.

The importance of different locations

If your intention of owning property in Cyprus has more than just financial gain at heart, then there are certain factors worth considering before making any purchase decisions such as location preferences and nearby amenities. Proximity towards major highways/railroads, availability of public transportation systems like bus routes and taxis etc. can be important.

Whether you’re looking for the bustling city life or the serenity of an island retreat, Cyprus has a place that will suit your needs. The country is large, and each neighborhood offers its own unique atmosphere depending on what kind of experience you are looking for. From bustling metropolises with a lot of history to villages where farmers sell their products at local markets.

With the economy on an upswing and more people than ever looking for cheaper homes, it is a good time to invest in Cyprus. It might be hard work, but it will pay off when you get that dream house or apartment location. Just make sure not to lose sight of what matters most. 

Who can purchase properties in Cyprus?

Southern Cyprus is a beautiful destination for foreign nationals to purchase property without any restrictions. The only requirement is that you apply to the Council of Ministers.

Most probably your application will get approved, but the process can be long and tedious when it comes to paperwork. You will have to wait for approval from your local council of ministers before receiving title deeds or registration with the Land Registry Office.

To avoid any doubts, you might want to include a clause in your sale contract protecting your interests in case you are refused permission.

Ayia Napa – Active Nightlife

Ayia Napa is a picturesque Mediterranean resort town on the southeast coast of Cyprus. The area’s beaches and nightlife encourage visitors with plenty to offer, from bars & clubs. With its golden sand, nightlife options and beaches that are suited for those looking to rent their property out, Ayia Napa is a great destination.

Larnaca – Perfect for Families

Larnaca is a popular destination for those who want to relocate their family due to its proximity not only to the international airport but also some beautiful coastlines. There are plenty of good quality schools nearby, and affordable prices make this area attractive, especially regarding purchasing apartments or penthouses.

Nicosia- Opportunities for young professionals

Nicosia is a city that has seen some serious improvement in recent years. The capital of Cyprus is not very popular among tourists because there are no beaches close by. Still, Nicosia has got something! It is becoming increasingly popular as a place to live long-term due to its city atmosphere, attracting expats, community and business opportunities.

Caution for the paperwork-process

We all know that finding a property in Cyprus can be tricky, but once you’ve got it, the process begins! The different types of homes available range from villas and townhouses to single-family houses. Regardless of what your favorite estate is, there are precautions to take before making an offer. To start off with, let me say how important due diligence really is when looking at buying anything on this island.

The benefits of purchasing property in Cyprus are many, but there is always risk involved to a certain extent. To avoid having your purchase get caught up in postponed court hearings, it’s best to prepare ahead for any potential problems that may arise during the buying process.

When buying or selling property, the title deed is a crucial document. With two different administrations governing Cyprus since 1974 and many people forced from their homes by conflict in Northernmost regions (the so-called “Turkish invasion”). It is critical to make sure that what you are dealing with has been properly transferred through legal channels before making any decisions. 

There are many steps you can take to avoid a court action or counterclaim on your property after buying it. The first step would be getting an attorney, who will make sure there isn’t another party claiming ownership. Next, ensure that the land in question doesn’t have any disputes connected with it. Do so by allowing somebody to verify the documents’ authenticity before signing anything new related to this issue. Additionally, have full examinations conducted either through brokers or other authorities.

When you are sure that the property is legitimate, purchasing will be relatively straight forward. EU nationals are able to purchase real estate without any restrictions in place, while non-EU citizens can only buy houses or apartments for example up until one acre of land from outside Cyprus.

You can purchase a property with permission from the Council of Ministers by following these steps for an application:

-Property details

-Contract and details of the current owner

-Your current residence, income, and personal history information

When you have completed your paperwork and negotiated a sale, the process starts again! A formal contract of purchase will be drawn up. This requires two months to get deposited at the District Lands Office after that it is signed by both parties in original language.

Additional fees to include into the budget

As an expatriate, it is important to budget at least 15% above the asking price in order not only to cover all registration costs and legal fees associated with buying property, but also any additional tax obligations. This is because you will be liable for Property Tax, transfer fee stamp duty, etc.

You should also be aware of any additional fees. For example, a 10% deposit will be required before the title deed can legally be transferred into your new ownership.

Conclusion: Make sure you understand the process!

Beautiful beaches and sunny days are very appealing if you think about living on this Island. If you are considering making a living here, it is important to get all the information in advance in order to avoid any hindrances on the Cyprus is a beautiful, diverse country with an abundance in natural resources. With that being said, the location can be whatever you want it to! Whether you’re looking for family-friendly amenities or peace and quiet, Cyprus has it all waiting just outside their doors. But before you decide on purchasing a property, make sure to understand all the details involved to avoid any pitfalls on the way.