|
|
Cyprus Property Comparisons
Buying Property In Cyprus
Compared to many countries, the procedure
of buying property in Cyprus by foreign investors is a relatively
simple and straight forward one.
Overseas buyers are permitted
to buy for their personal use any of the following:
An Apartment
or a House (a second house has also been permissible since 2003)
A house on a building site not exceeding 3 donums (approx 4013
sq. m) or
A plot of land not exceeding 3 donums for the purpose
of erecting a Villa within a reasonable amount of time
A building
covered area up to the maximum allowable by the applicable town planning
zone building ratio, and this varies from site to site.
European
Property Comparisons
The result of recent surveys highlight that
the Cyprus property market can still claim to be over 50% cheaper
than comparable properties purchased in either Spain or Portugal.
Consequently, interest in investing in Cyprus property has spiraled,
and the demand for property on the island has risen an astonishing
100% every year since 2000.
Foreign Investors have predominantly
headed for the more popular beach areas like Limassol, Protaras, Coral Bay and
Paralimni, but recently interest has expanded beyond the main tourist spots,
and property inland has seen a steady 10% increase in foreign speculators
looking to invest in Golf Property and villages closer to the Troodos Mountains.
Real Estate
At present, returns on Real Estate in general show a level of approx.
5% - 8% p.a, but considering the steady capital appreciation (for
prudent investments) of 5% - 10% p.a, it creates a total return
of approximately 10% - 18% p.a for income based property investments.
For the overseas investor/ property buyer there are a few simple
formalities to overcome when buying a property in Cyprus, the main one being
granted a permit to own a property on the island.
Permission
With this, the buyer must seek permission to buy immovable property from
the Council of Ministers, this is sought by submitting a written
application to the Council. It is only necessary for the overseas
buyer to begin this process after the agreement to purchase
the Villa has been signed.
However, this permission is granted
more or less as a matter of course, and in the meantime the property
buyer can usually take full possession of their new property without
restriction.
The application to the Council of Ministers is normally
submitted by the purchasers appointed legal representative, and
can be made within a reasonable time frame after the signing of
the contract of sale for the house.
|
|
Add Your Property
Advertise your property on the
Cyprus Investor site. Whether you have a
property for sale or Holiday Villa to rent,
you can now get included in our property
portfolio and benefit
from worldwide exposure to your target
audience.
Learn More
Property Services
Property Management, Design
and Build, Project
Management, Property Letting, Key Holder
Service, Property Maintenance, Garden
Services, Swimming Pool Maintenance.
Learn More
*
Land For Sale
*
Car Hire
*
Flights & Hotels
* Insurance
*
About Us
Website Design
Own a Holiday Villa and need your own website? We can design a
personal site to showcase your property.
Learn More
Cyprus Property For Sale
Choose from a selection of Villas, Apartments, Bungalows, Townhouses, Golf Property, Off-Plan and Investment Properties in Larnaca, Paphos, Limassol, Ayia Napa, Protaras and Paralimni
View Property
|