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Cyprus Property FAQ's
Development or Single
Property - is there a difference?
Yes
- A development is the term referring to a group of properties under
construction. This may include several different types of building
(Detached Villa, Semi-Detached Villa, Apartment or Townhouse etc) within
the same project. A single property can be any of the above types,
but the building isn't linked to a large development and can either
be new or resale.
Am I restricted as to who I can later sell
my property to?
No - Both Cypriot and non-Cypriots who wish to
sell their property are free to sell either to a Cypriot or non-Cypriot
buyer.
Does Cyprus have any English Language TV ?
Yes - Approximately
50% of all TV scheduling is either British or American, and all
foreign movies are broadcast in their original language. Satellite
dishes are widely available providing access to a larger range of
international TV channels. There are also radio broadcasts in English
and a British Force's radio channel which broadcasts around the
clock. If you want to read your news in English, there are several
local newspapers printed in English and a wide selection of international
papers available.
Can I buy Leasehold Property?
No - The idea
of leasehold property in Cyprus is virtually unheard of.
Is an
established property better value than a new development property?
This
will be down to individual requirements as there are benefits to
be seen in both. The established/older homes are usually to be found
in the more cultural areas of Cyprus, and can often be cheaper.
But, with any older building, maintenance is a priority and the
property owner should come prepared for some light repairs and ongoing
maintenance. On the other hand, new build property for the first
few years is virtually maintenance free. The homes are also built
to the latest specifications and designs and are more energy efficient,
giving the property owner a maintenance free, cost effective purchase.
Do
I need to open a bank account in Cyprus before I purchase my property?
No
- But if after buying your property you plan to live in Cyprus permanently,
then opening a bank account is advisable. It is a simple procedure,
much the same as the UK, and you will quicken the task by producing
your passport, sales contract and one other form of identification.
Having an account on the island will assist you in making payments
incurred by your property purchase, and you may also need it to
keep small reserves to pay for essentials like utility services
and food.
Should I purchase or Rent?
Renting has one
significant
advantage in that responsibility for the maintenance and upkeep
of the property falls on the landlords shoulders. You may actually
find the landlord takes this to the extreme and requests that you
seek permission before you even do any internal decoration to the
property. The main disadvantage to renting is the apparent drain
on finances, where the weekly rent paid would otherwise be better
invested in a property of your own.
Buying a property in Cyprus
can be a shrewd investment move. With prices for property in the
UK reaching new heights, and property prices in Cyprus being cheaper,
selling a home in the UK and purchasing in Cyprus will often leave
a buyer with a healthy sum to spare. For those not wishing to live
permanently in Cyprus, owning a property gives rise to many rental
opportunities, while their investment in the bricks and mortar matures
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