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Cyprus Property Glossary
If you're thinking of
buying a property in
Cyprus as an investment or family home, it's worth becoming aware
of the Terms and phrases you might encounter along the way.
Capital
Gains - The short or long term profits from the sale of assets.
Buying
Off Plan - Buying a property before its completion, usually while
still on the drawing board.
Property Management Service - A company
offering various services for your property in your absence. These
can include: Letting and renting your property, maintenance inspections,
pool maintenance, key holder services, arrival/departure cleaning
services, garden maintenance, pre-arrival grocery packs etc
Vendor
- The property developer, land owner or property owner that is the
seller of the commodity that you wish to buy
Building Land -
Building land is easily identifiable by the title deeds, and the
fact there will be utility services available to it. There is another
type of land not designated as building land. Buying this is a very
speculative venture, as you can often be denied planning permission
or have to wait years for basic utility services to reach the plot.
Building
Permit - A permit granting permission to construct on the land.
This is usually obtained by the Architect before the building gets
underway.
Completion - Term used when the building phase is over
and the property is complete. For a self build project the Architect
will seek a ' certificate of final approval' from the local planning
department.
Real Estate - Land and anything permanently affixed
to the land, such as buildings, fences and the things attached to
the buildings.
Property Acquisition - The act of contracting
or acquiring possession of a property.
Title Deeds - These are
the documents which show who owns a property and also contain details
of any other legal matters affecting the property, such as restrictions
on the use of the property and rights of way.
Property Investor
- A person whose main concern in making their property choice is
to maximise gains while minimising the risk.
Property Speculator
- In contrast to the investor, the speculator is prepared to accept
greater risk in the hope of making better than average profits.
Immovable
Property Tax - Taxes due each year by various municipal bodies based
on an assessed value of the property. Property up to the value of
CYP 35,000 is exempted, so too is agricultural land where the owner
is a farmer.
Stamp Duty - The tax levied by the government on
purchases of property. Cyprus stamp duty is charged at a rate of
1.5 per thousand of the value up to CYP 100,00. Thereafter the rate
becomes 2.0 per thousand.
Apartment - A complete and seperate
living unit in a building containing other units. This unit can
be found in apartment hotels and apartment blocks.
Villa - A
property usually located in a resort area
Town house - A property
that usually has two or more floors and shares at least one common
wall with neighbouring properties.
Studio Flat - A flat with
one single habitable room, a bathroom and maybe a seperate kitchen.
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