Reprinted Articles

The Cyprus Property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. The climate (340 days of sunshine a year), along with easy access to the UK, Europe and other destinations is also a significant plus factor when considering the purchase of property to buy in Cyprus.

If you are purchasing a property on a new development, it will have been set by the developers/management company. Regardless of agent’s commissions, you should still pay the same price whoever you purchase through whether you go direct or through a third party. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent’s fees agreed before the property is marketed.

It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)

It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)

In these circumstances, promises and the willingness of locals to help may meet the Authority’s objections. A more serious consideration however is section 4A of the Streets’ and Buildings’ Regulations. This amendment of the Law states that, in certain cases, no building permit will be granted to plots of land which are the result of field subdivision. Therefore, the derivation of the site’s title must be examined and verified by the District Lands’ Office.

Last 5 posts by William Marind

• Searching For Cyprus Property - January 25th, 2008
• Property Law Issues - January 25th, 2008
• Property Resseling Secrets - January 25th, 2008
• Cyprus Property Advertising - January 24th, 2008
• Cyprus Property Rental Secrets - January 24th, 2008