Investing in property

With so much to offer people of all nationalities and cultures, it is little surprise that Cyprus has become so sought after as a place to retire, or where people want to own a second home. The attraction of healthy living, clean air, safety for young families and the most wonderful weather on the planet is what makes many families choose to move to Cyprus to live and work.

Cyprus offers value for money in the property market, whether you want to purchase a holiday home or apartment or a permanent residence for retirement, or for whatever reason you may have. The booming property market has lead to healthy competition amongst estate agents, and today the estate agents on Cyprus have the reputation for going far beyond that extra mile. They pride themselves on making your move to the island smooth and complication free. You can purchase a fully functional property or you can purchase what is called 'off-plan' properties. Your chosen estate agent will take you through the whole process of buying land, then finding you a suitable construction company who will them build your dream house for you to your exact specifications. You have total involvement in each stage of the building; the estate agent works with you from point to point and liaises with the construction company for you.

You will have access to many reputable construction companies in all the main cities in Cyprus. Many of these companies have their own fields of expertise and they work with other construction companies to provide excellent services at reasonable and competitive prices. These companies liaise with well-known architects to build your dream house and they build to the highest specifications. These companies have the reputation for really caring about their clients and providing your absolute needs

Once you have purchased your home, or have had your dream house constructed, you can retain the services of reputable moving companies in northern as well as southern Cyprus that specialise in overseas shipping of all your household items. Most moving companies offer extra services to their clients that make the move so much easier, such as handyman services that helps you with the move, and will install furniture as needed in the house and any other handyman services that may be required. The moving companies also provide storage facilities.

There are specific steps in the process of buying real estate in Cyprus and all foreign nationals have to go through this process.

Retain the services of a reputable lawyer or solicitor
Get permission to purchase property from the Council of Ministers. If you fail to do this, you will not be able to obtain a deed of transfer of ownership to a foreign national.
Keep in mind that approval from the Council of Ministers takes between eight to fourteen months
Once approval has been obtained there is the signing of a preliminary contract.
Posting of a holding deposit with a lawyer or a notary in the value of 1% of the total value of the property to be purchased.
Once the holding deposit has been paid, a companion reservation deposit agreement will be executed and the property is taken off the market.
Investigation of the status of the title of the real estate at the District Land Registry Office by the appointed lawyer.
If all documents and finances are in order, the execution of the final contract begins.
Upon signature of the final contract by both parties, the contract is filed with the Land Registry Office.
If sale is between a Cypriot and a foreign national, an application is made to the Central Bank of Cyprus for approval of transfer of funds for the purchase of real estate.
Title is transferred to the buyer and buyer is entitled to possession of the real estate. In the case of a newly developed property, the title itself can take up to three years after signing to be issued, but this is simply legalities; the new owner of the property is protected because of the filing of the final contract at the District Land Registry Office.
Taxes outstanding and due must be paid by the purchaser of the property once the final contract has been signed.

All of this is Cyprus; great climate, beautiful beaches, delicious food and a treasure trove of ancient places to discover. The people are as warm and hospitable as the climate and welcome visitors to share their island and everything it offers so freely.