Africanos Property Developers - Leading Realtors in providing Cyprus Estates Services in Larnaca, Cyprus

Legal issues when buying property in Cyprus

Buying Property in Cyprus

Buying Process– The purchasing process is fairly simple. Once you have decided on the property you wish to purchase, we then work out a payment plan suitable for you and visit an independent solicitor of your choice. The Cyprus legal system is based on the British legal system, which makes the whole procedure rather straightforward. Initially, however, you need to look at various factors. These are:

Property Prices – Since Cyprus’ emission to the European community, the value of property has increased substantially. Property prices continue to increase on a 5% - 10% rate per annum.

Payment Plans and Mortgages – Please contact us for further information on this one. You will find that Africanos Property Developers has a special payment plan that has been especially drawn out to your advantage!

Permission to buy Real Estate/Property

Permission to buy property must be sought from the Council of Ministers by written application, which must be submitted by the non-Cypriot purchaser after the agreement is signed. However, this permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of the property without restriction.

The application to to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable time after signing the contract of sale.

Owning a real estate property of your dream can be achieved by a suitable mortgage loan. Taking a mortgage loan is an important financial decision in your life and you should make proper plan and acquire basic knowledge on the different terminology and processes involved. This will save both time and money for you.

Buying for Investment

Buy-to-Rent FAQ’s – Different benefits apply for short and long term rental. Renting on a short term basis allows to charge at a much higher rate, and on a daily basis. As short term rental, is mostly seasonal, it allows for the property to be available for holiday use by the actual owner. Furthermore, renting long term allows for a stable income on a monthly basis and these funds can be also used to pay off a possible mortgage. Renting a property to one tenant on a long term basis also implies less wear and tear expenses (i.e. breaking and cleaning the property) which are also more beneficial. For investment purposes, renting out a property, whether it is short or long term, will earn you an average return of 5-7% per annum from rentals combined with a 7-10% capital appreciation per annum. That results in a total return of 12-17% per annum on your investment. Africanos Property Developers does not undertake rentals but we are well established in the property market and we can point you in the direction of many reputable agencies that deals with rentals.

Buy-for-Investment – Purchasing a property off plan usually generates about a 15% -20% increase on the value of the property by the time it has been completed and delivered over to you. We base this ratio on examining the increase in the value of properties that we have sold off plan and comparing the value of these same properties to their market value when they have been completed. This is based on an 18+ month period.

After Sales Services – Apart from being at your disposal should you require any further information regarding your newly acquired property or residing in Cyprus, we also provide services regarding furnishing a property. We are well connected with different companies who deal with fixtures and fittings of all kinds (i.e. furniture, curtains, home ware, accessories, white goods etc).

NOTE: The above information should be only used as a guideline and is likely to differ for each individual case. For more in-depth information, or for specific questions, please contact us via email directors@africanosproperties.com, or Telephone (00357) 24828161, or Fax (00357) 24828110.

"An online Real Estates property directory for Cyprus Estates Services. Africanos property developer is a leading Cyprus Real Estates Agent offering a wide range of Cyprus Estates Services including space management, property purchase, investment properties, villas for sale or rent, estates and property management services etc. We also provide after sales estate service. Our priority is to provide best estate services to our client."