Investments in foreign real estate are a profitable investment and a real chance for dual citizenship. Today, Cyprus real estate is especially popular. “Properties for sale in Cyprus” is a common Internet request from people with average and high incomes. But you need to select the object carefully.
What you need to know
In Cyprus you can buy apartments (not quite an apartment, but close) or houses (townhouses, villas, bungalows – the choice is huge). Almost any property is available to foreigners. The price depends not only on the size of the housing, its type and complexity of the layout, but also on the location. You will have to take into account the coastline – how close the selected object is to the sea. Houses and apartments on the first line are the most expensive.
To purchase real estate you will need a local lawyer, tax consultant and agent. All specialists must have licenses to operate. Buying on your own is very risky; there is a high chance of running into illiquid housing. In addition, legal complications and registration problems may arise.
Before purchasing, you need a legal and tax check of your home. The lawyer must study all the documents and determine whether they correspond to reality.
To legalize the transaction, you need to pay stamp duty and VAT. You will also have to pay for utility services immediately. The property must be registered with the Land Commission. At the same time, permission from the Council of Ministers is required.
Decide on the purpose of your purchase in advance. Different real estate is suitable for investment and living. It is easier to rent out small properties: apartments, bungalows, maisonettes. A villa and a penthouse are a choice for your own residence; it is difficult to rent or sell them.
Look at the location more carefully. Houses on the first line not only have a beautiful view, they also have high humidity and a tendency to mold. A sunny place will be hot in summer, but it will provide energy to a solar power plant. Compare the pros and cons.
Consider the vector of development. It is clear that they prefer quiet areas, while others prefer the bright lights of cities. It is not so obvious that one is easily replaced by the other. Before deciding to purchase, study the existing trends: perhaps the vector of development of the settlement will not suit you.
Check the specialists carefully. First, make sure that they are honest and have licenses, then sign the contract. An unreliable partner will lead to financial losses, which can be fatal for people of average income. Verified partner – MySpace real estate agency.