Paphos Property

Tips for Buying Property in North Cyprus

Before arriving in Northern Cyprus, make sure you have access to sufficient funds to cover the reservation deposit on a property.  The minimum deposit required in Northern Cyprus is normally £1,000 which can be paid by cash, credit card or bank transfer. Nearly all reservation deposits to Vendors are non-refundable so it’s important to be sure of your financing before reserving a TRNC property.

With many top quality developments now being completed, there has never been a better range of property for sale in North Cyprus, or a better time to invest.

Whether you are looking for a holiday home, property investment or indeed a permanent residence in Northern Cyprus (TRNC), it is important to get to know the area first and decide whether it is right for you.

Armed with your short list of areas, spend the first two days simply driving around and getting the feel of the places you are interested in. Drop into the local café for coffee, and chat to the locals. See for yourself which developments are actually busy with residents or workmen, and those that are standing empty or half-finished.

You need to take the time to compare different homes, as well as different realtors in North Cyprus, before you even think about buying a home there. By taking the time to inform yourself and shop around, you’re making an informed consumer out of yourself, which is always appreciated by the industry. No matter where you currently reside, buying real estate in Cyprus is a completely different process, and needs to be treated as such.

Buying any property is a major financial commitment, so don’t be pressured into signing any agreement. Always employ your own, independent solicitor to advise you and act on your behalf, never one suggested by a property developer.

How Simple Is Buying Cyprus Property?

Except for the language barrier, buying property in Cyprus can be a rather uncomplicated process – the entire process is backed by clear rules and regulations. If you are planning on buying property in North Cyprus and are not fluent in the language it is best to hire the services of a bilingual lawyer to help you out with the property transaction. These lawyers do not represent either the seller or the agent, but look solely after your interests throughout the property buying process.

Your lawyer will check all the property papers thoroughly and will provide you with legal documents guaranteeing that the property you are buying is free from any encumbrances, liens, charges or debt. Make sure you also receive papers ensuring that all community charges and local taxes are paid to date. Find out what the lawyers fees are before you hire one to represent you. The fees typically range from L1000 – L1250.

Keep in mind that if you see a property that you wish to buy in North Cyprus you would need to put down a deposit if you wanted to reserve the property for you. The amount of a reservation deposit is usually a percentage of the value of the property, subject to a minimum of L1,000. This amount can be paid by bank transfer or credit card. If you intend paying by cash be sure to carry that amount with you. Most sellers will not refund your reservation deposit, so you need to be absolutely sure of the property before you put any money down to reserve a property.

The sale price is usually fixed at the same time that the reservation deposit is paid. The property is then taken off the market and the process of drawing up contracts and all other legal procedures is put into action.

According to the present laws of the Turkish Republic of Northern Cyprus (TRNC), non-TRNC citizens are entitled to purchase only one property per household, where husband and wife are considered to be one household. This property can have a maximum area of 0.33 acres. You are required to obtain permission from the TRNC Council of Ministers prior to getting the title deeds to the property registered in your name. If you wish to purchase more than one property in one name; or one property that is larger than 0.33 acres your lawyer or estate agent can give you advice as to setting up a TRNC Company that can hold the title to the property on your behalf.

by Jorge Lascar

Useful Points To Be Kept In Mind Before Buying Properties In Cyprus

Everyone is well aware of Cyprus. Cyprus is the third largest Mediterranean island and one of the most popular tourist destinations worldwide. Cyprus is blessed with a warm climate, stunning beaches, beautiful countryside and a calm lifestyle. Its proximity to the European mainland also makes Cyprus well connected and easily accessible. Investing in real estate or buying Cyprus property offers a high standard of living at low cost. Cyprus has always been one of the safest places to invest, due to the growth of the local economy and the huge investment being made in the infrastructure, such as marinas, motorways and new golf courses all over the island. From the point of view of a home owner Cyprus has everything including the weather; an enviable average of 340 days of sunshine a year, ideal locations for outdoor activities such as trekking, golf, sailing and diving, beautiful golden sandy beaches and ancient monuments, castles, walled cities, abbeys, and Roman ruins steeped in history. There are lots of fantastic villas available for sale in Cyprus that really are affordable and not just dream properties. The Cyprus property market is already showing signs of recovery as there are huge benefits available for tax payers and interest is on the increase. In addition, the cost of living here is relatively cheap and property price growth of 20% per annum in popular locations makes it a sound investment.

Before buying or investing one’s hard earned money in property, it is also vital to check out the legal formalities or procedures entailed in such an undertaking. Fortunately Cyprus manages to deliver on this point as the legal procedure for buying any property is extremely simple, full of clarity, easy to understand, has no ambiguity and is much cheaper than you might think.

The various legal steps necessary for investing in the Cyprus property market can be summarized in the following points:

A Non refundable reservation fee of approx €3,000 is submitted to the developer to reserve your property and fix the price.
Contract of Sale is then completed and signed; with 30% initial stage payment to be made through the lawyer.
Stamp duty as applicable is to be paid.
The contract duly signed and stamped must then be deposited at the Land Registry. This ensures that the developer performs as per the contract and prevents your property being resold to anyone.
As a foreigner, application to the Council of Ministers to purchase the property is necessary. This is a formality and performed by your lawyer.
Throughout the build stage payments are made as stipulated in the contract
On completion of the property, the outstanding balance is to be paid.
Payment of Property Transfer Fees is necessary once the Title Deeds are issued.

Limited legal formalities, ease of execution and efficient working of the administrative system makes Cyprus investment property an ideal option. Normal problems related to the complex and lengthy procedures of buying real estate are avoided. Due to the increasing value of property, the growth in the local market and infrastructure, and the potential returns on your investment, makes buying property in Cyprus a favoured choice.

More Paphos Property Articles

Property in Cyprus. Things to Consider While Buying a Property in Cyprus

If you decided to purchase property in Cyprus, you’ll do well to learn a few things before you do so.

Buying a property in Cyprus can be an easy and stressful procedure as long as you have a clear mind why you wish to buy a property Cyprus. Is it to use it as a permanent home, a holiday place or for investment purposes? Is it perhaps a combination of all three? If yes then have in mind that you might need to compromise a bit with your requirements in order to satisfy all your needs.

A property in Cyprus can offer a wide range of advantages in relation with weather, cost and standards of life, safety etc. Am amazing location is also what you get by buying a property in Cyprus as many Cyprus properties offer breathtaking sea and mountain views. Due to the privileged location of Cyprus it is very easy to get direct flights to and from almost any place in the world.

As in the majority of other European countries, property in Cyprus is considered to be a very safe investment. Property in Cyprus would make a great investment if you like investing in something secure. The property for sale in Cyprus today will very well pay for itself in the future. The Strategic Plan for Tourism 2010 is upgrading facilities and resorts in line with 21st century tourism trends. This is set to boost the already thriving tourism industry on the island.

If your intention is to buy a property in Cyprus strictly for investment purposes the “Buy to Let” and “Buy to Sell” concepts can be ideal for you. A down payment of around 30% is enough to make you the legal owner of a property in Cyprus that is due to complete in a year, giving you all the chances to resell it before completion and make an in between profit that usually ranges from 20-25%. You can also choose to keep your property in Cyprus with the intention of letting it out having a rental income equal to your mortgage dosage. You will find that there are many management companies that will treat your property in Cyprus as if it is their one. In conclusion, no matter what the actual purposes for buying a property in Cyprus, there are all the reasons to do so.

Cyprus Paphos Property Buying in the Top Location

Cyprus property is a great investment and buying in a top location such as Paphos makes it an even better proposition still. The old adage “location, location, location applies to property wherever you buy and Paphos is a prime location for Cyprus property of all kinds. The town itself is steeped in a rich cultural history and there are archeological sites in the area dating back to before the roman empire. Everything from tombs and ancient mosaic floors to a genuine medieval fort right on the harbor front. The pretty harbor is lined with intimate cafe’ bars and superb restaurants where you can dine whilst looking out over the clear blue Mediterranean Ocean.

The town is actually two distinct towns or areas. Paphos town and Kato Paphos or upper and lower paphos as they are known. The old town being the upper whilst the newer resort area is known as Kato Paphos. There are lots of shops, plenty of supermarkets and the capital city of Nicosia with all the major stores is only a short drive away. A few kilometers along the coast is the beautiful resort of Coral Bay with it’s long sandy beach and lively strip. There is major development going on all over the area and property prices are already amongst the highest in Cyprus. The good news for the would be Cyprus property investor is that prices look set to increase for some time to come.

The resort of Paphos has over the last few years gained an “all year” status and most of the business now remaim open throughout the winter whilst the rest of Cyprus hibernates from around October to March. This is great news again for Paphos property owners who are now able to tap into a year round property rental market. Paphos is also the top location for many other good reasons not least it’s proximity to the Islands major airport and coastal motorway network. The rest of this beautiful Island is easily accessible and airport transfer times are negligible.

If you are still not convinced that Paphos is the best location for Cyprus property wait up because there is an ace in the pack. Cyprus golf property! Wherever you have golf you have a demand for holiday property and Paphos is the golfing center of Cyprus with the best facilities on the Island just outside the town. With the potent mixture of golf, sun and sea it is little wonder that property prices in the area continue to rise faster than anywhere else in Cyprus.

So there will never be a better time to invest in property in Cyprus especially in the Paphos area. If you are seriously considering buying an apartment or villa in Cyprus you would do well to make the move sooner rather than later. You probably need no reminder of what has happened in Spain where many would be property owners hesitated and lost out. Remember they do say that “he who hesitates is lost” and the current Cyprus property boom could make you a winner or a loser in the real estate race so now is the time to act.

Paphos by Kaimar Consulting Property for sale in Cyprus