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Ways forward in Cyprus

26th August 2008 | back to article listings BACK    print this article PRINT

It is widely agreed that the advantages of investing in property in Cyprus are numerous; the large English expatriate contingent and the frequent use of English as a spoken and written language, the attractive climate and the high level of growth in recent years all add to the allure of the island.

The question for many buyers, particularly those who may be of limited means, is how best to go about it. According to property portal Corsavoo, the options are plenty.

In the first instance, it suggests that those who do not have the cash upfront can raise plenty of equity on their own home in most cases. This will usually amount to a deposit of between 20 and 30 per cent, setting the buyer well on the way to financing their project. The alternative suggested is to go for the off-plan option, with a particular advantage of this being that the value of a new property of this kind may have gone up even by the time it has finished being built.

Best of all, Corsavoo suggests, the value of an investment in an apartment this way is likely to be boosted by the most handy of trends in Cyopriot tourism - one that is gradually shifting away from large hotels and resorts to smaller villas and apartments, with tourists seeking out home comforts in their holiday accommodation.

But for those looking to buy a property in the country, what must also be considered are a number of practical factors that go beyond just money.

Listing its top ten tips for such purchasers, 3x24.com placed at the top of this the requirement for all non-residents to apply for approval of their purchase, something it said should be done promptly as the process could take as long as 14 months.

As well as the usual advice about making sure an English-speaking lawyer is engaged to deal with the rules and regulations, the portal also stated that there is a difference in terms of the time it takes for title deeds to be passed over that is linked to the type of property. For the resale property this process is immediate. For a new build it takes three years, although the District Land Registry will log the purchaser as the rightful owner in the meantime.

Ensuring that the necessary practical steps are taken and rules dealt with is as important in any property transaction as funding the venture, as both are needed to guarantee no future ownership issues. Those who make sure all is done as it should be in Cyprus can then make the most of an exciting place to be in property.

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