Properties for Sale in Cyprus Property - Cyprus Real Estate

Legal Information for buying property in Cyprus

2006-02-21T06:11:00.000-08:00

TEMPORARY RESIDENCY IN CYPRUS
IntroductionAs a general rule non Cypriots and their families can live in Cyprus as long as they are able to show income, generated from abroad, which is adequate to maintain the families for as long as they are living here.
The regime governing this is less strict than that for offshore companies and it offers a straightforward process for acquiring temporary residence permits in Cyprus.
Without belittling the process the wealthier the person in question the easier it is for them to live here as a temporary resident. It must be made clear that a temporary resident cannot, unless his status is officially changed, work in Cyprus.
RequirementsAbility to show income generated abroad; the income should be no less than CYP12,000 per annum plus rent or enough funds to purchase a property here. There may also be an additional financial requirement for families with large, say over three, number of children.
Obligation to set up a local disbursement account in Cyprus Pounds.If a property is to be purchased then there has to be proof that foreign funds were used for the purchase. It is important to note that purchasing a property here gives better grounds for allowing a family to settle here as temporary residents.
Once a decision is made to proceed with settling here, it is advisable for an application to be filed with the immigration authorities prior to entry in Cyprus of the family. Certified copies of the passports will be required including three photographs of each family member. A bank reference for the major breadwinner is always advisable.Bank statements showing proof of funds as well as an employment contract with a foreign company indicating the level of income enjoyed by the breadwinner is also of importance.
There may also be a requirement for the family to be interviewed by the immigration authorities.
NOTES ON CYPRUS LAW RELATING TO PROPERTY PURCHASE BY ALIENS
ACQUISITION1. Under the Immovable Property Acquisition (Aliens) Law Cap 109 no non-Cypriot can acquire immovable property without prior permission of the Council of Ministers. Such permission is required both on purchase of freehold and on leases exceeding 33 years. Normally permission is granted, after written application, to bona fide alien individuals to acquire a flat or house or a piece of land for the erection of a house not exceeding two donums. Permission is usually granted for personal use and not for letting or commercial use. Commercial use is dealt with on an entirely different basis and a different set of criteria apply.
DISPOSITION2. Once permission is granted and the property registered in the name of the alien, there is no restriction on the alien selling the property or disposing of it by Will. Furthermore, no permission will be required for the legal heir to have the property transferred into his name.
CONTRACT OF SALE AND LEASES3. Under the Cyprus Law such Law contracts must be in writing. It is also advisable that contracts of sale be deposited in the relevant District Lands Office within two months after the signing of the contract so that the purchaser’s right to pursue the remedy of specific performance in the event of breach can be protected. Leases exceeding 15 years can be registered and registration should be effected within 3 months of the signing of the lease.
TRANSFER OF TITLE4. Transfer can be effected once permission to acquire has been granted and the Central Bank has certified the import of foreign funds. Transfer fees are payable by the purchaser on the sale price of the current market value.
EXCHANGE CONTROL5. With regard to the purchase of immovable property in Cyprus, Central Bank approval is required on the transfer of property to aliens. Such approval is granted if it can be proved by the applicant that funds for the purchase were imported from abroad. Note that without the approval, on a subsequent sale, permission to remit the proceeds out of Cyprus will not be allowed. On the sale of property, exportation of the purchase price will be allowed.
CAPITAL GAINS TAX6. As from 1 August 1980 capital gains tax is levied at the rate of 20% on gains in excess of CYP10,000 arising from the disposal of immovable property by individuals.
PROPERTY TAX7. Property tax of CYP2.00 per thousand of the market value of the property as at 1 January 1980 is payable annually. The first CYP100,000 is exempt.
ESTATE DUTY8. Estate duty has been abolished in Cyprus.
OTHER EXPENSES9. a. Water rates and electricity charges are in accordance with the amount consumed.
b. Refuse collection chares vary according to the district and property and may be approximately CYP50 to CYP100 p.a.
c. Municipality of village rates are minimal and may be approximately CYP50 p.a.
d. In the case of a block of apartments or multiple developments, there is a common expenses charge payable by each purchaser relating to the expenses in maintaining the areas commonly used, e.g. lifts, staircases, swimming pool, central heating, lighting. This charge varies according to the type of property and the amenities provided and the purchaser should ascertain beforehand the approximate amount of such common charge from the developer before entering into any agreement. Generally it is not excessive.
OTHER MATTERS10. It is important that profession legal advice be obtained before entering into any agreement for the purchase of a property in Cyprus. In certain cases it may also be necessary to obtain professional architectural advice.

Property for Sale in Cyprus

2006-02-21T06:08:00.000-08:00

Property For saleListed by Location (Area)

Ayia Napa/ProtarasLarnacaLimassolPaphosPolis
AYIA NAPA/PROTARAS AREA
Apartment
Paralimni
Apartment with private garden
C£65,000
Apartment
Paralimni
3 bedrooms
C£68,000
Detached villas
Ayia Napa
villas complex, 3 bedrooms, 200m sea
from C£80,000
House
Protaras
3 bedroom house between Protaras and Paralimni in quiet area and with sea view
C£110,000
Detached house
Ayia Napa
3 bedrooms, 200m sea
C£110,000
Detached house
Ayia Napa
3 bedrooms, 200m sea
C£110,000
House
Protaras
2 bedroom house between Protaras and Paralimni in quiet area and with sea view
C£125,000
Villa
Ayia Napa
4 bedrooms
C£160,000
Villa
Protaras
3 bedrooms
C£174,000
Detached House
Protaras
3 bedrooms
C£300,000
Detached House
Protaras
4 bedrooms
C£320,000
Detached Villa
Protaras
5 bedroom villa with large pool, views and garden.
C£1.150,000
LARNACA AREA
Old house
Larnaca
House with courtyard, bungalow in central position
C£45,000
3 Bedroom house
Larnaca
Village House
C£50,000
Penthouse
Larnaca
2 bedroom penthouse in Oroklini
C£100,000
6 Bedroom Double House
Larnaca
Double house in Larnaca has one house upstairs and one house downstairs.
C£115,000
Double House
Larnaca
Double House ,3 Bedrooms in each house.
C£150,000
3 Bedroom house
Larnaca
3 bedroom house in Larnaca town centre
C£150,000
Detached House
Larnaca
3 Bedrooms, with garden.
C£200,000
Detached Villa
Larnaca
Large villa on large plot ,security system ,C/H & A/C
C£260,000
Detached Villa
Larnaca
3 bedrooms with pool - unobscured views
C£280,000
Apartment Complex
Larnaca
13 apartments plus a separate house
C£600,000
LIMASSOL AREA
1 bedroom flat
Limassol
1 bedroom apartment close to the tourist area
C£40,000
1 bedroom flat
Limassol
1 bedroom apartment in Limassol tourist area
C£41,000
1 bedroom flat
Limassol
1 bedroom apartment in Limassol old town
C£43,500
1 bedroom flat
Limassol
1 bedroom apartment in Ayios Tychonas
C£44,900
1 bedroom house
Limassol
1 bedroom village house in Lofou
C£47,000
1 bedroom flat
Limassol
1 bedroom apartment in Limassol
C£48,000
1 bedroom flat
Limassol
1 bedroom flat in Limassol town
C£49,999
3 Bedroom house
Limassol
Village House
C£50,000
2 bedroom flat
Limassol
2 bedroom flat in Limassol close to the beach
C£55,000
2 bedroom house
Limassol
2 bedroom house in Limassol
C£57,000
1 bedroom flat
Limassol
2 bedroom house in Limassol
C£57,500
2 Bedroom flat
Limassol
2 bedroom apartment fully furnished with TV, air-conditioning and central heating.
C£74,000
2 Bedroom maisonette
Limassol
2 Bedroom maisonette with communal pool
C£80,000
2 bed village house
Arakapas
2 bedroom village house which has been totally renovated throughout.
C£87,500
2 bedroom flat
Limassol
Fully furnished 2 bedroom apartment
C£90,000
2 bedroom apartment
Limassol
2 bedroom apartment with communal pool
C£95,000
2 bedroom town house
Limassol
2 bedroom town house in the Columbia area
C£99,000
3 bedroom house
Pachna
3 bedroom detached house
C£99,500
3 bedroom house
Limassol
Fully renovated 3 bedroom village house offers great value for money
C£107,000
3 bedroom house
Zoopigi
3 bedroom house set on a big plot with breathtaking views down the valley and on to Akrotiri bay
C£120,000

Cyprus Property

2006-02-21T06:07:00.000-08:00

Property in Cyprus
We offer properties and services throughout Cyprus from a number of trusted companies and individuals as well as through our own parent agency.
If you are looking for a house or villa in Cyprus to buy or rent, or if you need holiday accommodation (flats and villas), wish to purchase or lease a hotel, shop or factory or have land to buy or sell then just click on the reddish text to follow our navigation System through the different categories and properties in Cyprus and elsewhere.
We cover all areas of Cyprus including Ayia Napa, Larnaca, Limassol, Paphos, Pafos, Protaras, Polis, Nicosia and all areas of the Troodos mountains. We do not sell property in Northern Cyprus - Please beware when looking to purchase property there as the land is still under dispute.
To See the rules about buying property in Cyprus, Click here.

Bermudians flocking to buy cyprus property overseas

2006-02-21T05:40:00.000-08:00

If the overwhelming response to a recent Bank of Bermuda HSBC seminar is any indication, more Bermudians than ever are interested in buying homes overseas.There were 280 people in attendance and a 100-person waiting list for the seminar titled Buying a Piece of Another Rock, which took place Wednesday and focused on buying properties in countries other than Bermuda.Bank of Bermuda's Richard Brown said the organization has previously given seminars about buying homes in Bermuda, but the growing interest in overseas properties prompted this new topic.He said there was an especially large interest in U.S. properties, so the bank is now looking into presenting more seminars about purchasing specifically in America. Speakers at the seminar included representatives from the Bank of Bermuda, Coldwell Banker, Rego Sotheby’s International Realty and London Central Portfolio Ltd.“Before, services [for purchasing overseas properties] were not as readily available as they are now,” Mr Brown said. “Before, you had to get on a plane, do everything yourself and basically start from scratch.”Now, buyers are able to sort out many details right here in Bermuda.The bank is able to provide pertinent information like rates and set up interested buyers with contacts such as mortgage specialists in other countries by liasing with HSBC branches worldwide. HSBC has a presence in 77 countries and retail operations in 43 countries.And if you have assets in Bermuda, borrowing locally is also an option.Besides the U.S., Bermudians have shown an interest in properties in the U.K., Australia, New Zealand, Cyprus, Dubai, Canada and France among other places.But it's not as simple as choosing a location. Mr. Brown said it's important to know a few things first.“It’s important to familiarize yourself with tax and legal structures in the country where you want to purchase property. You'll need advice from someone there,” he said.As an example, he said the Bank of Bermuda can help immensely with financial questions by recommending lawyers and tax advisors in countries where HSBC does business. He said France is one such country where it is a bit complicated to purchase property. For that reason, the Bank of Bermuda has published literature specifically about buying homes in France.Buyers should also know beforehand how much they can afford, what the bank will loan them and what they really want.Look for more relevant seminars to come. Mr. Brown said, “Overall the seminar shows we look for topics of interest and events where we can have a presence… It’s a unique advantage of having a global organization.”

Cyprus joining the Parity of Exchange System and immovable property

2006-02-21T05:39:00.000-08:00

The Cyprus economy has joined the Parity of Exchange System, where it is expected to remain in the EMU antechamber for approximately 2 years before its entry into the EMU and the Euro.
However, what does this mean for property investment because the Cyprus economy should meet the Maastricht criteria as a prerequisite in order to join the EMU.
This means that inflation should remain under control, the fiscal deficit must be reduced, loan interest must be reduced to reach European levels (now is at 4.25 per cent, when we join it will be at 2 per cent, thus the reduction will be done in stages) and the most important is that our entry into the EMU will not cause the devaluation of the Cyprus pound. When the interest rates begin to drop and with the declared existence of £2.4bn, which are legal now (black money previously), what will it happen in the market?
The lower loan interest will attract more Europeans and other buyers into Cyprus to either purchase or invest in immovable property.
The current depositors will be targeting on a return that is at least above the inflation numbers plus a little bit higher, at around 5 per cent, which at present investors could get it only from immovable property.
At the same time though, the Land Registry will introduce shortly a new system on compulsory property sales and the target is to carry out compulsory sales within a period of 8-12 months (in Greece is 8 months and in Britain is 3 months) from the start of the procedure.
Obviously the banks will proceed quickly in those sales and this might cause an increase in supply and perhaps a small drop in prices in certain property sectors, due to increased number of possible mortgage liquidations. Although it sounds quite hard, from the humanitarian aspect, we do not agree on carrying out property compulsory sales within such a short period of time.
However, it will have some ‘good’ effect regarding the constantly increasing property prices. The new Central Bank regulations, regarding problematic loans - meaning loans that do not abide by their repayment terms and conditions, presenting installment delays exceeding 6 months (now) and probably 3 months (later) - will also have their impact on the property market.
So what will happen in view of these measures?
The Banks will restrict their loans to ‘trustworthy’ property development clients, thus causing suffering to the small newcomers into the property market.
The Banks will demand higher own contribution from both the developers and other borrowers.
The pressure to sell on time on the property developer’s part will cause a drop in prices and consequently the reduction of the developer’s profit due to ‘pressing’ situation.
People who want a loan for property purchase purposes will have to meet more severe requirements, thus resulting in reduced demand.
In previous articles we referred to the financing facilities for the developers and how the banks, in our opinion, should take into consideration the ‘conditions’ of the individual borrower developer. Surely, dear readers, we are caught in times full of unprecedented changes including significant variations in the financing facilities offered by all the banks (none excluded) in Cyprus.
So, we are expecting ‘turbulent situations’ in the Cyprus property industry, which, in our opinion, will be to its benefit at the end. The financially weak developers will be forced to get out of the industry, thus increasing the people’s trust towards the rest of them, while the above measures will bring a balance to the constantly increasing property prices.
For those thinking to take their money out of the country, it is not a wise option, since the interest rates abroad have been much lower than the ones in Cyprus, while the Central Bank bonds at around 6 per cent returns per year (on a long-term basis) is a competitive alternative in relation to the possible danger of the -15 per cent parity variation regarding the CYP£ against the Euro. Therefore, such a decision should be studied carefully.