Buying property in Cyprus

Buying property in Cyprus

Cyprus is a chic place to buy real estate and is not in the top ten countries in Europe where Russians would like to live. Beautiful embankments are combined with elegant residences and with a full range of necessary infrastructure.

Buying and selling property in Cyprus has been like a roller coaster in recent years. From 2000 to 2009, property prices in Cyprus grew due to the growth of Europeans, but after the banking crisis in the country, the situation changed slightly. Prices fell last year and another small drop is expected this year. Although, this does not mean that there are an abundance of good deals and people are ready to give slices of the Mediterranean island pie for a penny. Cyprus remains a great place to both buy and sell property. Everyone wants to buy a house or apartment on the island, because in addition to all the already listed quality of life, the weather here is excellent, English is widely spoken and the crime rate is relatively low. Moreover, the state gives incentives to foreign buyers of real estate (low tax rates, for example). There are luxury villas in Cyprus, which are specially designed for international buyers. You can see similar offers on the website of Cyprus Golf Real Estate – Minthis Hills Residences.

There is one problem with real estate in Cyprus – these are real estate scams for foreign citizens. In recent years, the country has suffered greatly from them. For example, the transfer of ownership and the deliberate silence about certificates of ownership are common. It goes without saying that buying through a specialized and certified real estate agent who is a member of the Cyprus Real Estate Agents Association (CREAA) can solve this problem.

After the buyer accepts the offer, he must pay a deposit (20-30% of the price), and the seller must carry out all the necessary work with the documents for the property. If the buyer or seller is not Cypriot, then the contract must be concluded in English. The buyer also pays contract fees (usually 0.15% of the purchase price).

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