Cyprus is the third largest island in the Mediterranean, and for thousands of years a trading centre due to its location within Europe connecting Africa and Asia. A leading holiday destination, due to its excellent climate with very warm, dry summers and mild winters with a wide variety of natural beauty, famous historical sights, rich culture, and above all, friendly and welcoming inhabitants, which combine to offer a safe environment for residence and investments.
As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).
The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
Quality: In all advertisements for the sale of flats you will find the word luxury. What is luxurious accommodation may be far distant from what you will get however. If the flat you are buying is not ready, have your property surveyor go through the specifications of the materials and finishes so that he can explain their meaning to you.
As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).
The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
Quality: In all advertisements for the sale of flats you will find the word luxury. What is luxurious accommodation may be far distant from what you will get however. If the flat you are buying is not ready, have your property surveyor go through the specifications of the materials and finishes so that he can explain their meaning to you.
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