If you're thinking of buying property, Cyprus has a lot to offer. Of course the wonderful climate is one of the first aspects that people think about, but there is also the mellow way of life, the warm sea to swim in, the healthy foods, the rustic landscape and the welcoming people.
There are daily flights from many UK airports to Cyprus so you will always be able to hop on a flight with little notice. Cyprus is a modern day European country with all the mod cons that you are accustomed to and most of all you can get Sky TV there so you will be able to keep up with whatever soap you are hooked to.
If you buy in Cyprus you are not just getting a great property investment, but also the chance for free holidays and the chance to earn some real profitable rental income. The long season means you get enough income to cover the mortgage and other property running costs with net profits being shown at the end of the year.
Loans and Mortgages - Local Banks in Cyprus are very open to giving mortgages to foreign investors so it is probably the best option for buying property there. One tip if buying a new build would be to choose the same bank that is financing the new development project.
If you don't decide on the same bank then you will have to pay an extra bank guarantee fee on a yearly basis up until the final title deeds are signed. The payment is based on the property value and can be between 1.5% to 1.8% of the property value.
Legal Procedures When Buying Property - The legal system in Cyprus is based primarily on the British system and safeguards the buyers' rights in many ways. For the buyers' protection, once the sales contract has been signed and a deposit paid, the Land Registry in Cyprus provides a simple and effective legal instrument called the 'Specific Performance'.
By this legal method alone the purchaser's rights of ownership are completely protected to the day the deeds are finally signed by the purchasing party. This contract cannot be canceled by any competent party, so it can't be sold, leased, mortgaged or transferred.
To handle the legal issues an English speaking lawyer should be appointed and if you're buying a new build in Cyprus, ensure the lawyer is not concerned with any aspect of the property development so that conflict of interest does not arise. The fees of the lawyer are generally 1% of the property price.
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Read these Cyprus Property Tips produced by the illustrious Tim Martins and check out his Cyprus Travel Blog
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