Denis Fedosov
Expert in technical supervision and real estate acceptance
Do you live in the EU, the UK, or the US, and are you renovating a property in Cyprus? Learn from a practicing consulting engineer how to protect your investment and get a high-quality result.
How to buy an apartment in Cyprus: step-by-step instructions for a UK-based buyer
Cyprus with its favorable climate, beautiful beaches and low taxes has become a popular place to buy real estate among UK residents. However, the process of buying real estate in another country requires attention to detail and knowledge of legislative, financial nuances. Let’s take a step-by-step look at the process of buying an apartment in Cyprus to minimize risks and make the transaction as comfortable as possible.
Preparation: defining your goals and researching the area
The first step to becoming the owner of real estate in Cyprus is to determine the purpose of the purchase:
- for living or vacationing;
- for renting out and generating income;
- for investment.
Your goals will determine the choice of neighborhood, type of property, and budget. By the way, the correct calculation of the budget is also important, so when planning take into account not only the cost of real estate, but also additional costs (legal services, taxes, relocation).
The second step is to study the real estate market in Cyprus:
- familiarize yourself with the prices in different areas;
- research popular areas (e.g. Limassol, Paphos, Larnaca);
- find information about the reputation of developers and sellers.
Selecting and buying real estate in Cyprus
In order to minimize all the risks and ensure a profitable, safe purchase of real estate in Cyprus, if you are not physically located there, and in the UK, you will definitely need the help of professionals. You need to find professionals before the transaction, who will be actively involved in the process:
- an independent lawyer, to ensure the legal cleanliness of the transaction, checking documents, drafting the sale and purchase agreement;
- a real estate agent to find a suitable object and conduct negotiations;
- an independent inspector for technical evaluation of the property. And in this reliable assistant for you will be a company Hinode.
The next step will be to check the legal cleanliness of the property being considered for purchase. It will make sure that the property is registered to the seller, there are no associated encumbrances, debts and legal disputes.
The next step is the arrangements and contract itself. Discuss with the seller or agent the terms of the transaction, including price, terms, warranty, etc. Next, the lawyer will be able to draw up a contract protecting your interests as a buyer, and after signing it and making a deposit, will submit a purchase application to the Land Registry Department. At this stage, the purity of the transaction is checked, the transfer of ownership rights is formalized. Only after registration you will become a full-fledged owner.
Important! A foreigner must obtain permission to purchase from the Council of Ministers of Cyprus. This is usually a formal procedure that takes several months. Make sure you get the permission well in advance.
Financial aspects
There are a few things you need to consider in advance:
- After signing the preliminary contract, you will need to pay a deposit (usually 10% of the value of the property) to confirm that you are serious about your intentions and to reserve the property for yourself;
- if you plan to finance the purchase through a mortgage, you should contact local or international banks in advance;
- the purchase costs will also include taxes and fees (stamp duty, VAT, notary services, registration costs).
Useful advice for UK buyers
- Familiarize yourself with the specifics of Cypriot law to avoid unpleasant surprises
- Always work only with licensed professionals.
- Conduct financial transactions only through trusted banks.
Following our instructions and recommendations, you will be able, while in the UK, to buy a property in Cyprus without risks and complications. Remember that attention to detail and professional support is the key to a successful transaction.
How to buy an apartment in Cyprus
Denis Fedosov
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