Rules for buying real estate in Cyprus and recommendations for buyers

Nowadays, many people prefer to buy a property in Cyprus. This is a great opportunity for investors and those who are looking for a second home. MySpace real estate agency offers assistance in the process of choosing a property on this island. Let’s consider the rules that you should take into account if you want to live in Cyprus.

Market research

Before purchasing a property, it is worth doing a thorough study of the relevant market. Study the different regions of Cyprus and their infrastructure, the price of real estate and the potential income from its rental. Popular areas include Paphos, Nicosia and Limassol.

Selecting a type of property

In Cyprus, you can buy different types of properties. These are apartments, villas, plots of land, commercial real estate. Determine your financial capabilities and needs in order not to make a mistake.

Legal support

You should hire a local lawyer who specializes in real estate. A specialist will help you understand the legal aspects of the purchase, check the documentation, and ensure the protection of all your rights.

Checking the documents

Before purchasing a property, check the legal status of the property. Make sure that the seller is the legal owner of the property. The property should not be encumbered by debts or other obligations.

Preliminary contract

After choosing the property, you need to sign a preliminary contract – an agreement of intent. This document specifies the terms of the transaction, the cost of the property and the terms. Usually, you need to make a deposit, which is 10-30% of the total price of the property.

Obtaining a tax number

To complete the transaction, you need to obtain a tax number in Cyprus. To do this, contact the tax office and collect the package of papers transferred by the authority.

Final transaction

When all the conditions are met, the final contract of sale and purchase of the property is signed. At this point, you must pay the remaining amount. The contract must be registered with the land registry.

Taxes and fees

When purchasing real estate in Cyprus, take into account additional costs. The property transfer tax varies from 0 to 8%, depending on the value of the property. Government fees include registration of the contract and notary services. There are also annual taxes – on property and other possible fees.

Look at properties for sale in Cyprus on the website of a specialized agency. You have access to various options of properties, so you can easily choose the one that suits your needs!