Buy real estate in Cyprus and live the dream

Cyprus real estate continues to go from strength to strength as the values ​​of Cyprus luxury villas and apartments rise steadily. This booming real estate market is showing no obvious signs of any kind of slowdown now or in the near future. The median price of a two-bedroom apartment has nearly tripled in the last five years, making it one of the best-selling propositions on the Island. In fact, eager vacation home buyers are snapping up as fast as real estate developers on the island. Cyprus can build them. Most units are already being sold “off plan” before construction even begins and many homeowners are selling them at a profit without ever stepping foot in them.

All booming real estate markets offer investment opportunities for speculators and this is no exception. More specifically, vacation home investments are among some of the most lucrative real estate markets. Despite the rapid pace of development and the growing market, there are still plenty of great offerings out there. Many developers are caught up in this construction frenzy and are buying more and more land to secure it at the best prices before the market rises. This, in turn, puts pressure to sell the units, making the funds available to buy even more land. This is when a little negotiation could take a savvy buyer a long way.

Of course, everyone wants a bargain and Cyprus property developers are also in the property business to make money. The bottom line is that the property is very lucrative, so both the developers and the owners of the land are making a lot of money, so they have a lot of room to maneuver. Do you think that the promoters pay the first price that the owners of the land ask for? Or even that Cyprus estate agents always get the full commission rate on sales? Of course not because everyone wants a good deal and so does the buyer. Buyers should never be shy about making an offer (within reason) on any property they are interested in buying.

Buying real estate in Cyprus is not as complicated as some people have been led to believe and with a little research under their belt, most buyers can secure a lot for themselves. The main difference between Cyprus real estate and UK property lies in how payment is made. More precisely when payments are made because the property is paid in several stages. The first phase is the payment of a holding fee or deposit made directly to the property developer in Cyprus. This secures your chosen villa or apartment typically for thirty days while you make your next payment. After thirty days, buyers are expected to pay around 30% of the total cost of the property, followed by the remainder in various phases of construction up to and including final finishes.

Late payment of any of these fees to the Cyprus real estate developer, either directly or through your Cypriot lawyer, could result in interest penalties, so check your contract before committing. Also scrutinize the contract very closely because it forms an agreement between the buyer and the developer. You must also name him as the owner of the property in the absence of title deeds. These deeds will not be available for several years after the development is complete, so the contract is vitally important in terms of ownership of the property. Apart from these two main differences, transportation is very similar for the UK and Cyprus real estate sector.