Saturday, January 12, 2008

Buy Cyprus Property

By William Marind

Self-employed persons must possess academic or professional qualifications, which are in demand in Cyprus and do not crate competition to the local population. People of Cypriot origin or the foreign wives of Cypriot citizens are not regarded as foreigners. Residence permits are issued to the following providing that certain criteria are met.

Another factor which is also related to the price, is the payment terms. A developer could be asking a high price for flats but he could be offering very attractive payment terms over a long period. Compare, therefore, not only the extent, quality etc. of a flat, but also the payment terms in order to ascertain who is offering you the best deal.

Going through a company like Headlands has several advantages: you will get to see a wide range of properties in Cyprus that suit your requirements;you have the benefit of our many years experience, as well as a fully staffed office to support you in the UK; it will eliminate any possible misunderstandings ;it helps takes away the stress and strain associated with house purchasing in Cyprus.

It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)

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).

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