Thursday, January 10, 2008

Cyprus Cheap Property Information

By William Marind

The Town Planning Act. This law (expected to be fully enforced very soon) regulates development and it will supersede the liberal town planning zoning which exists at present. It requires the preparation of local plans for development and prior to any acquisition/development of property, the inspection of these plans is a must. Any development in the future will require a Planning Permission as well as a Building Permit.

Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice.

Non-Cypriot citizens requires permission from the Council of Ministers to purchase property in Cyprus. If this has not been yet obtained then the purchaser should now apply to the council for the permission. This normally takes between 8 and 14 months to be granted, and without this the Title Deeds of the property cannot be made available to the purchaser. The final contract is only entered into when the searches have proved satisfactory.

Developers usually offer two-storey villas with three to four bedrooms, with two bathrooms, living/dining room and kitchen with breakfast area. Often the option of a swimming pool is also given.Prices vary according to the location and area of land involved.

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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