Owning your own home in Cyprus is a pipe dream for some and a reality for others. To purchase property on this sunny Mediterranean island, you will have to try.
It is better to use professional help, for example, pay for the services of MySpace real estate agency. A lawyer who understands the Cypriot real estate market and a translator would also be helpful.
Search
There are three strategies: search on your own via the Internet, come to inspect in person and entrust the choice to a real estate agency. Each option has its own disadvantages. Remote searching is cheap, but it is impossible to conduct a thorough enough check, and unpleasant surprises often pop up after the purchase. An in-person inspection will help—if you know real estate. Otherwise, sellers will have many opportunities to cheat, and the cost of the trip will be added to the expenses. A professional realtor knows his business, but his services are expensive.
- In any case, the search consists of several steps.
- Define search criteria.
- Set a budget.
- Select a location.
- Explore available options.
- Make a list of the most promising objects.
Preparation and testing
Typically, there are several items on the list of suitable real estate. A check — a personal inspection or a visit from a realtor — will help you make the final choice. She will evaluate the physical characteristics of the object and their compliance with the declared ones. Due diligence is also required: the property must be clean.
If the property ticks all the boxes, you need to book it so that the price does not increase, and think further. While we are still thinking, open an account in Cyprus: payment for real estate must be made through Cypriot banks. Pay for your reservation. Draw up a purchase and sale agreement with a lawyer and discuss its points. Obtain permission to purchase real estate from the Council of Ministers.
Purchase and registration
In order for the property to change its owner, a purchase and sale agreement must be concluded. It is usually written in English. Translation into other languages is possible, but it needs to be legalized: a professional translator and a notary will help.
- The difficulties don’t end there. The buyer must take a few more steps.
- Obtain permission to register the property. This is usually done through a lawyer.
- Transfer the remaining amount to the seller’s account.
- Pay stamp duty.
- Register the property with the Council of Ministers.
- Enter the property into the Land Registry.
- Sign the transfer and acceptance certificate.
- Receive a certificate of registration.
And only then will the purchase of real estate in Cyprus be completed.