Buying property in Cyprus
- Residential & Commercial
What should you consider when buying property in Cyprus
Whether purchasing your home or investing - residential, luxury or commercial - buying property should be an exciting and rewarding experience. Working a real estate agent from start to finish makes the entire process easier, efficient, and indeed hassle free. PrimeStar Estates have the experience, dedication and personalised level of service to ensure a smooth process.
For more useful information about buying property in Cyprus such as the different regions, home loans and mortgages, legalities and taxation, visit useful tools.
No obligation direction and guidance. Begin the process of buying property in Cyprus with PrimeStar Estates, enquire today
Step-by-step property buyers guide
Step 1: Choosing the right real estate representative in Cyprus
The first step in the process of purchasing real estate in Cyprus is to find the right estate agent. No doubt, everyone is always eager when entering the market to buy, but should also shop around and look at what properties are available, i.e. newspapers, driving around, billboards, property magazines. Surely it's great to be well versed in advance.
However, a reliable and knowledgeable real estate representative will provide the invaluable information form the get go, including advice and information to direct you through a successful property purchase. Support from industry experts can go a long way towards a good start, especially in areas such as real estate legalities, property tax, home loans/mortgages, sale negotiations, property inspections and other specialised areas.
Step 2: Arranging financing and home mortgages
Before beginning any property search and setting out to view properties, you should always establish your budget - price range for purchasing. In fact, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle.
Obviously, knowing your financial situation will confirm your price range/budget and will in turn influence your property search, making the entire process realistic and more efficient. PrimeStar Estates work with a number of banks for home loans and investment financing.
At the same time, it is advisable to instruct a solicitor, particularly one that knows the Cyprus market and has experience in the real estate/conveyancing sector. PrimeStar Estates can also recommend a selection of experienced solicitors that are experts in Cyprus property and that have worked with many clients.
Step 3: Finding the right property
An estate agent will be able to help you clarify requirements and establish a high priority property purchasers. This should include basics such as location, property type (apartment, detached/semi-detached house, house with land, luxury villa, land, commercial property), property size and price, as well as more specific elements such as rooms, bathrooms, parking, zoning, amenities, among other.
With hundreds of properties to choose from, as well as an expanding network, PrimeStar Estates are able to offer a comprehensive starting point that will match all sorts of criteria. PrimeStar Estates can also constantly up-to-date via email, telephone calls and SMS alerts when the latest properties that match criteria become available.
Begin by searching the online database for property to buy.
Step 4: Property viewings
After presenting a selection of available properties, you will be able to visit and view these properties on your own or together with the estate agent (advisable).
Arrange a time that best suits and is most convenient, however also consider ideal viewing times. Try to visit properties at various times to get a good sense of the local area and characteristics, i.e. during peak hour to see traffic and noise, when the sun is shinning to see how it affects the property, after hours, weekdays and weekends. In order to secure a property an early viewing is always recommended.
PrimeStar Estates escort you to you viewings, offering direction and support, as well as on hand to answer any questions immediately. For international buyers, PrimeStar Estates can help arrange visits and accommodation during your stay.
Step 5: Offer & negotiation
Once a suitable property has been identified an offer is made to the seller and/or seller's representative who will remain involved in the process until it is complete. This is done both verbally and in writing, together with any special conditions of the offer. Your real estate representative will outline the process of putting in an offer on the property and ensuring all legalities are satisfied. There are no legal obligations on either side until contracts are signed.
You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle).
Step 6: Settlement & Conveyancing
Once your offer has been accepted, a contract of sale will be prepared by PrimeStar Estates and a meeting will be arranged for the signing of the contract and the payment of the deposit. The purchaser is advised to deposit to contract of sale to the Land Registry within six months from the signing of the agreement/contract for Specific Performance purposes. Upon payment of all taxes and fees in relation to the sale, the transfer of legal ownership is completed at the Land Registry and full payment of the amount is complete at the Land Registry. The seller has the obligation to release the property from any restrictive covenants and easements in order for the transfer to complete.
Speak to an expert!
"This is just quick overview of the property buying process in Cyprus. Of course it is much easier to understand when speaking directly to an agent, who can sit with you and explain the entire process in more detail. Contact PrimeStar Estates for a no obligation consultation, direction and guidance to buying property in Cyprus."
Tips to buying property in Cyprus
* Know your budget for peace-of-mind
Before looking to buy, get pre-approved by a bank or a mortgage broker to clearly know your price range. This can save you many hours of searching for homes in the wrong price range or even worse, purchasing property and then finding out you don't qualify for financing.
* Shop around for mortgage terms
All bank rates are negotiable. Especially in this current volatile period, all banks will dig deeper to get your business. Shop around, and re-visit banks multiple times so they know you are shopping around. Get the best rate, get the best deal.
* Have the property professional inspected
Inspect the property well for all defects and necessary repairs - have an expert do it. Obtain building inspections and plans. This can save you many head aches later on, and allow you to better negotiate prices.
* Know full cost when buying property
Know all the costs associated with your purchase other than just the property price. There are many other costs involved that could sway your decision, such as legal fees, transfer tax and stamp duties, property taxes, necessary repairs, pending title deeds.