How To Buy Property Cyprus

Introduction

Cyprus is 240 kilometers long and about 100 wide. Its capital city is Nicosia which is the largest city in Cyprus followed by Limassol. It has been divided politically for decades, since a violent division of the island in 1974 that saw about 200,000 Greek Cypriots leaves their properties in the north. For this reason, few people are willing to buy property in the north for fear of the title issues but there are serious moves to heal this divided country now as it looks to a bright future. The most popular part of Cyprus for the British buyers has always been the Paphos hence this area is a rapidly growing town that is increasingly popular for young families as well as the retired. Limassol, the second largest city in the area has been attracting international buyers and investors. Another famous area in Cyprus is the Ayia Napa which is known for youngster’s holiday.

Why buy property Cyprus

Cyprus has the most gorgeous Mediterranean beaches, plus ancient history dripping from every rock and not to mention Cyprus Property is reasonably priced. It has a great nightlife for the younger crowd plus a strong network of more sedate pursuits for the many retired citizens. It has warm winter sun, which is preferred by many. It is an increasingly popular island and surely has a bright future as a global vacation destination. Cyprus is attracting business and investment hence there are a number of job opportunities in the area. Property Cyprus is suitable for retired individuals and is also easy to purchase due to its less complicated purchase process and efficient payment methods. It has an airport in Paphos with direct, year-round flights to the UK.

Process of buying property Cyprus

Purchase of Property Cyprus is based on the English law. Once a buyer finds the desired property, they put down a reservation fee depending on the value of the property. Contracts are then drawn up; outlining the conditions of the sale and the reservation fee made up to 10 percent for a resale property and for new builds 20-30 percent.  Once the contract of sale is signed by the buyer, their lawyer files it with land registry within 60 days so as to secure the property in the buyer’s name. Buyers then need to present bank and character references with the application. The balance money is paid by the agreed completion date.

Conclusion

Property Cyprus is very affordable and easy to purchase. The warm climate and conducive environment is suitable for living. Its Mediterranean beaches are a suitable place for family vacations. Acquiring Property Cyprus is also favorable due to the fact that its short and less complicated than most property in different areas hence most people prefer it. It is also a suitable place for retirement. Due to the fact that Cyprus is attracting new businesses and investments, there are a lot of ideal business opportunities coming up. It is also a suitable place for youngsters due to its great nightlife.