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Cyprus is the third largest island in the Mediterranean Sea and it covers an area of 9,250 square kilometers. The island is approximately 240 km in length and approximately 100 km wide. It is well known for having beautiful sandy beaches, good sunny weather for most of the year, high quality living conditions, and safe environment for families and businesses.
Despite the economic downturns due to the Covid-19 pandemic and more recently the war in Ukraine, the Cyprus economy has shown resilience and has maintained good statistics relative to most EU countries for the year 2022. Current estimates for 2023 show growth in key financial indicators such as inflation, unemployment and GDP.
Cyprus has successfully resisted the threat of xenophobia and terrorism and unlike many European and Middle East countries, it has a stable social structure with low drug and crime rates. Local people are friendly, hospitable and show no discrimination against foreigners of different ethnicity, religion or colour.
Over the last 10-20 years, real estate has offered a very attractive capital appreciation and annual returns and it is predicted to continue in the same way because there is big demand from overseas investors. In the past, there were big influx of buyers from UK and Russia, in recent years there are a lot of interest from investors from Israel, Lebanon and other EU nationals looking for investment properties or holiday homes or retirement homes.
With low costs of living and a low tax rate, many overseas buyers are interested in investment properties and are attracted to the benefits that it offers. From the supply side, many developers are offer flexible payment schemes or investment incentives to attract new buyers. Another factor helping the property market is that the selling prices are stable and historically they do not crash like in other more mature markets.
Relikor and our associates will help you in each stage of the process of buying your investment property in Cyprus: The process is simple and with advice from a good local lawyer, it will not be stressful or complicated.
Here are the main stages of process:
1. Verify the ownership of property. The first thing to do is to verify the authenticity of the property and to make sure the title deeds are available and valid or if buying new property 'off-plan' where title deeds are not available yet, then to verify that uncumbered title deeds will be available when the property is delivered.
2. Check building permissions. Our advisers will verify that the property you are planning to invest in has the correct planning and building permissions in place, and that the purchase agreement is without any restrictions. Also we will make sure that there are no additional taxes or payments for investment on the land. If you are buying a resale property, then we will check that changes to the property such as extensions have the relevant building permissions.
3. Check annual fees and costs. If you buying in a resort or building with other apartments, then we will review the expected annual common use expenses, maintenance fees and local taxes.
4. Review other planned development in the area
We will research and advise you about developments planned nearby or potentially what could be planned. For example, an amazing sea view may be blocked if the owner of the land between you and the beach sells to a resort or hotel developer.