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Buying property in Cyprus? What to expect, what to be aware of
Buying property in Cyprus is very similar to buying property in the UK, as the Land Registry system in Cyprus was originally based on British standards. It was established during 1875. Throughout the years it has been updated making it one of the most sophisticated land registry systems in the world.
You will usually make an offer on a property in the usual way. Once the price is agreed, you pay a small holding deposit of around Euros 2000 and your lawyer draws up a simple document to prove receipt of the deposit, stating that it’s subject to satisfactory searches. Just as in the UK, this involves checking title deed checks with the Land Registry to ensure that the seller is genuine and that there aren’t any outstanding debts on the property.
There are no prohibitions on foreign nationals purchasing real estate in Cyprus. However, a foreign national must obtain permission from the Council of Ministers to buy the property. This is a formality and is likely to be phased out for EU citizens by 2009. Your lawyer will usually do this on your behalf and include it in their fee. Generally speaking, this approval is relatively easy to obtain but the process can take some time.
Obtaining a mortgage for the purchase of property in Cyprus
Yes, you can get finance through all banking institutions in Cyprus. The base rate of interest charged is specified by the Central Bank of Cyprus and currently is 5,5%. Also you can get financing from banking institutions abroad. Financing schemes for overseas buyers can be made either on their local currency or in Euros.
Title deeds are an issue sometimes. We highly recommend the use of a lawyer in order to avoid any unpleasant situation.
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