Property Buying FAQ's

At least 47,000 British citizens consider Cyprus to be a sound investment and have purchased property in the South of the Island or indeed are now living there. The English-speaking Cypriots' lifestyle, great weather, efficient, English-based legal system, near-zero crime rates and genuine friendliness towards the British makes it the easiest country in the EU to purchase property and live in.

Protected now by the European Court, having joined the EU in 2004, Cyprus looks like joining the Euro zone in 2007, by which stage property prices could increase over mainland growth in Europe by a significant margin: Cyprus tends to be around 30% cheaper than Spain and Portugal - despite having a longer summer and therefore rental season.

If you are thinking of investing in property anywhere in Southern Cyprus - whether for a quiet retirement home at the foot of the Troodos mountains, a high-yield rental golf property or a town apartment for getaways - you still need to think carefully before you invest.

Many people use an agent - usually British - to help them with the process. This is usually the best idea: Often agents can actually get you a better deal than if you approach developers direct. However, only a few agents are totally independent of developers, so you need to make sure they understand what your objectives and budgets are:

You may want to use your villa or apartment as a holiday home, but also ensure that the property you purchase will produce a good rental yield. Ask your agent or developer for rental expectations. (If you are relying on rental income to defray the cost of finance and running costs - take off 20% of the answer to be conservative!)
Although not important to everyone, you will usually want to ensure your property is in an area that has high capital growth. Ask your agent or developer how much capital growth has taken place over the past couple of years and why this should continue.
Agents should be able to recommend a CHOICE of lawyers, accountants and banks as well as furnishing suppliers and landscapers. Don't just use the developer's lawyers; there may be a 'conflict of interest' and it is vital that your property is registered at the Land Registry within 60 days on signing the sale contract - otherwise you may find you do not own the land! WOW Cyprus, which is not an agent, was set up to enable you to find these services on the Internet - but please understand that these are not our recommendations - we maintain micro-sites for these businesses to provide an Internet market-place to save everyone time and money.
You should ask for competitive local finance quotes to compare against borrowing from home. The 'home' option is easier, but beware that extending the mortgage on your own home will not qualify you for tax relief - a separate, specific loan is needed to achieve this. Some Cypriot banks can process mortgages faster than others! Usually proof of income is a prerequisite. You should always ask for independent recommendations - as you should for advisors such as lawyers.
If using an agent you should ask their help in assisting with negotiations and, once you have purchased, project management to save you time and money. All too often some agents, like salesmen, will disappear once you have paid your deposit.
If you are budgeting on letting your property, you should develop a comprehensive and effective rental promotion plan yourself to ensure the maximum yield. If you think one particular company will be able to rent out your property all year round, think again! Unless they put their money where their mouth is by are offering you a cheque for the whole season up front, don't sign exclusive deals - you might find your property empty a lot longer than you bargained or that you end up paying a company commission whether or not they let it.
Don't confuse services like landscaping, property and pool maintenance with rental marketing. They are two different things. Maintenance is best done by local Brits or Cypriots, but marketing your property usually needs a strong Internet presence - 90% of people book their villa or apartment holidays on the Internet. However, if you are reading this now you are starting in the right place! Make sure you place it on WOW Cyprus' Villa and Apartment Holidays pages.

If you need any specific help please do not hesitate to contact us at: info@wowcyprus.com today or phone us in the UK on 0044 7798 711129 or in Cyprus 00357 96 483050

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Property Buying FAQ's