This is an overview of our "Guide to Buying Property in Cyprus". To request the full guide, please fill out the form on the Contact Us page stating you require a copy of our "Guide to Buying Property in Cyprus".
Please click on the tabs next to the section headings to
the right, to find out more information.

 

 

 

 

Contract of Sale

The first stage

Once you have selected your property your solicitor will prepare the contract of sale and carry out the necessary searches.

Firstly with the District Land registry, to ensure that the vendor of the property is indeed the owner and that the purchaser obtains good title.

A Planning department search to ascertain that a building permit exists and that the developer can legally build and sell to other entities.

A company search is also undertaken to ensure that the developer has the legal capacity to enter into a contract of sale and that access their trading standing.

The second stage

Once all the searches are successfully completed the next step is to proceed with the signing of the contract of sale, by both the vendor and purchaser. This is similar to the term we use for exchange of contracts.

This then allows the necessary stamp duty to be paid and for a copy of the contract of sale to be lodged with the lands registry office.

This means that the purchaser can use the contract of sale for specific performance purposes since the property is legally considered to be purchasers from the point it is placed with the land registry office.

If the vendor has the title deed ready then it will transfer according to the provisions of the contract of sale. In off plan purchases the title will not transfer until the project is completed.

The purchaser can now also apply to the Government of Ministers to acquire the property. This is also carried out by your solicitor on your behalf. Your solicitor completes the necessary form which will be accompanied by two references, character and financial for the purchaser.

This process generally takes 6 to 8 months to be issued and does not prevent the purchaser using the property in the meantime.

 

Rental Services

Based on our own rental experiences on the Cyprus East Coast we are able to ensure our customers are offered an extensive rental service package.

This service includes the creation of your property details and photographs, marketing materials, web site listings and full booking service.

Our service includes the following:

      ·        All customer communication from point of sale to holiday return date

·        All customer correspondence and confirmation

·        Integration and Management of your availability calendar

·        Communication with your management company to:

o       Schedule change over  and mid stay cleaning

o       Arrange for welcome pack delivery

·        Airport collection and drop off service

 To register your property with us please click here.

 

 

Management and Maintenance Services

Our Management and Maintenance packages are uniquely tailored to the individual requirements of each of our customers.

·         Airport transportation services
o        Taxi pick up and drop off service
o        Large parties can use or Mini bus service 

·         Car Hire
o        Car hire can be arranged at the airport on arrival or at a location of your choice.

·         Property Cleaning Services
o        Pre occupation clean
o        Mid let clean
o        Full change over clean
o        Window and shutter cleaning 

·         General Services
o        Landscape Gardening
o        Fencing
o        Laundry
o        Painting and Decorating
o        Electrical installation
o        Plumbing
o        Aerial and Satellite installation
o        Full Swimming Pool Service

 

 

Progress Reports

Our progress report service gives our customers an update at each important stage of the build process.

We will liaise directly with the site foreman to ensure the progress of each stage and in turn report back directly to you.

We also supply digital photographs to accompany our report.

Furnishing your Home

For our customers who wish to live in Cyprus or simply use the property for a holiday home. We offer both a range of managed services. You can do it all yourself which of course takes time and is designed for our customers whom wish to tailor their new home to their own tastes and preferences. Many of these items can be delivered and installed free of charge. To save time and money we are able to direct you to straight to the suppliers of:

·        Living room furniture ·        Electrical appliances ·        Kitchen furniture and equipment ·        Bedroom furniture ·        Finishing touches for Bathrooms

·        Cutlery, crockery and utensils ·        Towel and linen providers ·        Garden furniture and equipment ·        Plants ,shrubs, trees and flowers ·        DIY Stores

For rental landlords we have a three complete furniture packages. These packages are budget based and include:

Living Area

Suite ( 3 and 2 seater or 3 seater with chairs), Coffee table, Dining table with 4 or 6 chairs 

Bedroom 1,2,3 or more

Double or twin beds, With mattresses and bedding (2 sheets and pillows), Bedside tables and dressing tables

Kitchen

Toaster, kettle, complete cutlery set, cruet set, 20 pc dinner set, teapot, steam iron, ironing board, mop, bucket and broom set, waste bin, set of saucepans, washing up bowl, pegs, washing line, chopping board, 4 table mats, coasters, corkscrew, 4 tall glasses, 4 piece utensil set, 4 wine glasses, drawer organiser, sharp knives and can opener.

Appliance packages include:

Fridge or Fridge Freezer, Dishwasher, washing machine and microwave.

Please contact us for a detailed quotation

 

Additional Costs

Solicitor fees

The legal system in Cyprus has been based on the British System. Services include making searches, preparation of the title deeds. Prices are around CYP1,200 to CYP1,800.

Stamp duty

This has to be paid by the purchaser within 30 days of signing the contract of sale. The payable rate in Cyprus is

Property Value	Stamp duty
Up to CYP100,000	CYP1.50 per CYP1,000
After the first CYP100,000	CYP2.00 per CYP1,000

This is normally paid by the solicitor on behalf of the purchaser and added to their fees.

Title Deed Transfer Fees.

When the title deeds for the property are issued, a fee is incurred to transfer the freehold ownership to the new owner. Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor. A prerequisite for registration, in the case of aliens, is evidence that the property has been paid for with foreign exchange and approval by the Council of Ministers of purchaser’s application to buy a property Cyprus. However, before the registration of the completed property, the purchase should pay the transfer fees to the Land Registry office.

 

Mortgage Information

Introduction

Most of the leading banks in Cyprus offer repayment mortgages based on the currencies of the Cyprus Pound (CYP), Euro (EUR) and Swiss Franc (CHF).

Duration

The maximum term of the loan is currently based on 15 years. This is on the basis that the purchaser’s age and that the duration of the loan does not exceed a total of 65 years.

Purchasers Contribution

At least 25% of the property purchase price.

Interest

The interest is fluctuating – Base rate is based on the current rate of 5.25% (May 2005). Plus a margin of 2.5% 

Repayment

Repayment are made in monthly instalments in the currency of the loan.(CYP). 

Bank Charges 

Current bank charges are based on 1% of the loan amount.

 

Company Introduction

Background

Cyprus East Coast focus only on Cyprus based property sales and rentals. With over 15 years of experience on the island and having already purchased a portfolio of property we can add real value to your purchase and ensure you get service from the point of your enquiry and through the many years following.

Our Services 

We have structured our services to ensure we provide the highest level of support from both the UK and Cyprus. This completely removes the issue of distance and ensures you get face to face assistance throughout the process.

The fact that we have already purchased our own portfolio in Cyprus means we can provide you with a full understanding of the purchase process, costs and post ownership services.

Many people waste a large amount of time and money when purchasing property overseas. Our step by step process will help you through the process in the most effective way possible.

 

Details of your selected property

This section is dedicated to holding all the specific information regarding your property purchase.

Your documents relating the pre and post purchase process will include:

·         Design and drawings information

·         Key Contact information

·         Bank information

·         Solicitor contact details

·         Management company information

·         Maintenance company details

·         Suppliers

 

 

Introduction to Cyprus                                  

Cyprus has two main international airports, Larnaca and Paphos, served by approximately 30 major airlines with many flights from UK and other destinations throughout the week. The island is covered by a network of modern and newly built roads, so getting about is relatively quick and easy.

An island that, for many reasons, has attracted invaders for over 9,000 years but today, happily, appeals to visitors from all over the world looking for the ideal place to relax and enjoy life’s simple pleasures.

Basking in typically Mediterranean temperatures with very little rain, it’s an island of infinite possibilities. Birthplace of Aphrodite, the legendary goddess of love, it inspires the cultural side within you, drawing you back time and time again to its shores.

Cyprus’ intriguing history, entwined with mythology, has created a country with character and traditions all of its own. It is also an island of great scenic beauty … a startling variety of landscapes veering from sandy beaches to charming, unspoilt villages nestling in vine clad foothills; from fertile citrus and olive groves to lofty forests of pine and cedar.

Temples bequeathed by the Romans, historic churches from the Byzantine era and castles from medieval times are among the wealth of fascinating remains that live in quiet harmony with cosmopolitan hotels and modern shops. As in ancient times, Cyprus continues to welcome visitors who choose to live on the island.

The island’s history is one of the oldest recorded in the world, running back to the 7th millennium BC. The settlement in Cyprus of Mycenaean Greeks in the 12th century BC and later by Achaean Greeks established its Greek character.