Real Estate in Cyprus | Investment Property | Property for Sale | Renovated properties in Cyprus

Contracts and Procedures

Once we have agreed the plot, house design, and general specification it is time to visit a lawyer and formalise the contract. We can provide you with a list of lawyers in Paphos or of course you are free to choose your own or one recommended to you. At this point we will require a reservation fee to cover the survey, architects drawings and reserve your plot. The lawyer will draw up a contract of sale with the details of payment schedules, completion dates etc. The specification and preliminary plans will be attached and form part of the contract.

Upon paying 30% of the contract value your lawyer will register the contract in Land Registry for specific performance thus ensuring the safety of your purchase.

With the contract agreed the drawings will be submitted for planning approval and building permits. The Laws in Cyprus have changed recently regarding permission to build on individual plots and can now usually be granted very quickly. Depending on the size of the property construction will normally take 12 months, this timescale is flexible should the client wish to extend this build period to suit personal circumstances. However it is important that this is agreed prior to signing the contract.

Throughout Construction

If you remain in your home country whilst the property is being built we will at regular intervals e mail/post you photographs and advise you of progress. When your property is complete and ready to hand over, you will be asked to inspect the property and check for any snagging. Once all has been agreed and your final payment is received you will be given the keys for your new property.

We provide a comprehensive 12 month guarantee on all materials and labour (excluding normal shrinkage and wear and tear). Also a 10 year guarantee on the structure is provided by the Licensed Architect/Engineers insurance.

Title Deeds

Unlike purchasing on a large development which often means a wait of some years before title deeds are available with individual plots this procedure is very simply and quick. The contract for your new home will have been registered at Land Registry in your name. This is the normal procedure for new property in Cyprus and is your security whilst awaiting your title deeds. These will be processed by Land Registry and forwarded to you once you take possession of the property. Please note there is a fee to be paid to the Government by the new owner on transfer of title.

Currency Exchange

When purchasing property overseas you will need to transfer money. Whilst the natural inclination is to go to your local High Street bank to convert your currency, this is usually a fairly expensive way of doing it. Exchange rates and commissions provided by the banks are significantly less favourable than those typically offered by specialist foreign exchange brokers.

Over the years we and indeed many of our clients have used the services of Foreign Currency Direct. Transactions through FCD are always at the most competitive rates, and the service is fast and efficient. An estimate of the typical savings using FCD over high street bank trabscations are in the region of 1 to 2% or £1,000 to £2,000 saved for every £100,000 transferred.