The Inside Story Of Property Resale In Cyprus

If you want a home at the meeting point of the three mighty continents of Europe, Africa and Asia buy property in the island of Cyprus, which dazzles in the sun and sways in the winds of the Mediterranean. You will feel the rich legacy of history in Cyprus inscribed in the crusader castles and Roman architectures.

If you want to own some exquisite villa with an old world charm in the lovely island of Cyprus, property resale offers you the best deal. The appeal of the bygone days will be missing in a new property. You can do good commerce in the country of the sea and the beautiful orchards with a resale property.

Why Will You Buy An Old Property In Cyprus?

The Commercial Reasons

1. The property resale market of Cyprus is stable, secured and flourishing wiping out any problem related to property resale. You will get sound legal protection in the deal.

2. Banking services are quite efficient in Cyprus. Cyprus is a free market economy.

3. The property in Cyprus is relatively low priced than Portugal, Spain and France.

4. Cost of living in Cyprus is not high. But the overall standard of living is quite high in the sovereign, the state brags off a high per capita GDP in Europe (US$13,504 in 2001)

5. Cyprus is a full E.U member state that has influenced its monetary policy. The monetary policy is decided by the Central bank of Cyprus, an independent body. Since 1999, the Cyprus currency has been doweled to Euro with a fluctuation band of 2.25% on either side.

6. You will get tax benefits because Cyprus has double tax treaty with 40 countries. Pension Income is taxed at 5% only.

7. There is no inheritance tax on estates of permanent residents.

Some Other Reasons

1. Cyprus boasts of a sunny summer and a mild winter in top of its historical edifices and lovely beaches. Tourism is a flourishing industry for investment. You can rent out your property and make money.

2. You can blend well with the English speaking community of Cyprus.

3. There are frequent flights with cheap fare from U.K to Cyprus by which you will land in Cyprus in a flash.

The Legal Dimension

Non-Cypriots are allowed to buy resale or any property in Cyprus. If you are a non – permanent resident you will need a permission from the Council Of Ministers to transfer the property in your name.

The Expenses

The necessary expenditures you have to make on a resale purchase on top of the value of the property are:

1. Government taxes which diminishes with the increase in property value.

2. The fee of the agent

3. However hidden and unexpected taxes may lurk beneath like the pro-rated land transfer tax and condo fees. You can pay contents insurance and other taxes either in advance or in monthly instalments. It is better for you to have a one-to-one talk with your lawyer to sort out things with absolute clarity

Ask Yourself Some Questions Before the Buy

1. The foremost question is why do you want to buy a property, what is your aim? Is it investment or for holiday purpose? Or do you want to reside there permanently?

2. If you are buying for investment decide the duration of your investment. You need to have a clear idea of your profits both promised and planned.

3. If you are planning to rent out your property to holiday makers conduct a survey as to the probable number of holiday people to whom you will rent out your house.

4. Do not buy a property in a place where there are already numerous villas available to the holidaymakers.

5. Finally if you want your own home in the beautiful country of Cyprus decide what type of abode you want.

Remember, the weight of a colossal decision rests on your shoulders, walk carefully with a sharp and alert mind and conduct a thorough research. Then you are secured to take a plunge in the sunny bliss of Cyprus.

The Pros Of A Property Resale Deal

Buying an old property will consume less time than buying a new property. When you opt for a new property, mostly you buy an off-plan project, which when get implemented comes into existence. There is no huge contractual time gap between a new and an old property but it is only in paper. When you buy an old property, which already exists, you simply chomp through in less time. You can take pleasure in your property faster if you buy an old property.

1. If you want long-term capital growth, the market for old property is quite upbeat in Cyprus.

2. If you want to earn from your property, resale property is best for the intention.

3. You can also go for a leaseback scheme where a rental management company will take care of the household comforts and sometimes food.

4. With a resale property there is another option, a limitless usage of the property. If you can get a property at a prime location, and can market it brilliantly to pull thousands of visitors you can earn good money and fatten your account.

5. Maintenance is an important criterion in the finalization of a property.

6. If you think of maintenance older property will cost less than a new property. The reason behind this difference is the added barrage of high parking, society and other bills that comes along with a new property.

Look Before You Leap

You should keep in mind the following points while buying a resale property:

1. Remember you are venturing into a foreign domain where the economy runs a different way. It is likely that you will not be aware of the right market value of a resale property. So be prude and do not waste your hard earned money paying excessive amount unnecessarily. It will be best for you to take help of a local and reputed realtor.

2. The surrounding territory of your house, the immediate neighbourhood is one of the vital aspects of your resale buy. Inspect the area and see whether it fits your bill or not. Look whether day-to-day amenities like schools, grocery store and transports are available smoothly or not? If you love serenity and calm do not buy a house in a busy traffic area. If the neighbourhood doesn’t suit you have a second thought even when you are getting something at dirt-cheap rate.

3. See whether there are good schools nearby. Then check whether there will be easy access to transport services for your children to reach school. And most importantly investigate about the academic standard of the school, where you want to admit your child.

4. If you have the time and patience a well-kept garden, a clear swimming pool and a well maintained yard is for you. Now if you are one of them who don’t have time or money to keep the garden manicured township housing where the yard maintenance is included is the best option for you. You can do your swimming and exercise bits in the local recreation center.

5. Always try to fit the expense of buying the resale property within your budget. If you go overboard financial crisis may arise in future.

6. Always talk clearly about every aspect of the resale property deal with your lawyer and save yourself from the hidden clutches of unforeseen costs.

7. So be the owner of a home with an old exquisite flavour in the sunlit island of Cyprus. The state will ensure a smooth property resale deal for you.