Cyprus is a real goldmine if you are considering property investment. The most appealing of all is the all year round mild climate but you will also appreciate the relaxed way of life, the crystal blue seas, the healthy local dishes, the beautiful surroundings and of course the friendly local residents.
There are daily flights from many UK airports to Cyprus so you will always be able to hop on a flight with little notice. Cyprus is a modern day European country with all the mod cons that you are accustomed to and most of all you can get Sky TV there so you will be able to keep up with whatever soap you are hooked to.
The advantage of buying a property in Cyprus is that you will can use it as a holiday home too as well as being able to let it out for extra rental income over the long mild period, which is about 10 months of the year. Imagine it, you get free holidays, pay the mortgage and money left over after all outgoings are taken into account.
Loans and Mortgages - Local Banks in Cyprus are very open to giving mortgages to foreign investors so it is probably the best option for buying property there. One tip if buying a new build would be to choose the same bank that is financing the new development project.
The alternative would be to use a different bank but this would then include a bank guarantee payment that is equivalent to a 1.5% to 1.8% of the property value annually up until you sign the final deeds.
Legal Procedures When Buying Property - Thankfully the legal system in Cyprus is a virtual copy of the British system and you will soon feel safe when you see how well protected a purchaser is. As a way to protect purchasers, once the sales contract is signed and sealed and the deposit is paid, the Land Registry in Cyprus gives an easy and effective legal instrument known as the 'Specific Performance'.
Through this legal method the purchaser's ownership rights are protected until the deeds are signed by the new owner. The contract cannot be canceled by any party, meaning the property will not able to be mortgaged, sold, leased or transferred. This status can only be altered by the purchasing party.
You will need to find an English Speaking Solicitor to help you with purchasing a new build villa in Cyprus and just try and make sure that they have no conflict of interest in the development project. On average you will have to pay about a 1% of the property value in Solicitor's fees.
Discover these
Cyprus Villa Tips found at
http://www.cyprusinformer.com and check out this
Cyprus Travel Blog written by the illustrious Tim Martins
