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Moving to Cyprus: A Guide to Buying a Home

Moving to Cyprus is appealing to many Brits who want a new lifestyle in the sunshine. Whilst it may seem just a dream to some, buying property in Southern Cyprus is relatively easy as a European citizen. However it is important to do your homework and research in to the process of buying houses, finding the right property and location suitable for you.

It is important to get independent advice and get it right the first time. Since Cyprus became a part of Europe in 2004 prior restrictions have been relaxed and you can now buy as many properties as you like with no visa restrictions. However, if you are a citizen outside of Europe it is recommended to take specialist advice from an emigration and relocation expert. You may also seek help from your Embassy as the criteria is still quite strict.

In Southern Cyprus, you should allow a minimum of 15% over and above the purchase price to cover your Legal and Land Registry Fees and any other anomalies. There should be no Estate Agency fees for purchasing; if there are, query this as the seller normally pays these fees. Once purchased, properties in Southern Cyprus are often re-valued by the Land Registry Department. This can result in an additional increase in the tax to be paid, so do beware of that. Revaluations can be challenged, but often the legal fees to do this end up costing more than the increase.

While researching the Internet, attending property trade shows and emailing estate agents, remember to investigate what is actually included in the property price versus what gets added on.
When searching for a property you may like to look online to see what is available and for what price. However, it is advisable to spend some time in Southern Cyprus to look around and actually visit properties before you buy them. You may also want more professional help from local estate agents or a relocation expert to help you find the perfect new home.

As international shippers, movers and storers we know the importance of finding the right home, but also how having your personal belongings can really make it feel like home. If you need removals and storage services please call our international department on 01902 714555.

 

 

 

 

September 11th, 2015 | Categories: Cyprus