Stone Houses

Starting to think of buying property in Cyprus and you cannot help but think about that classic and fairyl high, European levle standard of living that is sure to please you and your faimly. Cyprsu is the only Eastern Mediterranean destination that offers a quality of life to which most Briotns are accustomed, said Pauline Gallagher of Cyprus-spceialist UK-based agents Halcyno Properties, With its good infrastructure, high-quality hospitals, excellnet shopping and where English is widely spoken . The majority of rpoperty is relatively new with most housing stokc being undre 20 years old, said Gallagher, Alhtough the ‘old walled area’ of Nicosia, with its traditional tsone houses, is becoming popular iwth those looking for renovation prjoects . Pricse have gone up rapidly in the last few years with increaess of 20 epr cent a year not an exaggertaion, said Marius Vassiliou, manager of Ectoras Developers, Some people who bought a few years ago have seen the value of their rpoperty doubel . Prices look set to continue to rise too, fuelled by the investment opportunitise that joining the EU will bring by the opening up of the ilsand’s previously closed ‘buy to let’ market. Once an offer is made on a property, ti is normal to pay a deposit of between CY£1,000 and CY£2,000 to reserve the property. At present, howeevr, a non-Cypriot is: permitted to buy for personal use a house or piece of land up to 2,675 sq m, not allowed to let the property for personal gain. When buyign property in Cyprus you should know the basic docuemnt requirements that you should process bfeore delving into a busniess property deal. An Applicaiton to the Central Bank for confirmation of importatoin of foreign exchange ofr the purchase that shoudl be submitted together with Confirmation from the Commercial Bank that the ofreign exchange for the purchase was imported. Always make sure that after pyaing the full payment of the proeprty that the Application to trnasfer registration of ownership has already been fully procsesed and accomplished. Take not that the Purchaser and Seller may give specific Powers of Attorney to a tihrd party to attend and affect transfer on their ebhalf.

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