Buying Villas In Cyprus The Easy Way
Almost everyone would love a place in the sun and the market for holiday property continues to grow unabated. However there are still plenty of horror stories banded around by the media where the dream has turned into a nightmare. So if you are one of the lucky few that are in a position to buy perhaps villas in Cyprus are just what you are looking for. Prices of property on the Island are still considerably lower than those in other parts of Europe like the U.K. and even Spain. However the chances of values remaining low for long are pretty slim to put it mildly. The supply is still unable to service the rising demand despite house values in the U.K. leveling off recently. Apartments and villas in Cyprus are the ideal choice for investors or even private buyers looking for that dream holiday home in the sun.
On the whole, Cyprus developers and property agents are amongst the most professional in the world. Cyprus has a legal system all most identical to that of the U.K. which is a throwback to all the years of British occupation. As with any booming market however there are of course some less scrupulous characters out to make a quick profit for very little effort. They are most likely to be the source of those nightmare house abroad programs that folks find so fascinating and they are thankfully in the minority. Buying villas in Cyprus can be a lot more straight forward if you are armed with some basic information before you start. A little understanding of some of the differences in procedure will help you navigate any possible obstacles that may arise once you start the buying process.
When buying villas in Cyprus you will be expected to pay for your property in stages as the building work progresses. In fact most developers will want 30% of the agreed final price before they even make a start on your house or apartment. The first payment you will make is a deposit or holding fee of around cyp2000 and the 30% is usually due within thirty days of paying that deposit. Buyers of new build or off plan Cyprus villas and apartments should read the contract very carefully because some developers will levy interest charges on any late payments. Once the 30% has been paid work will progress and buyers will be invoiced at various points in the construction such as the completion of the shell, plastering and final finishes. Although this procedure of paying for the house before it is built may seem strange it has worked in Cyprus for many years.
As mentioned already buyers of new apartments and villas in Cyprus should read their contracts very carefully before they sign them. It is probably advisable to have your Cyprus solicitor go over it with you as well because it is the most important document you will sign in connection with your property. This contract serves three main functions and you should satisfy yourself that it is as accurate as possible before you commit to it. The first function of the contract is that it list the specifications and costs of your new property. It will also specifies when payments are to be made, how much and any penalties that the developer is likely to invoke if the payments are not made in full on time. Finally and most importantly it forms a contract between the buyer and the developer citing ownership in the absence of the property title deeds. These deeds can take up to ten years to be issued so the contract is proof of ownership for all brand new villas in Cyprus.
