Britons who dream of buying property in Cyprus and going to live and embrace the Cypriot lifestyle will find the island’s property market remains strong even in spite of impressive gains made over the past few years.
With large financial companies such as Citigroup banking on Cyprus as a rising star, property investments made in Cyprus are often considered very solid. When the landscape, history and natural tourism draws of the country are taken into account, the popularity of Cyprus as an investment and retirement location makes a great deal of sense. In this article we look at buying property in Cyprus, the process and purchaser expectations.
If you want to trade rainy London days for life living in the Cypriot sunshine there are some aspects of the property purchase process that need to be examined closely. Additionally, although the long term outlook for the real estate market is quite rosy the short term picture is not so strong. First things first though, the purchase process is a little different and purchases do sometimes come with very strong warnings! The key, many experts say, is finding the right representation in the buying process.
The British government even offers up advice to its citizens who are looking to invest or even retire to Cyprus - some of their property-buying tips that Britons are urged to consider include: -
• Understanding the process. On the surface, buying in Cyprus is similar to doing so in the UK, but there are some differences. For example, title searches are not always standard in the process.
• Hiring legal counsel. Due to the various nuances of buying property in Cyprus, the British government strongly urges its citizens to seek out experienced solicitors to help them through the process. Good legal representation can help safeguard personal interests and ensure a property transfer is handled within the letter of the law. Lawyers who are worth their weight in gold can help make sure property is legally registered to the selling owner, they can also allay fears about property access, availability of utilities, that taxes are handled appropriately and that government proposals do not affect a piece of property in question. For these reasons and more, legal representation is considered vital when buying property in Cyprus.
• Understand the differences between the Republic of Cyprus and the Turkish Republic of Northern Cyprus. The Northern third of the country is highly attractive to many buyers, but there are warnings that come along with buying there which mainly relate to the validity of title deeds etc.
The Cypriot property market has been and remains one of very big interest to Britons and other investors and expatriates from around the world. Taking steps to protect yourself when you buy is strongly urged though - rushing in to a property purchase without making sure every “i” is dotted and every “t” is crossed can lead to problems down the road. Get a good lawyer and ensure they perform their duties properly.
