BUYERS TIPS

Over recent years, the Cyprus property market has rapidly expanded with more and more people looking to settle in Cyprus as well as invest in property in Cyprus.  Many people are unaware of just how simple the process of purchasing a property in Cyprus through Cyprus Realtor can be.  We hope the following guide for buying a property in Cyprus will be of use!

PART 1 – STARTING OUT

A.  Am I ready to purchase a home in Cyprus?

If you can answer ‘yes’ to most of these questions, you are ready to begin.

1.  How will I fund the purchase of my Cyprus property?  - Do I have the capital to buy a property in Cyprus outright?

2.  If you require a mortgage – Do I have a steady, reliable source of income?

3.  Do I have few remaining debts?

4.  Do I want to buy in a country with a low cost of living, low crime rate, and with prosperous investment opportunities?

5.  Do I understand the course of action for purchasing a home in Cyprus?

B.  What will you be using you property in Cyprus for? 

Are you moving to Cyprus permanently?  Or do you just want to use you property in Cyprus as a holiday home?  Maybe you are just buying a property in Cyprus for an investment?  Think about your current situation.  How are you going to fund the purchase?  Do you already have the capital to buy, or will you require a mortgage to buy a property in Cyprus?  If you require a mortgage, how much can you afford to repay each month?  (Remember to allow for bills and any communal charges that may apply).  Then you will need to think about what you would like to buy in Cyprus, in terms of property type, location, size of property, age of property, what kind of amenities you would like close by, for example, is the property near to schools? Does it have good transport links?  Are you able to match your needs with your budget?  If not, try looking in up and coming areas, (rather than developed areas) where property bargains are in abundance, thus giving you more a wider selection and therefore more choice.

PART 2 – FINDING THE RIGHT PROPERTY

A.  Lets begin with location. 

Selecting a location that suits you is of vital importance.  Think about your daily lifestyle, and try to select a location that fits this best.  For example, if you are planning to use your property in Cyprus for retirement, you may prefer a quieter location, that is in easy reach of amenities.  If you will need to work in Cyprus, try to select a location that has lots of employment opportunities or good transport links to an area of this kind.  Would you prefer to be inland, or on the coast?  Our Cyprus property advisors at Cyprus Realtor are happy to offer their local knowledge of the various locations in the Paphos district.

B.  Does my preferred location fit my budget and property needs?   

You can easily answer this question by selecting a property search (by map search) on our Cyprus Realtor website. 

• At the top of our home page, click on the blue print ‘map search,’ in the search property section.
• This will give you the option to select one of our areas within the Pafos district.  For example, Polis area, Paphos and suburbs, Petra tou Romiou etc.
• Once you have selected a region, you will be given the opportunity to select all the villages and towns within that region, or narrow it down for a more specific search.  For example, you have selected Paphos and suburbs, but only want to view properties in Kato Pafos.  Or you may wish to view properties in several areas, for example, Coral bay and Peyia.
• Once you have selected your desired area, for example Latchi, press find properties at the bottom of the page.  Then enter your property needs, for example detached 3 bedroom villa, and a search will give you an idea of what your money can buy.  If you are still undecided on location, a more general property search will allow you to compare several areas.  Alternatively, contact one of our Cyprus property advisors, for further advice.

C.  Are there any hidden costs I will need to consider? 

On the homepage of our Cyprus Realtor website, you will find Cyprus property legal information, which lists the costs involved in purchasing a property in Cyprus.  We also have articles about legal property matters.

D.  What should I consider when viewing a home? 

Try to view each home objectively, and if possible keep notes, or even photos so that you can compare each property.  Cyprus Realtor makes every effort to carefully select quality developers.  If you are buying off-plan, you may wish to view previous work of the developer you are considering, to gain an idea of the standard of build.  Ask about the area.  Are there any plans to build other properties which may affect yours, for example in terms of the views you have?  What is the area like at different times of year?  Will this change your opinion of the property?  What are the neighbours like?  If you are buying on a development, what will the annual maintenance costs be?  Is the property right for you?  Does it have enough space (inside and outside)?  Do you like the layout?  Does the property, or will it have title deeds?  If the house is complete, is it structurally sound?  Do the appliances work?  If you are viewing a resale property, do any repairs need to be carried out?  If so, will the seller carry them out?  What is included in the price?  Try to have these kinds of questions in your mind or even written down before viewing, so that you can view each property objectively, and keep track of all the information that you receive.

PART 3 – I’VE FOUND THE RIGHT PROPERTY!

You will need to employ a solicitor, to advise you on property legal matters, and assist you in the process of purchasing your property in Cyprus.  It is also advisable to open a bank account in Cyprus, especially if you are planning to stay for long periods.  This process is similar to that in the UK, and is fairly simple.

PART 4 – WHAT NEXT?

Firstly, you will need to apply for a mortgage.  This can be done through a bank of your choice.  Your solicitor will be able to advise you on what will be best for you.  To apply, you will need the following:

Recent bank statements (over the past 3 months)

Recent utility bills

Passport

Recent pay slips (over the past 3 months)

Proof of any other income

Information on any current long-term debts you may have

The address and description of the property in Cyprus you are purchasing

The sales contract

Your mortgage application usually takes between 1-6 weeks to be considered.

Good Luck!  We hope your search for the right property in Cyprus is both enjoyable and successful.  If you require any further assistance for Cyprus property matters, please do not hesitate to contact us at one of our offices. you can also email us.  We would be delighted to be of assistance!