The properties advertised by Villa Sales in Cyprus are located in quiet areas of exceptional natural beauty on the south eastern side of this beautiful Mediterranean island of Cyprus, offering you peace and tranquillity without sacrificing the comforts of modern life. However, in time, it is the intention of Villa Sales in Cyprus to extend the property matchmaker business in Cyprus to include the sale, purchase, rental and exchange of new and resale villas, townhouses, bungalows and apartments in all areas of Southern Cyprus.
Most of the properties offered for sale by Villa Sales in Cyprus are resale properties which, unlike new or off-plan properties, have been lived in and nurtured into comfortable homes by their owners. These properties are very well recommended as investments in Cyprus either for use as permanent residential, rental or holiday homes.
Checklist when buying a property in Cyprus:
√ Fees:
- A Reservation fee of €3,500.00
- Legal fees could be around 7.5% of the purchase price
- Agency fees are paid by the vendor
√ Obtaining a mortgage:
- For Cyprus residents it is possible to arrange a 90% mortgage
- For EU residents minimum amount of deposit is 20% of the purchase
price, and 25 or 30% is not unusual - For residents of non-EU countries, the minimum amount of deposit is
usually 30% of the purchase price - The Repayment term is often as little as 10 years,although up to 15
years is often available - An Arrangement Fee will be charged by the bank. Most charge 0.75% to
1.0% of the amount of the mortgage. It is advisable to check because
they do differ from each other
√ Purchasing the property:
When an offer has been accepted by the vendor, you will be required to pay a reservation fee.
When the reservation fee has been paid the property will be immediately withdrawn from sale. This reservation fee should be paid to the agent or developer, rather than to a private vendor. You will now have up to 28 days to do all your searches and surveys and appoint a lawyer to do the legal checks and prepare and agree a Contract. Your lawyer should check the title to the property to ensure that the property you are buying has a building licence and is free from mortgage.
When you have signed the Contract of Sale, a completion date should be set; this is normally 28 days but can be longer or shorter by agreement. On the day of signing the Sale Contract you will be required to pay your deposit to the vendor. This could be just the reservation fee already paid by you, the buyer. In the case of property under construction, there will be a schedule of payment dates following the usual 30% deposit on signing.
When the title deeds are issued, you will pay Transfer Tax calculated as 3% on first € 85,430.00; 5% on next € 85,430.00 and 8% on the remainder. If buying in joint names, each person pays tax on his/her half share thus reducing the overall tax costs.
Currency: Cyprus and the Euro....
Cyprus has just recently undergone one of the most important changes in its history. On 1st January 2008 Cyprus adopted the Euro, the Single European Currency. The conversion rate between the Euro and the Cyprus Pound was set at CY£ 0.585274 by the ECOFIN Council on 10 July 2007. More than 310 million people in the thirteen EU member states that have adopted the Euro now share the benefits of the single currency.
Travelling and buying goods and services in the Euro area countries is easier, because citizens do not have the hassle of changing currencies every time they cross a border, and are better able to compare prices since they can use their own currency anywhere in the Euro area. Travelling and buying goods and services outside the Euro area is also easier, since the Euro is an international currency and therefore widely accepted in many places outside the Euro area, particularly in tourist destinations. Furthermore, both savers and investors can take advantage of increased opportunities for savings and investment, which emerge in the single financial market of the EU.
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