Guidance for buying a property in Cyprus
How to buy a property in Cyprus and not regret it.
The Cyprus property law sometimes is not such efficient in order to protect 100% the property buyers and that’s an important reason that before buying a property you need to complete some checks to the property registration and legal background.
Starting from the most important where is the property title deed situation. A property in Cyprus can be sold with different title deed condition such as:
a) Title Deed registered on the name of the current owner
b) Title Deed registered on the name of the Developer
c) Title Deed registered on the name of a deceased person
d) Title Deed registered on the current owner but the Bank has the right to repossess it.
e) Title Deed registered on the current owner but someone else put a restriction that blocks the right of the sale. (right of usufruct)
As you understand, there are multiple situation that may affect the property title deed and its crucial to be aware about the exact property title deed condition. We are not saying that the restrictions are not passable, however, it would be ideal to keep in mind the actual situation and the truth. In any case our suggestion is to ask the advice and guidance of an experienced and authorized property consultant like DemPro Real Estate Agents.
One of the main inspection we recommend for the property title deeds in Cyprus is to acquire a recent/updated version of the property title deeds where we can see what kind of notes affect the property. Then we have the opportunity to inquire of an official search certificate from the district land office where confirms any liens (Mortgage, Tax Obligation) where affect the property.
Also, it’s absolutely necessary to make clear that there are not any border disputes that burden the property plot/land boundaries.
Secondly, buying a property in Cyprus you need to be well aware about the property market trend and the current property market trend. In our professional life with long experience in Real Estate Cyprus Industry we met hundreds of disappointed property buyers that was not well informed before they proceed to the purchase of their property. Sometimes the property buyers proceed without having the necessary knowledge and unfortunately they end with the feeling of the disappointed and wronged buyer. The property purchase is one of the most expensive investment in human life and we are extremely sure that a property valuation report must precede the purchase of property to define and clarify the actual market value of the property. DemPro Real Estate has the necessary knowledge, as well is registered and authorized property valuers in Cyprus for providing official property valuations.
Additionally, we can provide a property valuation report by receiving instructions from abroad without the presence of the applicant. Very often we receive property valuation inquiries from potential property buyers where they found a property online or because they found a property at a property exhibition.
Furthermore, a property in Cyprus has different stages till the day that the official title deed will be ready. The procedure starts with the issuing of the building permit and the registration of the architectural plans to the land planning department and continues with the issuing of final construction approval and finally to the issuing of the title deeds. Dempro Real Estate team retains a professional network where consisted of licensed Architects, Civil Engineers and Property Valuers that can ensure the best property inspection results where will answer many essential points such as:
Do you know what you are buying?
Are you sure for what you are buying?
Are you aware about the Risks taking?
What's the relation of the property and Value for money?
How your plan is rated as a property investment?
What alternative options do you have?
What rental return could be generated?
Is it satisfy for my immigration application?
How much time will take to acquire the title deeds on my name?
The questions are many and the risk high if you will not be well informed before paying for buying a property.
Our duty as registered estate agents and property valuers in Cyprus is to share with you are experience and knowledge, and help you to understand any hidden problems, to any undesirable surprises and protect your money.
The questions are many and the risk high if you will not be well informed before paying for buying a property. Our duty as registered estate agents and property valuers in Cyprus is to share with you are experience and knowledge, and help you to understand any hidden problems, prevent you from undesirable surprises and protect your money.
Contact Dempro real estate team on time to establish a shield of protection in your investment plans.
info@dempro.com.cy
Tel. +357 99494090 WhatsApp/Viber/WeChat