www-cyprusproperty.co.uk

With over 320 days of Mediterranean sunshine every single year Cyprus has just got to be the be the perfect place to spend your summer holidays. A luxury Cyprus apartment would make the perfect accommodation for couples and families alike who are seeking a carefree holiday without the hassles of staying in an hotel or apartment complex. When you rent a luxury Cyprus apartment your time is yours to enjoy and the only timetable to keep will be your own. Get up in the morning when you want, eat when you like and come in at whatever time suits you. No more set meal times or queuing up for dinner when someone else dictates. A luxury Cyprus apartment gives you the total freedom to come and go just as you like leaving you free to get on with your holiday. Many Cyprus apartments will also have their own exclusive pool area too so you can enjoy a dip whenever you like and you won’t have to get up early to reserve a sun lounger either.

One stark difference when purchasing your cheap Cyprus property is how you will be paying for it. Instead of waiting until the property is complete for payment the build is paid for in four stages. Most Cyprus property developers will want a £2000 deposit or reservation fee followed by 25% of the total cost within another 30 days. The remainder will usually be required in lumps of 25% of the total cost at different stages of the build such as completion of the shell, roofing and final finish. This is a great way for developers in Cyprus to make money because they never have any huge amounts of money laid out not even to thes ellers of the land. All this works in your favor if you are prepared to wait until a development is nearing completion and the developer has unsold houses or apartments. That’s the time to pick up that cheap Cyprus property.

When you buy your cheap Cyprus property it works slightly differently in two distinct areas. Firstly as a rule of thumb the developers don’t give sellers of the land any money! Bear with me here. They instead build for them several houses depending upon the size of the plot and the deal done ect. On a typical plot of sixty detached villas seven or eight would be built for the land owner and his family to own. With some four bedroom villas being worth over £cy250,000 this practice is turning many a poor Cypriot farmer into an overnight millionaire! The evidence of this new found wealth can be seen in the ever increasing number of luxury cars and glamorous power boats that are becoming the norm for many of these ex farmers.

One problem with Northern Cyprus is infastructure. To put it bluntly there isn’t any! No buses, poor roads and little in the way of public services or utilities. Whilst Northern Cyprus is indeed a lush and beautiful country many Turkish Cypriots live close to the poverty line farming the land to scrape a meager living. So that cheap Cyprus property you are searching for probably does exist in the North but once you buy it your problems may have only just begun. With the “Cyprus problem” remaining unresolved you could find yourself living on land that many Greek Cypriots vehemently contest as being theirs by right. Not a comfortable way to live even if you do save a few thousand pounds and you could arguably face the prospect of losing everything in the future. But don’t give up on finding cheap Cyprus property in the South because it is still there if you know just where to look for it. If you first get yourself acquainted with how the Cyprus property market “ticks” you will be better armed to negotiate yourself a real bargain overall. The way it works in Cyprus is a little different to other parts of Europe with some striking differences between the U.K. and Cyprus when it comes down to the nitty gritty of paying. In England the developer buys the land and pays the going rate before he lays a brick. Then when a house is finished you pay the full price as agreed and move into your new home.

In 1974 the Turkish army invaded Northern Cyprus and claimed it as their own and declaring the Turkish Republic Of Northern Cyprus or T.R.N.C. as it is also known. They have been there ever since despite worldwide condemnation and trade embargoes by many of the U.N. countries. Whilst this article is written without any political bias there are certain problems that exist between the Greek Cypriots and their Turkish neighbors which you should bear in mind before buying a cheap Cyprus property in the North. The only government that recognizes the T.R.N.C. is in fact Turkey so there are certain issues regarding who would actually own your cheap Cyprus property at the outset.

Cheap Cyprus property is a holiday home buyers dream come true but if you don’t take care it could turn into a nightmare. In the search for cheap Cyprus property many prospective buyers are starting to look towards the North of the Island. This is due in part to the increasing prices of Cyprus real estate which continues to represent a great investment for personal buyers and investors alike. If you are tempted to consider looking for cheap Cyprus property in the North a little caution may be advisable before you make any important purchasing decisions.

One thing that catches many foreign buyers out a few years down the road is the cost of obtaining their title deeds! Thats right, you will have to pay a property tax based on the original purchase price of your Cyprus property whilst it was under construction. This is based on a sliding scale related to value of the property and at the time of publishing this article was as follows 3% on the first CYP50,000, 5% on the next CYP50,000 followed by 8% on any further amount over CYP100,000. You would be wise to make provision for these “hidden costs” when budgeting for the purchase of any Cyprus property still under construction and even some resale properties too.

Because most Cyprus property construction is carried out on rural or former farming land there is only one deed passed onto the developer. This is the reason why you are unlikely to receive your title deeds until all the properties on the development are completed and all the services ect have been installed. This main purpose of the contract between yourself and the developer of your Cyprus property still under construction is to bridge that gap thus clarifying your rights of ownership. Once seperate title deeds are raised for each individual property they will then override the contract.
There are a couple of important issues you should be aware of however before you dive in and part with your life savings. Firstly, all the properties within a development must remain unaltered until the land office has issued the separate title deeds. In other words any extensions or immovable structures that were not on the original plans before the Cyprus developer started construction of the property could jeopardize the title deeds for every property on the development. This could even include such things as barbecue areas and pergolas with solid cover such as planking or tiles so it’s worth keeping an eye on what your neighbours are up to.

When a contract is raised to purchase Cyprus property under construction by a developer you will need to employ the services of a local solicitor. The good news is that the legal system in Cyprus is very similar to that in the U.K. and most of the lawyers or their staff speak very good English too. You should check your contract carefully and go over anything you are unsure of with your solicitor before you sign it. The contract not only forms an agreement between yourself and the developer as to the full specifications of your Cyprus villa or apartment it also constitutes your right of ownership to the property untill a separate title deed is drawn up.

Despite the disadvantages of having to pay for most of your Cyprus house whilst its still under construction and having never set foot in it this system has worked extremely well in Cyprus for many years. The obvious difference between buying Cyprus property whilst under construction and U.K. property purchase is that you only pay on completion in the U.K. Of course any developer Cypriot or otherwise will require some kind of a deposit or reservation fee. At the time of publishing this article a developer offering Cyprus property under construction would require around £cy2000 to reserve a plot for thirty days after which time the first payment of 25% would become due.