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Buying Building Land and Plots in Cyprus

With homebuyers continuing to shun large-scale developments, one sector of the property market has received a boost, as more buyers are now focusing on plots of land in Cyprus.

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Land and Plots in Cyprus are now widely seen as the safest Investment

 
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Over the past few years the Cypriot property market has suffered from the global economic downturn, a couple of high-profile legal cases against a tiny minority of shoddy or unethical property developers, and growing concerns about the availablility of title deeds for foreign homebuyers.

As a result, the number of buyers purchasing off-plan properties in Cyprus has dropped substantially, especially those buying holiday homes within the massive seaside villa and apartment complexes which have been the staples of the Cypriot construction industry in recent years.

 

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Instead, a great many buyers are now opting for the purchase of building plots

Bringing with it none of the concerns caused by the title deed backlog seen in larger housing developments, the purchase of a tract of land, or a building plot in Cyprus is now perceived by most buyers as not only the safest, but the also the most potentially profitable means of acquiring a property in the Republic.

Zoning laws separating residential from agricultural land are straight forward, as are building regulations in most municipalities. What's more, the majority of ready-made plots in Cyprus are already sold complete with an in-principle building permit.

 

Seafront Plot along Chrysochous Bay east of Polis

Panoramic Building Plot near Kinousa in Western Cyprus

 

By and large, building plots, and especially larger tracts of agricultural land (at least those zoned with a 10% build density) offer a number of distinct advantages when compared to buying a ready-built home, or an off-plan property.

For starters, there's the privacy factor. Many agricultural tracts sold for building purposes tend to run between 3,000 and 6,000 square metres in size, so there's an awful lot of elbow room, even after a four hundred square metre house is sited on them. Then there's the fact that the having your own villa custom-designed and built offers a unique opportunity to own the perfect home for you.

Indeed, during the latter half of 2010, quite a few of our clients opted for the purchase of building land instead of a high end off-plan property, as the custom-design process involves a similar timeframe to buying off-plan, but obviously affords much greater scope to create the ideal living space.

And lastly, there's the investment angle.

The simple fact is that a piece of building land, or a plot, bought in the right place still has tremendous medium and long-term investment potential.

Despite the current economic climate, Cyprus' leisure and domestic infrastructure is in for some major improvements during the coming five to ten years. Further Golf resorts are being constructed, no matter what nay-sayers may claim, as is at least one of the new marinas (Limassol). On top of this, the long-proposed Paphos/Polis motorway will begin its construction phase shortly. Its completion will, of course, hail an end to the lengthy travel times experienced by visitors to Polis and the surrounding agrotourism region.

 

Hillside Building Land on the coastal slopes above Pomos

And, unlike the wild claims made about the fictional 'Oroklini Golf Course' or the scores of marinas supposedly being constructed all along the coasts of Cyprus, the above examples are real and verified. They are also just a minuscule part of what's really going on in the Republic.

Just wait until Cyprus holds the E.U. Presidency during the first half of 2012...

In conclusion then, 2011 is something of a transition year, when an increasing number of informed homebuyers and investors will be casting their eye towards Aphrodite's Isle, with a view of snapping up a bargain, or securing a prime investment plot in Cyprus.

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Title Deeds in Cyprus

During the past year or thereabouts, there's been quite a bit of talk about the Cyprus Title Deeds issue, with many so-called experts claiming that deeds to properties are practicly impossible to secure in many cases.

But despite the general concern about the Cypriot Land Registry' s lengthy backlog in processing new ownership documents, the fact is and remains that Cyprus is still one of the safes places in Europe to buy real estate, just so long as the buyer employs the services of a decent, independent solicitor who does his or her job properly when handling the purchase.
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Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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Important Information about Cyprus' Title Deeds Issue