Buying a Property in Cyprus - As safe as Houses
Buying a property in Cyprus is considered a far saferinvestment
than many established Mediterranean markets as well
as most up-and-coming countries in the region.
Thinking
of buying a property in Cyprus? Then this page
is for you.
Whereas traditional overseas real estate markets
such as Spain and, to a certain degree, France
have suffered a certain amount of bad publicity
due to incidents of land-grabbing, building standards
and even access issues, buying a property in Cyprus
is considered to be extremely safe by comparison.
The main reason for this is the fact that the
sale of real estate, planning regulations and
land ownership laws in the Republic are laid out
so as to provide a set of legal safeguards, not
only for locals, but foreign homebuyers as well.
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Property purchases in Cyprus are safeguarded by comprehensive
laws
For starters, there is never a question of the Republic
of Cyprus seeing the kind of land-grabbing scandals which
have caused so much misery in Spain, due to the simple
fact that according to Cypriot law, once you purchase
a property, the land on which it is built belongs to you.
This simple, yet crucial, safeguard ensures that no one,
not even the government is able to annex any part of your
property for any reason.
Furthermore, local zoning laws form another important
aspect of buying a property in Cyprus, since these provide
concrete guidance regarding the percentage of any property
which may be built upon. For instance, if a 1,000 square
metre plot has a 20% build ratio; the maximum floor space
of any property built on it is not allowed to exceed 200
square metres. The same regulations also govern the maximum
number of floors permissible in any given area, thus providing
a vital protection against the construction of concrete
jungle resorts such as may be found in some parts of Spain.
The Cyprus Land Registry Office constitutes another important
component of the many ways in which your rights as a buyer
are protected. Since title deeds may take a few years
to issue on off-plan properties, a copy of the purchase
contracts is deposited with the land registry office,
once these have been signed and exchanged. Until such
time as the title deeds are ready for issue, these contracts
act as proof of ownership in the eyes of Cypriot law.
If, like many prospective British homebuyers, your confidence
in overseas property markets has been shaken by programmes
like ‘House-Trapped in the Sun’, you may wish
to take a closer look at the Republic of Cyprus, since
this country provides a safer alternative compared to
many traditional overseas markets. Contact
us today for more information about any aspect
of Cyprus property law or buying a property in Cyprus.
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