About Buying

Step by step to purchasing property in Cyprus

·         Find ideal property, in the best-suited location, at the right price. Property Direct has the majority of all properties to give you the best selection available

·         Negotiate the price, together with, any discounts, or FREE extras. We will work with you to achieve the very best deal possible with our experienced negotiators and knowledge of what is available in the market place

·         Agree to purchase, place a deposit. The minimum is £1000 (non-refundable) to secure the price and take property off the market.

·         Sign the contract of sale immediately, or.

·         Sign the contract of sale within 30 days if there are amendments to be made after you leave Cyprus

·         Within 60 days the 1^st instalment, typically 25% must be paid.

At this point, a Solicitor will register the property at the Land Registry Office. (we have an in house solicitor that can advise) you fees are typically £400 - £1200) this covers your interests by not allowing the vendor to re-sell, mortgage or refuse to transfer the title deeds your property at a future date. A procedure is called “specific performance”

·         Stamp duty is now payable through the solicitor to the Land Registry Office based on the property value at the rate of;

£1.50 per £1000 from where the property value is £0 - £100,000

£2.00 per £1000 thereafter

·         The property is now yours, providing you complete payments

·         The property can be re-sold from this time on

·         Please NOTE, that a property re-sold before the issue of the title deeds may be eligible to a cancellation fee with the developer if the clause is not removed from the contract.

·         Also NOTE that title deeds can take 3 – 5 years to be issued

·         2^nd 25% payment is due at an agreed time normally at the skeleton stage of construction

·         A further 25% is due at an agreed time

·         The final 25% less the initial deposit will be due upon delivery of your completed property

·         If the property is a Re-sell. A part built or a completed new build, Then alternative payment terms will be agreed between buyer and vendor, with guidance from Property Direct

Extras

Many of the prices quoted for property in Cyprus do not include extras such as.

q       Swimming pool.

q       Air-conditioning.

q       Central heating.

q       Kitchen appliances.

However, with our skills and knowledge these can be negotiated with the developer on your behalf.

Title deed tax

Title deeds can take 3 – 5 years to be issued, so this tax can be deferred.

Joint owners have an advantage in that they each pay according

to the value of each half.

e.g. For property up to £100.000 the transfer fees are

3% on £50.000, for the husband and

3% on £50.000 for the wife a total of 3% or £3000

Rather than the 5% or £5.000 for a single owner.

Annual “immovable property” tax based on the property value in 1980

Common expenses

If you purchase an apartment in within a complex block you will be obliged to pay a general maintenance fee for the common areas ie lighting cleaning left Gardens painting and swimming pool.  The costs vary from development to development and depending on the science of the property.  A two-bedroom flat might cast in the region of £25 per month.

Utilities

Telephone, electricity, and water bills are paid to the appropriate authorities over fixed periods throughout the year

Typical connection costs are;

q       Electricity £75

q       Water £32

q       Telephone £100

The above amounts are the deposits for security reasons only, they are refundable when the services are terminated. As a Property Direct Customer, we will guide you through the connection process.

“Our success is your satisfaction”