Minden Real Estate

Business Updates for the Real Estate Industry

Investing In Property In Cyprus

Taking into account such factors as the level of foreign investment climate, the ratings on the Internet, the data show that in 2008 in Cyprus can expect a 20% increase. You can expect the growth of tourism – it's good news for investors who go to the real estate market. Sizes of rental income, made Cyprus a popular place for investment. Cyprus – an eu member and accession to the eu has already contributed to rising real estate prices. Cyprus combines the best Quality – 320 sunny days per year, beaches, infrastructure, banking system and low crime rate. Rules for acquiring property in Cyprus. Now citizens and other foreigners have the right to buy property without restrictions. Lifted restrictions on the size of land.

The procedure of purchase is simple. The entire process can take an English speech. The procedure is as follows: you pay a 4000 euro reserves. After making allowance property withdrawn from sale. At your choice, buying property can be engaged or lawyer or company-builder. Lawyer paid by the buyer on their own.

You make the down payment and sign the contract. More must obtain confirmation from the Department of landholdings. This document will be issued after verification of property titles. After receiving confirmation of the Department, you should open a bank account. To do this you must apply to the bank and get permission to open an account. In the next step should be to pay the stamp duty for the legalization of property. If you pay for an object by yourself, then you are making a Developer installments on the expiry of the construction. Issued permit is a small and a formal procedure. It will cost 360 euros per contract. Three years later, you will be issued a certificate of ownership. In this case you pay a registration fee for a permanent certificate. A foreigner to get a loan in Cyprus is easy. Loans are granted under the approximately 6% per annum. To obtain a loan, the necessary documents: Photocopy the applicant's passport. Help on the balance of the account. Information about the property. Proof of income of the applicant. A copy of the payment order by the first payment. Payment of loans can be sold for several schemes: Scheme 1. The first 5 years interest only monthly payment for a loan. Scheme 2. Monthly payment of interest only. The loan amount is paid in a free manner. Scheme 3. Payment of the loan begins next month, with grace period for two years. Expenses of sale: attorney's fees – 1% of the site. Stamp duty – a one-time fee – 0.15%. Registration Fee (Title Deeds) – paid a lump sum – 3% – 8%.