Cyprus is the third-largest island in the Mediterranean and one of the most popular tourist destinations in the Mediterranean, attracting over 2.4 million tourists per year.

Tourism occupies a dominant position in the economy of Cyprus. Much of the tourist industry relies on the clean beaches to attract foreign tourists. Recently Cyprus has provided incentives for the development of winter and all year round tourism such as in the form of nature, golf and activity holidays. Marinas and casinos are being considered to add to the tourist attractions of the island.

 

A non-Cypriot is allowed to buy a flat, house or a plot of land not exceeding two donums, 2676 square metres. However, in case there is a special reason and you need more than the law states, permission may be granted.

All the properties for sale in Cyprus are freehold. We believe that Cyprus offers advantages that other destinations cannot offer, making it one of the best areas in the world to buy a villa, apartment or investment property. Properties for Sale in Cyprus can be rented out in a well developed and growing tourist industry in a country which has gained EU Membership.

Once you have choosen your property in Cyprus a reservation fee is paid to hold the property while your solicitor draws up the relevant paperwork and applies for your residency permit if you intend to live on the island. The deposit that is lodged in Cyprus normally is as low as 1%. The parties can negotiate a particular deposit amount -- but, in most instances, the standard deposit is in the amount of 1% of the overall purchase price of the real estate that is being sold.

During this time the contract will be drawn up which will be agreed between the buyer and the vendor - outlining any specific details like furtniture etc. The contract will need to be signed as soon as possible and either a further deposit or full amount will be paid depending upon the agreement between buyer and seller. Once the final payment has been made to the seller, the property then becomes yours.

Non-Cypriots on having signed a purchase agreement for a property, as a formality and routine procedure, are obliged to make an application to the Council of Ministers (COM). The Council of Ministers is the body that grants its approval for a non-Cypriot to transfer a property (title deeds) to his or her name. The entire process may take 5-10 months, however in the meantime there are no restrictions in signing a contract, taking possession of your purchased property, and living in it, as you are the legal owner of the property according to contract law.

The remaining balance due and owing on the overall purchase price will then be due and owing at the time of the execution of the final contract.

 

 

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Properties for Sale in Cyprus are split into the following: