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Q for everyone who have bought real estate on Cyprus

Postby anthony1337 » Tue Jul 07, 2020 1:58 pm

Hello everyone,

i'd like to move to Cyprus and buy a (2 bedroom) apartment there. I'd like to invest 100-140k€ in that regard. The plan is to work remotely there for my current employer in a different EU country (I'm a EU citizen).

My questions are, where would you buy an apartment (or anything that would actually be affordable for that much money)?Personally, Nicosia and Limassol are out of question due to latter being too expensive and former being too far from the sea. I'm leaning the most towards Larnaca and Aiya Napa region. What do you think about those two regions (disclaimer, i'm 28).

How would i go about purchasing real estate there. My plan was to move on the island and rent an appartment short term, check for the ads online, physically check apartments and buy one once i find a good deal. Since i do not know what are the traps in that business - i assume a lawyer would be a must, or? What exactly are things i should be cautious about, with or without a lawyer?
Are there any technical specialties too watch out for with apartments, not to get duped? (I've noticed one was not allowed to throw any toilet paper in the toilet on Cyprus, which was funny and absurd to me)

What mistakes have you done that you wouldn't want to repeat once again with your next purchase?

Thank you for your answers in advance!

Cheers!
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Re: Q for everyone who have bought real estate on Cyprus

Postby miltiades » Tue Jul 07, 2020 3:29 pm

Firstĺy let me welcome you to the forum.
Quality of life here is far superior to most European nations , the UK included.
Secondly let me say that when buying property in Cyprus you must never hand money over without having the deed of the property. No deeds, no money, regardless what a solicitor might say.I have bought 4 properties and sold one.
The last one had deeds but were deposited with a bank. Solicitors adviced me to pay and the bank would then release the deeds. I refused, insisting that exchange takes place same day, I pay., i get deeds.
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Re: Q for everyone who have bought real estate on Cyprus

Postby Get Real! » Tue Jul 07, 2020 3:34 pm

anthony1337 wrote:i'd like to move to Cyprus and buy a (2 bedroom) apartment there. I'd like to invest 100-140k€ in that regard.

A 2-bedroom flat would be more like €250K
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Re: Q for everyone who have bought real estate on Cyprus

Postby CrookedRiverGuy » Tue Jul 07, 2020 5:18 pm

Check your inbox
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Re: Q for everyone who have bought real estate on Cyprus

Postby cyprusgrump » Tue Jul 07, 2020 5:53 pm

anthony1337 wrote:Hello everyone,

i'd like to move to Cyprus and buy a (2 bedroom) apartment there. I'd like to invest 100-140k€ in that regard. The plan is to work remotely there for my current employer in a different EU country (I'm a EU citizen).

My questions are, where would you buy an apartment (or anything that would actually be affordable for that much money)?Personally, Nicosia and Limassol are out of question due to latter being too expensive and former being too far from the sea. I'm leaning the most towards Larnaca and Aiya Napa region. What do you think about those two regions (disclaimer, i'm 28).

How would i go about purchasing real estate there. My plan was to move on the island and rent an appartment short term, check for the ads online, physically check apartments and buy one once i find a good deal. Since i do not know what are the traps in that business - i assume a lawyer would be a must, or? What exactly are things i should be cautious about, with or without a lawyer?
Are there any technical specialties too watch out for with apartments, not to get duped? (I've noticed one was not allowed to throw any toilet paper in the toilet on Cyprus, which was funny and absurd to me)

What mistakes have you done that you wouldn't want to repeat once again with your next purchase?

Thank you for your answers in advance!

Cheers!


I have a splendid 2-bed apartment above my own apartment in Pissouri - available for rent or purchase.... Message me if interested...
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Re: Q for everyone who have bought real estate on Cyprus

Postby anthony1337 » Tue Jul 07, 2020 7:30 pm

Thanks everyone for your replies.

@Get Real!, i'm unsure if you're unfamiliar with prices outside of Limassol or I'm the one who's missing something out on buysellcyprus.com site. You can easily get nice 2-bedroom apartments for 140k there in Larnaca or Famagusta region.

@miltiades, appreciate your advice. Is it a common practice to "scam" people without title deeds on Cyprus or? Definitely good to know. Are title deeds something every apartment has and can be transferable in a short time period?

Cheers!
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Re: Q for everyone who have bought real estate on Cyprus

Postby Maximus » Tue Jul 07, 2020 7:52 pm

No, its not common practice to scam people with property purchases in Cyprus,

Regardless of what anyone says,

However, there are or were a number of trapped buyers that had paid for their property in full but they couldn't get their title deeds. Even though they fulfilled their contractual obligations, there were other obstacles imposed by the bank and property developer failed to transfer the title in to the buyers name.

There was legislation recently imposed to protect such "trapped buyers".

it can take a while to transfer the title deeds in to the buyers name.

Just dont buy anything unless the title deeds are available and there are no encumbrances on the land or property by a third party.. Its as simple as that.

Your lawyer should check this.

if you buy anything off plan, make sure there are penalties in the contract for any delivery delays and dont pay the full price at once.
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Re: Q for everyone who have bought real estate on Cyprus

Postby miltiades » Wed Jul 08, 2020 7:28 am

As Maximus stated it's Not common practice but it does happen.
In the UK it would be unthinkable to part with your money without receipt of title deeds. A transfer of property can be done in a day in most cases you may not require a solicitor. By the way, Cyprus offers a quality of life incomparable to most European nations, however there is no utopia anywhere on the planet. The Cypriots are the friendliest of people you are likely to meet anywhere but they can also be highly motivated by ....fucking money and more fucking money !!
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Re: Q for everyone who have bought real estate on Cyprus

Postby Londonrake » Wed Jul 08, 2020 7:31 am

miltiades wrote:As Maximus stated it's Not common practice but it does happen.
In the UK it would be unthinkable to part with your money without receipt of title deeds. A transfer of property can be done in a day in most cases you may not require a solicitor. By the way, Cyprus offers a quality of life incomparable to most European nations, however there is no utopia anywhere on the planet. The Cypriots are the friendliest of people you are likely to meet anywhere but they can also be highly motivated by ....fucking money and more fucking money !!


Don’t forget the driving...................... and the beards of course. :D :wink:
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