Finance William Marind on 06 Feb 2008
Andreotis Apartments Cyprus Secrets
There is an increasing tendency by the local and the foreign market (in particular the British market) to acquire old village houses which are subsequently improved/converted into modern residences.Before the “craze” of village cottages started, there were some real bargains for this nature of property. Nowadays cottages of character and colour are relatively expensive and they may amount, together with the repair improvement bills, in excess of what a new villa of the same size would cost.
2.3 Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.
Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice.
The seashore protection zone is independent of the town planning zones. It is a zone which extends from the sea and it usually (but not always) has a width of approximately 300 feet. Within this zone no building can be allowed, even a small hut, ice cream shed or a swimming pool. When there are ancient monuments close to your plot, be careful to examine whether the Director of Antiquities has any objections to a building project. If a plot of land is classified as an ancient monument area, the Director’s approval must first be sought.
Cyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. It is expected that in the run-up to becoming a member of “the club”, prices of property for sale in Cyprus will continue to rise at an estimated growth rate of around 20% per annum.The climate of Cyprus makes the island one of the healthiest places in the world. With 340 days of bright sunshine annually.