July, 19 2009
Invest in Cyprus Property
With all the gloom and doom of the recession here in the UK - is it any surprise that buying property in Cyprus is still popular? Despite the value of property falling in the UK, the market prices in Cyprus are holding steady and even increasing, making it still a great investment.
Buying property for sale in Cyprus is easy and safe and many of the procedures will be familiar to UK home buyers. Buying off-plan is the most cost effective way to buy; it means that you purchase a Cyprus property on a development some time during the planning and construction phase. Buyers are guaranteed a lower initial purchase price compared to the finished value, with the greatest returns being gained from buying in the early stages. Payment terms are typically a £2000.00 reservation fee to take the property off the market with a 15% to 30% deposit being payable within 30 days of signing the sales contract. Mortgages are becoming slightly easier to obtain now and loans of 70% - 80% LTV are available.
When buying property for sale in Cyprus the deposit paid guarantees the sale price and it also buys that specific plot of land which gives you maximum security on your purchase - the land will be registered against your name and the name of the developer (until completion at this point once you have paid the stamp duty full title is registered in your name) at the land registry and this will be attached to your contract of sale. Other than the deposit there are 2 other costs that are payable upfront. Firstly are the solicitor’s costs, it is strongly suggested that you appoint a lawyer that is independent of the developer so there is no conflict of interest and the contract of sale is drawn up in your best interests. The costs are dependant on purchase price. The other payment that is required up front are for land registry stamps; this is a government charge that is payable for the official stamps on your contract.
Visit the Cyprus page on www.rgpsolutions.co.uk to see many luxury 5 star developments from the leading developers on Cyprus.
Andy RGP Solutions
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