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Useful Tips
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Best investment -
Properties on or near the beach. Demand for properties on or close
to the beach, is very high, therefore yielding both high resale
values and high rental return.
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EU, VAT and increase
in demand & prices - After EU accession, most restrictions to
foreigner buyers were lifted and Cyprus is no longer just another
tourist destination. It’s becoming the home, work place, business
destination, retirement place for more than half a billion people
coming from all over Europe. All these are already increasing demand
for properties in Cyprus. But what else could push up the prices
even more? VAT is definitely another factor. Cyprus has a
transitional period until 2008 before imposing VAT on land but
buyers of houses, flats, e.t.c will have to pay a 15% VAT on
developments approved after May 1st 2004. What does this mean?
Prices will increase gradually, at least by 50 % by 2008.
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Checkpoints when
buying property - Location / Building & other restrictions (for
land) / Facilities provided (c/h, a/c, s/pool, etc) / Quality of
construction / Reliability of seller / After sales support / Extra
Costs (extras not included in selling price could increase the price
up to 50% or even more).
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Cancellation fees
- Selling a new property before receiving the title deed means that
you have to pay a cancellation fee to the seller. Try to minimize or
eliminate this from the beginning.
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Specific performance
- If you don't register your buying contract within 60 days you
are not fully covered by the law and the seller could take advantage
(mortgage) your property.
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Current price Vs
Selling potential - Very important factor to consider, since at
some point you might want to sell. Buying cheap does not always mean
a good investment.
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Financing & Currency
Exchange Facilities - This could make a significant difference
on the final cost of your property. We offer various long term
payment schemes at favorable terms to assist its purchasers.
Furthermore, Currency Exchange assistance is also available at the
lowest cost.
Our professional &
experience consultants will guide you through the process in order to
avoid all the traps
before and after property purchase. |
