Buying property in Cyprus is not just about acquiring a new home but also making a profitable investment that can ensure long-term capital growth. A well-developed construction sector, a stable economy, and favorable tax regulations make Cyprus one of the best places to invest in real estate.
However, to ensure a smooth and hassle-free purchasing process, you should consider several key aspects. Here are the five most important tips to minimize risks and ensure transaction security.
The first step to a successful property purchase is proper financial organization. In Cyprus, it is often required to:
Although beautiful photos and brochures may leave a great impression, it is crucial to personally inspect the property before purchase. If buying a newly built property, verifying the documentation is also essential. If you cannot travel to Cyprus, your representative or lawyer can conduct a detailed inspection and provide you with all necessary information, such as:
Additionally, it is advisable to submit a request to the Cyprus Department of Lands and Surveys to check whether the property is subject to any mortgages or claims.
A reservation agreement regulates the obligations of both parties during the preliminary transaction phase. However, in Cyprus, the key document is the Sales Agreement, which must be registered with the Department of Lands and Surveys. This registration protects the buyer’s rights to the property until the title deed is issued.
When signing any document, pay special attention to:
A professional lawyer can help you thoroughly review the contract, introduce necessary amendments, and avoid misunderstandings, ensuring complete transparency in the transaction.
Cyprus has strict real estate regulations, and the market is considered stable and secure. However, it is crucial to ensure that the seller provides a full set of ownership documents, such as:
A thorough review of these documents should be conducted by an independent lawyer. Our office cooperates with experienced legal professionals, allowing us to efficiently coordinate this process. While we do not provide legal advice, we can assist you in finding the right specialists.
Sellers often suggest using their lawyers, but to avoid conflicts of interest, it is highly recommended to hire an independent lawyer who will represent only your interests.
An independent lawyer will:
Buying property in Cyprus is an excellent investment that can become your new home or a source of stable income. Following legal procedures and working with experienced professionals will help you avoid mistakes and successfully complete the transaction.
Etalon Estate Group offers professional assistance in purchasing real estate in Cyprus, specifically for clients from Poland. Our services include:
Contact us today for a consultation and expert assistance.