Real Estate Selling

The banking system in Cyprus closely follows the British pattern. The banks have many branches throughout the island which are efficient, modern and well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also find branches of many international banks at your disposal. Major credit cards, such as those within the Visa and Mastercard networks, are widely accepted in Cyprus.

Transactions and payments are simply made through your foreign deposit account. The Cyprus currency system is based on the decimal system. One Cyprus Pound is divided into 100 cents. Coins range in value from one cent to 50 cents and four bank notes are in circulation: 1, 5, 10 and 20.

Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)

The next step is to appoint an architect to carry out the design. There is an abundance of well qualified architects on the island and many capable technicians as well. We suggest that you appoint an architect for the purpose (not an engineer or technician). Architect fees range from 4%-6% (on the building cost) but you can agree also on a fixed fee. The prevailing fees are 3.8% on the building cost for a complete set of architectural plans and 1.6% for supervision (including the issuing of certificates).

The Block: Try to choose a small block of flats. A five storey building accommodating a maximum of 10 to 15 units is ideal. Large blocks have problems primarily related to their management and lack of privacy. Bear in mind, however, that smaller blocks have a higher common service bill. Try to avoid the buying of flats on blocks with shops on their ground floor, since these are usually the cause of nuisance.

Solar heating is an economic alternative and its adoption is relatively inexpensive, having a payback period of approximately 5 years.If you will have a garden, it is advisable to drill a borehole for watering as the water charges rise more than proportionately with consumption. This will cost around C1,200 for the borehole and the pump, although it will depend on the depth of the borehole. The drilling of a borehole requires a Government permit first.

When the building permit is issued works may begin. Try to avoid variations/changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you. Upon completion of the work your architect must submit drawings (as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit.

Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date.When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives - these are confidential and will not be published or made accessible under any circumstances.

The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. There are, of course, cases where the purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.

French property is basically old French houses that have the wonderful old architecture and style of the past. They are beautiful homes and quite easily found in France. When buying one, though, many new home owners feel the need to modernize them a bit to make them more comfortable for today’s living. They may not meet the standards we have come to expect in a home today, so renovations can help bring them up to those standards. The beauty of these homes makes them popular, but it is possible to retain that design beauty and modernize the home for comfortable living.

Getting a Good Start

Most French properties have not been handled with care. They may be neglected or simply have been abandoned for a long time. That is why renovations are almost always going to be needed upon purchase. The first thing a new home owner should do is contact a contractor or architect that is familiar with French property renovation. This is very important in order to retain the architecture and design of the original property during the renovation process.

A contractor or architect familiar with French property will know what can and can not be done. They will be able to suggest ways to renovate without losing the original look of the home. Additionally, they have likely worked on renovation projects before and can offer a lot of advice and help in the planning of the renovation drills.

When choosing a contractor or architect it is important to choose wisely. They should understand all of the permits and specifics of what will be needed to do the project. They should be very familiar with French property and have experience working with this type of property. He should be registered in France so that he can legally and competently oversee the work. This is easily verified by asking for the France Chamber of Commerce Siret number or a proof of liability insurance that they hold.

Getting into the Renovation

The first step in the renovation should be a compete check of the home. The structure, walls, roof and foundation should be checked. Additionally, the electrical wiring, drainage and septic system should also be checked. Everything needs to be updated according to code. This will also ensure it is safe for living.

Once this initial inspection is complete the new home owner should get a detailed renovation plan and estimate of costs. This is important because renovations can be quite an expensive under taking. It is important to understand exactly how much it will cost because once started, it is difficult to stop without having major issues with the home. It is best to be able to follow through to completion.