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Pyrgou Vakis: Where Law and Real Estate Meet

Pyrgou Vakis: Where Law and Real Estate Meet

Cyprus has become over the years an attractive destination not only for holidays due to the climate but also for investors, as Cyprus is especially tempting among others, for its location, the high standard of living, the friendly people and the successful scheme of citizenship. EU nationals can purchase real estate in Cyprus without any restrictions, while non-EU nationals are allowed to buy up to around one acre (4,000m²) of land or one house or apartment.

Buyers however must be aware that pitfalls might exist when buying a property and are advised to get an independent legal advice beforehand.

Buyers must always consider the following when searching for a property to buy in Cyprus:

Choose the location where you want to invest. There are many opportunities not only in the coastal areas but also in other areas.
Take your time and research the market, find what is the best property suitable for your needs and what are the market values.
Appoint an independent lawyer. Using the right professionals will save you time and future troubles.

Pyrgou Vakis Law Firm will make all pitfalls easier to navigate and can assist you in addressing all relevant issues:

Research the seller / developer to confirm their good standing.
Research the interested property in the Land Registry in order to find out whether there is multiple ownership and if any charges, memos or other burdens on the property. If a mortgage exists ensure that a waiver is obtained from the mortgagor.
If the property is not covered by a separate title deed, it must be ensured that a separate title deed can be issued in the future and that upon issue of the separate title deed this the property be transferred in your name without any charges or other burdens. The Cyprus government has made moves to protect buyers by enacting new legislations; you must ensure that you will qualify for protection in case, for example, the seller becomes insolvent or bankrupt. There are several issues that need to be addressed to ensure protection.
Ensure that the property is covered by all necessary planning and building permits.
Prepare and negotiate the terms of the sale and purchase agreement, incorporating all proper provisions that will safeguard the rights of the Buyer up to taking possession and ownership of the Property, and beyond.

Being proactive in investing in real estate, will minimise future risks in the enjoyment of your investment.

 

Maria Kyriacou, Lawyer

Contact Number: 22466611 

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