Cyprus attracts foreign property buyers due to its pleasant climate, stable economy and favorable living and business conditions. Buying an apartment in Cyprus is an excellent investment, but it is important to take into account certain rules and nuances in order to avoid possible problems. You can always view properties for sale in Cyprus conveniently online.
Preparatory stage
Before you start purchasing property, research the property market in Cyprus. Determine in which region and city you want to purchase real estate. In Limassol and Paphos, for example, prices can differ significantly. It is necessary to estimate the average cost of apartments in the selected region.
It is also necessary to clearly define why you are buying an apartment. For example:
- investment;
- housing for permanent residence;
- for work;
- for relax.
Having determined your main goals, you can make a more correct choice of real estate. Working with a professional realtor will make the process of finding and buying an apartment easier. With the help of experienced realtors, you can quickly find suitable options, negotiate with sellers and prepare all documents. MySpace real estate agency offers the purchase of real estate of any type and purpose.
How to make a purchase?
Before signing any documents, conduct due diligence on the property. It is necessary to check with the seller all the necessary documents for the apartment. It is important to know that the apartment is legally clean and not burdened with debts or other legal problems. If necessary, you should contact a specialized lawyer who specializes in real estate in Cyprus. After choosing an apartment and conducting legal due diligence, you should sign a preliminary purchase and sale agreement. Then a deposit is made, which confirms the seriousness of the buyer’s intentions. If a mortgage is required to purchase an apartment, you must contact the bank to obtain a loan. Cypriot banks offer mortgage loans to foreign citizens on the most attractive and favorable terms. Prepare all necessary documents to apply for a loan.
After paying the deposit and receiving mortgage approval, the main purchase and sale agreement is signed. This agreement must be certified by a notary and registered with the Cyprus Land Department.
