Financial troubles often signal opportunity for Cyprus property investors. Leaving the financial crisis behind, Cyprus is becoming a popular place for the selling and acquisition of commercial, residential and other property developments. Investors’ interest for buying and developing property in Cyprus is attributed collectively to many factors: Cyprus' location, inherent beauties and attractive climate, the low cost of living, the significant infrastructure, EU membership, low taxation and high returns on property investments. Seaside locations, such as Ayia Napa, Protaras, Paphos, Limassol and Larnaca, have always been very popular for real-estate investments in Cyprus.
Cyprus real estate laws and regulations provide a solid legal framework in land transactions, which is supported by a reliable Land Registry Department. In brief, the transaction relating to the acquisition of Cyprus property requires the approval and signing of a contract of sale, which shall be subsequently registered at the District Land Registry for the purpose of safeguarding the purchaser’s interest for specific performance. A separate title deed shall be issued through the District Land Registry within a certain time frame after the completion and delivery of the construction works, as stipulated in the contract of sale. This process is usually straightforward and is finalised within 1-2 weeks.
Be that as it may, a buyer or a seller is strongly advised to seek the advice of a Cyprus property lawyer on all issues involved in a real property and construction transaction. This advice shall cover the contractual provisions and legalities, the due diligence on the buyer or seller and the property in Cyprus as well as all appropriate actions to safeguard timely delivery and guaranteed return of money in case of default. It shall also extend to tax and estate matters, according to the circumstances of each case.
Harris Kyriakides undertakes with all matters relating to Cyprus property and construction, including litigation and transactions involving commercial and residential property, and advises both individual and corporate clients on all relevant matters.