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Buying process

The Cypriot real estate market is currently enjoying a very healthy and stable growth rate. Due to the high investment potential of local real estate, the island has become very attractive to investors interested in residential and commercial properties. Kaleide Property Group is a true expert in Cyprus real estate. If you decide to make an investment in real estate but don’t know where to begin, our company’s specialists will help you. They know how to handle all the nuances and will arrange the purchase in accordance to local laws and regulations.

Step 1 — Select

Buying anything in real estate begins with the careful selection of the property, taking all the purchaser’s needs and wants into account. Some prefer to buy real estate in order to establish a permanent base, whilst others want the perfect beachfront house to enjoy the summer months in with their family. For others, the transaction is done in order to acquire Cypriot citizenship and obtaining a residence permit, whilst a few only view the transaction as a profitable investment.

Then there are other things to take into consideration: location, type of property (house, villa or apartment), and price. We strongly advise all investors to carefully consider the following when looking to purchase a property:

  • Budget: what is your top limit?
  • Area: where is it that you want to live? Be decisive, even if you have a few locations in mind;
  • Location: city centre, suburbs, rural areas or beach-side? Do you want mountain or sea views? How close do you want to be from the beach?
  • Property type: apartments, townhouses, penthouse, villa, duplex, bungalow, studio or commercial real estate;
  • Property layout: how big do you want it? How many bedrooms and bathrooms?
  • Proximity to facilities and services: availability of shops, cafes and restaurants within walking distance, proximity to schools, kindergartens, transportation hubs and airports;
  • Stage: new build, off-plan, pre-owned

Choosing your ideal property can be difficult. However, our specialists are on hand to assist you come to the right decision based on your requirements. Once you have come to a decision, you have two options:

Option 1 — a self-search for real estate in our catalogue. If you decide not to take advantage of the help of our specialists, you can independently search for property on our website, whose easy navigation facilities allow you to select offers by type of real estate, size, price and location. Each property has a description and photos. If you see anything you like, you can bookmark them using the ‘Favourites’ feature.

Option 2 — the help of Kaleide Property Group managers Kaleide Property Group specialists are ready to help you navigate a number of options. Contact us by phone, listed under ‘Contacts’, or by email. We will answer all your questions. Request a call back or email us in the online chat to get detailed information about the property you are interested in. Our consultants have extensive experience in the field of Cyprus real estate. We will help you not only to determine the property, but also to issue the necessary documents.

Regardless of the option chosen, the next step will be a tour of the property itself, during which, you will be able to personally inspect all properties of interest to you, accompanied by a representative of our company.

Step 2 — Study Tour

The tour allows you to see all your favourite properties. We advise that you book a hotel or arrange short-term rental for your visit after you have arranged your visitor visa to Cyprus.

It is possible for visitors to enter Cyprus with a Schengen visa, although certain conditions are in place. For citizens of Russia and Ukraine must visit at least one other country on this visa. Citizens of other countries must obtain a tourist or guest visa.

Step 3 — making a preliminary agreement

After the tour and the choice of the property, you can proceed to further stages in the purchase — a preliminary contract. This makes it possible to reserve a property for up to 1.5 months. You must also put down a deposit of 1-2% based on the value of the property. Whilst the registration of the contract is conducted, the legality of the purchase is checked and the final conditions are agreed. All this must be conducted by a licensed lawyer.

Step 4 — Opening an Account in a Cypriot Bank

You must open a bank account in a Cypriot bank in order to make payments to the seller. You must also have an account in case a mortgage is required. In order to open a Cypriot bank account, a licensed lawyer must be employed, or a representative of the Kaleide Property Group.

Step 5 - execution of a sales contract

This is the final stage of the transaction. The signing of the contract is possible after paying stamp duty and paying at least 30% of the price of the property. The lawyer will then apply to the Council of Ministers of Cyprus to obtain permission to purchase real estate by a third-country citizen. This requirement is outlined in the Law on the Acquisition of Property by Foreigners (Chapter 109). The application is submitted to the district office of the Council of Ministers of the district to which the property relates.

Usually the application is a mere formality. If you are buying property in Cyprus for the first time and your name does not appear on Interpol’s lists, there should be no problems.

Step 6 — Document Registration

The concluded transaction on the acquisition of real estate must be registered in the district land department. The deadline for submission of documents to the department for inclusion in the register of ownership is two months from the date of signing the contract. This requirement is explained by the protection of the interests of the buyer. Registration is a guarantee against the resale, lease or mortgage of real estate without his knowledge. Registration documents confirm ownership until an individual Title Deed certificate is issued. The application procedure takes place in the Land Chamber. Documents for registration are collected and filed by a lawyer.

Step 7 — Completion of Settlements

When buying property, you can pay the seller directly by transferring money to their account after the approval of the VAT exemption. At this stage, the buyer takes possession of the property and receives the keys of a completed property. If the property is still under construction, it is better to transfer payments to the seller in stages. In such cases, it is recommended to use the ESCROW system, which is well known to all Cypriot lawyers.

Step 8 — Getting the Title of the Owner

If a new property is acquired that does not yet have a Title Deed, the ownership is confirmed by the purchase and sale agreement registered in the land department. The process of Title Deed is a fairly long bureaucratic procedure that takes from 1 to 3 years. But it is precisely a thorough check by the state authorities that allows confirming compliance with the norms of all aspects related to construction. A Title Deed is a reliable guarantee of your property rights.

The duration of the paperwork largely depends on the developer. The reason is simple: a responsible developer will not waste time, and, while waiting for a response from one of the departments, they will deal with the documentation for submission to the next government agency. The application for registration of Title Deed on behalf of the buyer shall be filed by a lawyer.

Kaleide Property Group is well versed in the bureaucratic mechanisms of public services. We guarantee the design of Title Deed as soon as possible. It should be noted that the state structures of Cyprus seek to translate the entire document management in electronic format. In the near future, this will also affect Title Deed clearance procedures, which will inevitably lead to a reduction in waiting times.

Step 9 — Establishing a New Life

After taxes on the transfer of ownership have been paid, the procedure for purchasing real estate can be considered completed.

Now begins the most interesting stage — arrangement. Kaleide Property Group specialists are ready to share their experience and knowledge in this area so that you can enjoy ownership of the property.

If you have any questions about purchasing property in Cyprus, please contact our company representatives. We will be happy to help with the selection of a suitable object and the design of the necessary documentation.