Is there still such a thing as a cheap apartment in Cyprus?

While apartment prices in Cyprus continue to rise, especially the price of the typical one bedroom property, you would expect a cheap apartment in Cyprus to be a thing of the past. The truth is, if you know where to start your Cyprus property search, there are still plenty of Cyprus real estate deals out there for those who are prepared to do a little homework first. The key to any successful major purchase is research, research, and then research some more. So if you’re looking for a cheap apartment in Cyprus, you’ll need all the relevant information before you start.

To be prepared, it is advantageous to have at least a rough idea of ​​how the Cyprus real estate market works and how it differs from other parts of Europe, especially the UK. Although the legal system in Cyprus is very similar to that in the UK, there are some important differences that you should be aware of. If you buy your cheap apartment in Cyprus “off plan” or in a new development, chances are you won’t receive the deeds to your property for several years. Instead, when you buy your cheap Cyprus apartment or luxury villa, the developer will draw up a contract stating that you are the owner of that particular apartment or plot. This contract will also constitute the specifications of your property, including the fixtures and fittings that will be included in the final purchase price.

The reason there are no title deeds for your cheap apartment in Cyprus or even (if you are lucky enough) your luxury villa is that there is initially only one title for all the land on which all the buildings are built. When the Cyprus developer buys the land, it is usually transferred to him as a parcel with a title deed. Once the development is complete, including all road and sidewalk services, government surveyors will compare the actual development to the original plans before finally issuing separate titles for each property. Eventually, that cheap apartment in Cyprus will have its own deeds, but in the meantime, the contract between you and the developer entitles you to the property.

If after buying that cheap apartment in Cyprus you decide to sell it, there is no problem either. The contractor will draw up a new contract between him and his purchaser naming them as the new owners of the property. While this system works great and has for years, there are a few things to keep in mind. The first is that once the title deeds to your cheap apartment or villa in Cyprus are ready to be handed over, taxes are due. This is a percentage of the original purchase price of your property and at the time of writing a £160,000 villa incurs eventual deed tax of around £5,500. Therefore, you should at least get an idea of ​​how much more that cheap apartment in Cyprus will cost you at the end of the day.

Do you also remember that contract we talked about? The one you set up with the developer when you buy your cheap apartment in Cyprus or your luxury villa in Cyprus. Well, if you decide to sell before you’ve received title deeds, the developer will charge you a premium for changing the names on the contract. Many developers are charging a flat rate of £cy3000! to carry out the service of lifting exactly the same contract with the only change being the insertion of a new name. Once again, you should take this into account in any budget before buying your cheap apartment or villa in Cyprus.

While these hidden fees are not always avoided when you start your search for properties in Cyprus, there is nothing illegal about them and they are standard fees. The good news is that if you know about them early on, they could be a great trading tool. You’d be surprised how many people are completely unaware of many of these factors until after they’ve made most of their payments. By then, it’s too late and that cheap apartment in Cyprus isn’t a bargain after all, except for the developer, the real estate agent, and Cyprus, the tax collector. If you do your homework without just diving in, you can still save a considerable amount of your hard-earned money and still choose a cheap apartment in Cyprus.