Once our clients have made a decision for the purchase of a property, CSN DEMETRIOU DEVELOPERS LTD then delivers comprehensive customer support to ensure that every part of the buying process runs smoothly. Our experienced teams can provide assistance with property ownership, architectural design, tax planning, international asset management citizenship, as well as give a range of financial and legal advice, including specially tailored financial plans, investment proposals, and well-informed advice to provide the best possible outcome for our clients’ purchase.
Cyprus has proved to be an increasingly popular destination by foreigners for the acquisition of real estate for a plethora of reasons.
The island of Cyprus has always been considered to be one of the top property destinations by foreign buyers. Despite the recent economic downturn that Cyprus had experienced as a result of the global economic recession, there is still a very strong interest for the real estate sector, especially from the Russian market, Middle East and Asia. The continuing demand for property by foreigners is attributed to many factors, including the relatively low cost of living, the high quality of lifestyle, the favorable policy to obtain a permanent residence through the acquisition of real estate and the fact that Cyprus is one of the top destinations for retirement.
In addition, the unique hospitality of the local population, the attractive climate, the increasingly important role of safety (Cyprus is one of the safest countries in Europe with crime at a very low level) and security, have all played an important role. Demand and market activity has caused local property values to show a steady and at times sharp appreciation, but this trend has now a slower pace.
Buying Cyprus property as an investment
Local property values have shown a steady upward movement over the years and properties, especially beach front properties, have shown a considerable appreciation. Relative to equivalent property found in other Mediterranean and Southern European countries, local property is believed to offer good value for money and the island’s increasing popularity by the international market further supports this.
The legal system is Cyprus is largely based on the British equivalent and safeguards the purchaser’s rights in many ways. For the purchaser’s protection, once the agreement of property sale has been signed and a deposit paid, the Land Registry in Cyprus provides a simple and effective legal instrument called the “Specific Performance”. This procedure protects the purchaser’s ownership rights until the title deeds are issued and transferred to their name. The contract in the hands of the Land Registry cannot be withdrawn by anyone; and therefore the property cannot be leased, sold, transferred or mortgaged. This status can only be altered by the purchaser himself.