Investing for the future is inevitable nowadays. Inflation is real and the cost of living keeps on mounting. When trying to save or invest your salary, think about properties with return on investment. And if you dream of living in Europe, consider investing in Cyprus real properties.
Popularly known as the mythical birthplace of the goddess of love and beauty, also called Aphrodite, Cyprus is a sunny island in the Mediterranean Sea. It neighbours with countries such as Turkey and Egypt.
What attracts investors from all over the world is the Cypriot coastline. This coastline is covered by miles of golden sandy beaches, green woods, and crystal clear sea waters. The surrounding towns are lovely and they become temporary homes for more than two-point-four million tourists per year.
Ranging from medieval castles to ancient roman villas, Cyprus possesses a very rich cultural heritage. Furthermore, the country has a few UNESCO Heritage sites and booming economy. Crime late is very low and the country’s real estate market is the best there is.
Being an EU (European Union) member, Cyprus boasts many English-speaking people. Besides, the country was a British colony and English is the main language spoken there. If you can speak English, we, monopolion.com, can offer you instant help. We can help you with property
In addition to determining where to live in Cyprus, you must decide the type of property you intend to buy. So here are your possible choices:
Holiday rental houses are some of the houses we deal with. These houses can be very good in terms of profitability if they are situated in an exceptional area. Moreover, the holiday villa has to look exceptionally beautiful for it to fetch good bucks for the owner.
Prior to purchasing a holiday house in Cyprus, take the time to study the competition in a given area. If you are buying a resale house or an older home, you should come up with a good advertising and promotion plan. But you cannot advertise a house that looks older and tired without planning to fail.
So what you have to do first is to spend a little money to furnish, clean, repair, decorate, and replace broken things. You might do moderate outdoor decorations and then get a professional real state manager to assist you do the rest. Our company can do this work for you. We can pay your telephone charges, water bills, local taxes and maintenance work.
Another imperative advice to those of you who wish to buy a house in tourist places is that you should never let it out for longer than fourteen to eighteen weeks a year. Further, you should note that some developers provide guaranteed rental returns of fifteen percent per annum for the first twenty-four months.
To find properties for sale with a higher return on investment, you have to visit the largest city in Cyprus. It is called Nicosia, an urban centre surrounded by magnificent Kyrenia Mountains. This lively city has existed for more than one thousand years and the remains of her vast history are alive for all to see. Being the country’s capital, Nicosia is the political and financial hub of the nation.
As a result of its status, Nicosia has seen considerable residential property development in the past few years. Boasting direct sea views, most properties have very good return on investment. This is so because prices have been going up in a steady manner over the past five years. Nicosia is a great place to live in, particularly, if you easily embrace new cultures.
Being a city for Greeks and Turkish people, Nicosia has the most delicious seafood and strong black Turkish coffee. If you want to buy properties in Nicosia, allow Monopolion.com to hep you. If you want to get out of the city, then you may want to check the suburbs of Limassol. Just like Nicosia, this area has a high demand for longer term rentals. Although the average weekly rate is usually low, there is no need to worry. The longer rental period expected from tenants of these areas will offset the low weekly rate.
It is not prudent to believe everything you read or hear. There are marketers out there who claim that properties in Cyprus offer extremely high rental income. The truth is that the country is not immune to global inflation and economic downturns. So anyone making extraordinary and outrageous claims about the annual rental proceeds is just not worth listening to.
Cypriot’s properties offer good profits but they are not as high as some marketers want you to believe. Anyone advising you to sell your property prior to receiving its title deed or before the building is fully constructed should be ignored. Do not allow yourself to be cheated as the risk is too big.
As well, choose to work with a company that has a professional sales team that can tell you everything without the fear of losing you. There are many ways to grab your attention, including offering free property inspection flights or low-cost property inspections. Be careful who you deal with as some companies sell pure hype. Monopolion.com is right here to assist you locate properties with good return on investment in Cyprus.
Many people who arrive in this country for fun end up with a house of their own. This comes as no surprise because Cyprus is one of the most beautiful islands in the world. One thing to avoid is property buying mistakes though. The first mistake is buying any asset you come across.
This happens a lot to visitors who do not take adequate time to search for the most appropriate property for their needs. They just arrive in the country, spend a few days exploring its beautiful landscapes and decide that they want to live there. The problem is that some of the properties for sale are too expensive or less profitable than the sellers claim in their adverts.
If you arrive in Cyprus on a tour, do not buy a house in the process. A home is not a souvenir that you can take home with you. It is built permanently on a piece of land in Cyprus. So you want to be completely sure that you want to become a citizen of Cyprus.
The Republic of Cyprus allows you to own a home locally as long as you have a permit to register it. This permit is given by the government through a lawyer. If you wish to buy land, the government puts maximum limit of 4, 014 square meters. If you want to purchase a house to let, the main requirement is being a citizen of the European Union countries.
If you are non-EU citizen you cannot be allowed to let out your property. So it cannot bring you rental income. After your offer is approved, there is usually a requirement to part with 2000 Cyprus pounds. After paying this money, we will have your contract drawn up and then we will let you read it before signing. If you sign it, you will then be asked to pay twenty to thirty percent of the value of the property you are buying.
The remaining amount of money should be paid based on the terms spelt in the contract. After being signed, or within two months of signing, the contract should be submitted to the land registry. The next step expected from a foreign investor is to apply for immovable property to the Council of ministers. What this entails is basically presentation of your criminal records, bank references, size of the land being bought and a statement saying that this is the only property you will own in Cyprus.
The entire process of buying property as a non-Cypriot is rather complex and time consuming. It could take you a year to finish although there will not be restriction on making use of your property. In the rare event that approval is denied, you are allowed to re-apply and you have at least up to seventeen years within which you can sell the house. If the house is not approved, the property could still be given to someone as inheritance.
If your land or building is subject to value added tax or VAT, there will be no transfer fees paid. Any person who buys new real property in this country is liable to pay VAT. It is levied on the purchase price or the current market value of the property being bought. Usual VAT rate is ninety percent, as of January 13th 2014.
As a first time buyer you may be liable to pay a reduced rate of five percent VAT on each acquisition or construction project you begin. This is, particularly, if you buy less than 250 square meters. Additionally, this reduced rate may apply when a person wants to acquire or build a residence for use as a primary and permanent home for the next decade.
If you choose to work with monopolion.com, we will handle the whole buying process we have explained above. The complicated legal matters are part of the service we offer our foreign customers.
It is hard to evict a tenant from your property. This is particularly if you are dealing with a statutory tenant. This sort of tenant was created by the Rent Control Law and was given the power to hold onto first tenancy even if it has expired. Such a property must be within the Rent Control Law’s sphere though.
The statutory tenant cannot be evicted for any other reason except these three: for not paying rent, when the landlord wants to reclaim and use their house, or when the landlord wants to demolish their property and refashion it. Even if the tenant is removed from the property, according to the three reasons above, the Rent Control Court may order the landlord to offer the tenant the right to reoccupy the property after the remodeling project is completed.
What’s more, the court may award damages that are equivalent to nine to eighteen months rent or damages for the lost business goodwill. The above does not apply to all homes built after 1995. The landlord follows the terms of the contract to evict the tenant. If you purchase a property in what are termed as Controlled Areas, you will face the statutory tenant predicament. These are properties in towns, suburbs or rural areas that were built prior to 29th December 1995.
Lucrative properties owned by non-residents (except non-resident females married to residents of Cyprus) and other legal entities they may have are not included in the Rent Control Law of 1983. In other words, these owners do not enjoy the protection offered by this law.
Rental fee increase of up to 14 percent is only allowed after the first tenancy has expired or terminated. This is usually not prior to the end of the first two years from the date of the last application or voluntary increase. If the tenant refuses to increase the fee, the matter can be taken to the Rent Control Courts.
First make sure that there is a real estate company that could manage the property on your behalf. We are definitely the best property management company you can find in this country. We have years of experience in local real estate issues and happen to know where the most lucrative homes for investment are found. We would like you to keep coming back to Cyprus for visiting and investing more of your hard earned dollars. Therefore we handle your money carefully and intelligently to ensure that you recover it after doing an investment.
If you want to purchase a house, call Monopolion.com today. We work with several realtors and all of them have placed their professional profiles on our website. Every real estate agent we have on our site is a totally qualified and dependable professional. Moreover, we have a good customer care team that will listen to you carefully before offering the right advice. Feel free to consult us any time as we are in business to help you adequately.
Simply open our Contact Us page and get in touch with one of our customer service employees. He or she will respond instantly, and set the very first appointment you will have with us. During this meeting you will get a professional advisor who will educate you more about properties that offer good return on investment in this beautiful nation.
Our services go beyond the first appointment and consultation. If you will indeed decide to own a home, we will carry out the necessary legal processes on your behalf. There is no single time you will bother about facing the law on your own, or even the property sellers. You can indeed check our property listings to spot the asset you would love to buy. Prior to buying, we will get in touch with the owners on your behalf and arrange a tour of the property.
All we want to know before going a step further is whether you are fully decided on living in Cyprus for the rest of your life. Alternatively, you could ask us to get you a commercial or a residential property to let. We will be glad to assist you buy the property and manage it for you while you are away in your home country.
As a fully registered real estate company, you can be sure that every service you order from us will be delivered quickly, safely, legally and courteously. Another great thing about our staff is that it cannot let you make a poor investment decision. Our workers listen to you first and then make suggestions based on their real estate knowledge and expertise. If they already know that making a certain step is risky, they will warn you and give you a better solution.