What does ‘Property Ownership’ mean in Cyprus and how does it work?
Ownership in Cyprus generally means freehold title-that is “owning property in perpetuity”. Transfer of ownership from vendors to purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a Power of Attorney. In the case of non-Cypriots, a prerequisite of registration is evidence that the buyer has obtained permission from the Council of Ministers. However, this permission is granted more or less as a matter of course to all bona fide purchasers and it especially hassle-free for all EU citizens.
What percentage of a plot may a house be built on?
Ten per cent. Additionally (and subject to these regulations) covered verandas and basements are not calculated in the building factor – i.e. a plot of 2000m2 can have a Villa of slightly more than 200m2 built on it.
What construction guarantees are available?
There is a full 1-year construction guarantee, as it is the industry norm in Cyprus.
Can I have a security system installed at my property?
Yes, but this is an optional feature.
Can I have private telephone, fax and internet lines installed?
Yes. The Cyprus Telecommunication Authority (CYTA) offers telephone and fax installation and services. Broadband Internet access is available at the Resort and access can be secured through CYTA. Internet services are offered through CYTA and other private companies, including Spidernet, Logosnet, Avacom, Thunderworx, Netway and more.
Do properties have enough parking spaces?
Each property has at least one private parking space available.
What are the annual running costs for each type of property?
Annual running costs vary, but as an example an owner of a Villa pays €1,500 per annum in community fees.