Property investment solutions Limassol, Cyprus in 2024: The CDA Group has been existing since 2009 and is one of the major players in the Cyprus real estate market. In 2010, we established Cyprus Developers Alliance, an entity that promotes and sells properties of the developers who are members of the Alliance. There are currently 43 developers within the Alliance and our portfolio comprises more than 9,000 properties from all the regions of Cyprus and market segments. After the sales volumes of our Alliance amounted to significant sums, we, having reliable and comprehensive information about the structure of supply and demand in the real estate market, the preferences of the buyers, as well as having amassed a vast experience, launched our own development projects. See extra details on https://cyprus-alliance.com/property-for-sale/apartments.
Execution of Property Sales Transaction – Property acquisition in Cyprus as well as in any other country is a certain legal procedure that shall be observed by all the parties concerned. You will be able to find detailed information on legal aspects of the transaction on the page Legal Issues. In case you wish to make use of a mortgage credit, a Cyprus bank becomes a participant of the process. You will have to prepare a set of documents and draft them appropriately. We will offer you assistance in this. Information on mortgage is available on the page Mortgage & Credit. Information on taxes and duties arising due to property acquisition in Cyprus is available оn pages VAT and Other taxes.
In case you purchase a new immovable property then, as a rule, it still has no Title Deed. To date the process of issuing Title Deed for property is a prolonged bureaucratic procedure lasting 1-3 years. Nevertheless this very prolonged and thorough governmental inspection of validity of all the aspects related to construction makes Title Deed a document that irrevocably guarantees your ownership rights. Normally an application for obtaining a permit from the Council of Ministers is submitted right upon signing and depositing a contract of sale.
Here is an example. Suppose a developer has built an apartment house having obtained a credit from a bank to the amount of euro 500 thousand. A customer purchases one of the apartments amounting to euro 200 thousand from the developer. The bank calculates whatever share of the developer’s debt falls on this apartment as per the approved formula. Suppose this value comprises euro 40 thousand. The customer pays the apartment value in the following way – he/she transfers 160 thousand to the developer and 40 thousand to the bank. In response the bank prepares a document (that is called a waiver – assignment of claim) that implies that the bank does not have any claims related to this apartment. This document shall be issued prior or simultaneously with contract depositing.
Cyprus banks offer quite loyal terms for obtaining a mortgage to property purchasers provided certain conditions are met. In recent years one of such conditions is that a borrower should have income in EUR, USD or in any other hard currency. The mortgage rate is usually 3.5%-4% per annum. The collateral to obtain mortgage for property acquisition in Cyprus is the very property to be purchased. To obtain mortgage you are definitely required to submit evidence of your ability to repay it to the banks.
The immigration legislation is currently extremely liberal. Provided that you are purchasing property exceeding €300,000 you can obtain a permanent lifelong residence permit in the EU. Term of obtaining residence permit – 2 months maximum. Significant reserves of natural gas have been found and confirmed in the Mediterranean offshore in economic area of the Republic of Cyprus. Its production on an industrial scale is planned for 2022-2023. The revenue of the production considering the small size of Cyprus will make it a truly prosperous country and will lead to an increase in property prices. See even more details on https://cyprus-alliance.com/.