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You have decided you want to buy a property in Cyprus. You have visited the island a few and you love everything about it. The varied countryside, the lovely people, the relaxed atmosphere…and of course the seemingly endless sunshine!
You want a property there, a place that you can either live or holiday in…but you haven’t a clue how to begin. Exactly how do you research something this important and this potentially costly? Bear in mind that Cyprus is essentially a foreign land, with rules and regulations you may not be acquainted with and perhaps a language that you don’t fully understand.
Well, I always think that the best place to start is with that good old standby, the list! You need to deal with the whole process in a logical and structured way and to have a clear plan to hand. Here are a few suggestions – once you have looked through mine you may want to add a few of your own.
Get a general idea of why you want to purchase in Cyprus – and where. What are you looking to achieve from this purchase? And in which area do you prefer? You may find that this changes once you are shown around but you need to have at least a starting point
Analyse your financial situation. You need to decide EXACTLY how much you want to spend and where the funds are going to come from. Do you have savings, will funds come from the sale or re-mortgage of your UK property or a variety of other sources? Have this clear in your mind right from the start so that you are not tempted to overspend.
You also need to do very careful research into how you are going to be moving your money across to Cyprus – presuming you will need to. Using a currency company can prove a far better option than your high street bank – for a start the exchange rate they give will be far more advantageous. Speak to Smart Currency at 0207 898 0541 about this to get a feel for your options
Research information on Cyprus: get an idea of prices, exactly where you want to buy and the types of properties available. Do you want a new build? Are you up for a renovation project? And then you need to research the buying costs, investment opportunities, the buying process, legal contracts, culture and a bit of the language so that when you actually arrive in Cyprus you have a good working knowledge of what to expect.
How to do this? Well, there are a number of options: you do your research by reading property magazines, going onto the Internet, accessing expat websites, attending property shows, chatting to people who have already done what you want to do…and reading the Cyprus Buying Guide! There is a vast amount of information available if you look for it
Contact the property professionals: It is important that you get a reliable and honest estate agent or developer. The Internet can be very useful here, as can expat websites in the area that you are considering. Contact agents and see how they react: do they reply immediately, do they take time and trouble to help you…?
Always ask for testimonials – ones that you can actually phone and speak to. Once you have a good agent you can then pick their brains. After all, this is their area of expertise: they should know what they are talking about and be able to advise you and make informed suggestions. The OGC team also has a few recommendations – just phone 0207 898 0549 for a chat
Get yourself a good local lawyer, one that speaks English, that is not attached to your estate agent or developer and who has contactable references. They will also be able to give you much information and friendly advice from the outset. A lawyer I met for instance deems it his duty to inform his clients how the buying process works, how to open a mandatory bank account and so on. You can ask the British Consulate for names, but bear in mind that this does not constitute a reference. Again, contact the OGC Resource Team to see if we can assist you here…
Go to Cyprus and have a good look for yourself - and good luck to you.
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