Relocating – Property (Accommodation, Renting and Buying)

If you are looking through the internet for property, whether to rent or buy, before you move to Cyprus, the advice below will most certainly come in handy, trusted advice via trusted sources.

 

Accommodation

There are many estate agencies which can provide options and support during house-hunting. A list of registered estate agents is available from the Cyprus Real Estate Agents Association, CREAA. The Cyprus Real Estate Agents Association (CREAA) was founded in 1979 representing approximately 195 professional real estate Registered and Licensed brokers/agents with about 2000 salespeople. CREAA is the legal national single association in the country of Cyprus and provides full legal professional services for all real estate   transactions. All the members have a  “Buyers Professional Indemnity Insurance” according to the Cyprus Real Estate Agents Laws 2004-07, in order to protect their buyers.  CREAA ’s primary mission is to advice and protect the property buyers (foreign and local)  , to represent its members at the level of government and to act as a watchdog on national legislation that pertains to the real estate industry.  CREAA has frequently taken a strong stand against the illegal “pirates”  ( cowboy)  estate agents and to defend the public’s right to own and enjoy property and to reduce property taxes.

Buying Property

Buying a property is a popular option, especially for people looking to settle longer-term on the Island. All EU nationals have the right of home ownership. In the case of non-EU nationals, special conditions apply such as being allowed to buy only one property, with the land not exceeding 4,014 square metres. Additionally, the individual should not own any shares in a company that owns immovable property and must not have a criminal record.

If a loan is required for buying a residence, one can contact any commercial bank to discuss loan terms. The deposit usually lies in the range of 20-30% of the purchase price. Stamp duty and transfer fees are also payable by the purchaser of property, the amount of which is calculated on the purchase price. The seller usually bears the commission of the real estate agent.

Renting Property

Cyprus has a surplus of property available for short or medium-term rent. A minority of property is furnished; however rental property is usually provided unfurnished, including only air-conditioning, heating and some kitchen appliances.

It is common practice for a rental contract to be for a period of one or two years, allowing the possibility of renewal. Usually, the equivalent of one month’s rent is required as a deposit together with payment of one month’s rent in advance on signing of the contract. The deposit is refunded when the contract expires, unless there is property damage. The tenant usually bears the cost of utilities, such as water, heating and electricity.

Government Housing Schemes and Grants for Repatriated Refugees

The government operates a Housing Scheme, for those persons who were residents before and up to the time of the Turkish invasion of Cyprus territories, which today are under Turkish occupation. Further information may be obtained from the Ministry of Foreign Affairs.