Cyprus Property Market

Cyprus enjoys a remarkably low crime rate 1/6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are required to have a work permit.

The transfer of the title can be effective once the Council of Ministers' permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

The annual immovable property tax imposed by the government is approximately CY60-120 per year. The municipal authorities also levy an annual property tax of CY20-30 per year and other authorities may also require CY20-40 sewage tax. Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property.They cover an owner's share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs. The estimated total is in the region of CY150 to CY300 per year.

Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.

Check whether your neighbours keep any animals in their yard since if they do the smell may be unbearable. Check also the distance from the town, the access, whether there is a telephone service, the nearest doctor, the frequency of the local post etc. Bear in mind that the cottage may be eligible for an improvement grant from the Government, if it is of historic interest. Your architect can advise you on this.

Article Source: http://www.search4allinfo.com

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