Cyprus real estate is on high demand from wealthy Russians. Buying your own home is a profitable investment into a secure future. Thanks to such acquisition, passive income can be obtained on year-round base by property rent, as well as to take into consideration a simplified procedure for obtaining a residence permit or a passport of the Republic of Cyprus. Buying a house in a prestigious area of the southernmost city of Limassol, you will get the opportunity for a comfortable life and work. The mild climate, the proximity of the Mediterranean, the natural diversity and richness of cultural heritage have made Cyprus a favorite destinations for many Russians.
To purchase real estate (Cyprus, Limassol) with the profit and do not regret about your choice, study some features of local legislation and the real estate market. This article will help you to understand these subtleties, and in case if you need a more detailed consultation, you can always contact to to P.L. Property Gallery Developers & Constructors Ltd. specialists for assistance.
House types in Cyprus
Real Estate in Cyprus (Limassol) has a wide variety. Among the ads you can find different names for the properties, which can make an unprepared person confused in terms. So, to understand what specific type of property in Limassol is worth looking for, we recommend you to understand the key differences between each type of the presented property.
House in Cyprus
This is a common term that refers to a capital building, separated from the other buildings. The offered in Limassol houses have a different level of livability. As a rule, these property have 3 bedrooms, a living room, a kitchen, a private courtyard from 600 to 1000 sq.m , as well as parking for 1-2 cars. Standard house in Cyprus is suitable for a small family year-round living. If you plan to stay here only for the summer, we recommend to choose buildings with the installed photovoltic panels. Appereance of them will help to reduce the electricity bills for the electricity, consumed by air conditioners during the hot summers in Limassol. For year-round living in Cyprus, it is worth to install an underfloor heating system, double glazed windows, water heating equipment. Those will maintain comfort living in the house even in winter.
Villa in Limassol
This type of property in Cyprus belongs to the premium category. Elite real estate (Limassol) is represented by well-maintained houses with an increased area and an extensive adjoining territory. Such housing, as a rule, has individual decoration, in the courtyard there are a terrace and a swimming pool (or a place for it is provided), and parking is designed for 3-4 cars. In order that a villa or house will fully belongs to the premium real estate sector, this property must be located in a prestigious area of Limassol, on the costal line. Another difference between the elite real estate of Cyprus is that- these properties can be located without reference to the architectural ensemble of a particular estate. Those favorably difference such houses from economy class cottages.
Bungalow in Cyprus
This category of real estate includes small one-story houses in Cyprus. Sometimes small buildings are called bungalows for living exclusively in the summer season. Such houses in Limassol are inexpensive and well suited for comfortable accommodation of a small family or couple at a respectable age.
What to consider when buying a house in Limassol (Cyprus)?
Selling real estate (Limassol) requires a deep knowledge of various nuances, buying a home can also become a difficult task if you do not get the support from professional realtors and lawyers in a timely manner. When you are viewing ads from developers and owners, remember that many of them incorrectly indicate the type of a property in order to attract more attention with a spectacular headline. For example, some sellers may call an ordinary Cyprus economy house a comfortable villa in Limassol. In order not to fall for a tricky trick, carefully study the parameters of the property, and also pay attention to the following features.
- Legal cleanliness of the house in Limassol. Direct evidence that the property is not limited with anything is the presence of a Title Deed.
- The history of the property. Knowing the whole background of a particular property will help to avoid unforeseen difficulties in the future. This is especially true for resale houses in Limassol or other cities in Cyprus.
- Neighbors. A respectable relationship will help brighten up a measured and carefree life in Cyprus. However, securing the support from neighbors are especially important if you are buying a house in Limassol for seasonal living only. Owners of nearby houses can keep an eye on your real estate during your absence in Cyprus.
As more particulars and details you learn before buying a house in Limassol, the more successful and profitable your investment will be. Therefore, before concluding a deal, take the time to meet in person with the owner, carefully examine all the accompanying documentation and get to know your future neighbors.
How to calculate the cost of buying a house in Limassol (Cyprus)?
To assess the profitability of investment in real estate in Cyprus, you need to consider not only the market value of the property you like, but also the costs associated with the property maintenance. If you buy a house in Limassol outside the guarded residential complex, you will have to take care for ensuring safety and proper care during your absence. Cleaning services and site security are extremely common in Cyprus. In Limassol, a full-fledged home care by third-party companies will cost about 2-3 thousand euros per year. You can also entrust this work to P.L. Property Gallery Developers & Constructors Ltd. We will take over the real estate management o in Limassol or in any other area of Cyprus and will take care of your home during your absence.Another important cost item to consider when you buying a property are taxes. According to the current Cyprus legislation, when you purchase a house in Limassol, you obliged to pay property transfer tax and stamp duty. Along with this, there is VAT, which might be already taken into the value of the property. When you buy your first property in Limassol or any other area of Cyprus, you can get a 5% discount on this tax, as well as partial compensation for the purchasing furniture and amenities. In addition, there is an annual municipal tax and a property owner's tax.
What are the benefits from purchasing a house in Limassol?
The most obvious advantage of owning Cyprus property is the possibility of renting out. However, the owning of a house in Limassol opens up favorable prospects for obtaining a residence permit or a passport of a citizen of the Republic. The latter allows you to freely visit 157 countries without losing Russian citizenship. To get a permanent residence or passport in just few months, you need to buy Cyprus property in Limassol or another city at a price from 500 thousand euros.
Buying a house in Limassol (Cyprus) stages
The purchase of standard or luxury real estate in Limassol is a serious and responsible step. During the way of a your dream realization, you will have to go through many stages, from the quality of which depends your financial security and the legal problems absence guarantee.
Purchasing property in Cyprus is based on the following algorithm:
- Choosing the right home in Limassol.
- Personal inspection of the selected property, collecting additional information.
- Drafting house in Limassol purchasing contract.
- Opening a Bank account in Cyprus.
- Registration of the final version of the contract of sale for a house in Limassol.
- Conducting residual settlements.
- House in Limassol ownership registration with the confirmation document receiving.
To ensure that each of these steps is completed quickly, accurately and without errors, seek the professional help of P.L. Property Gallery Developers & Constructors Ltd. Our company is one of the largest developers in Cyprus and knows all the intricacies of working with local real estate.
