Today: February 20 2019
Despite the fact that recently a lot was said about Cyprus, including negative, it was and remains one of the most popular places for property buyers from Russia. And everything is explained very simply.
There is no problem of a language barrier, since almost the entire population of Cyprus speaks English at a fairly high level. Russian speech here also sounds everywhere. There are Russian radio, newspapers, almost all signs in cities in three languages - Greek, English and Russian. And as the number of Russian-speaking population is increasing rapidly - according to the latest data on the island, there are about 60 thousand permanently, then it is necessary to have at least one Russian-speaking employee in every respectful institution. So in Russian they speak in shops, restaurants, banks and business centers, and even employees of the public sector began to study the Russian language.
An important role is played by the presence of a well-established line of air travel. In the summer time there are several flights a day to the main points of Russia, and the time of flight from Larnaka to the same Moscow is only about three hours. Everyone knows that in large cities it can take as much time to get from one end to the other.
It is absolutely not worth worrying about the place of education for your children. Since there is a huge selection of Greek, English and Russian kindergartens and schools that will provide a decent level of education.
But they buy real estate not only for the purpose of living in Cyprus. As it does not sound surprising at the moment, they are also buying to invest money. Of course, the percentage of these transactions decreased significantly. If before 2008 any real estate was acquired with the expectation of a continuous increase in its value, now it is not necessary to count on it. The rise in property prices has not only stopped long ago, but prices have also fallen significantly.
However, there is such a type of real estate, which will always be beyond any crisis - this is Elite real estate. It can be residential and commercial.
Residential elite real estate Has its own specific criteria:
- Architecture of the house. Everything here is simple - either the house is beautiful and modern, or it looks like a box, not unlike the others.
- The layout of the house or apartment. Small rooms are unlikely to add to the house of elitism, but the presence of extra bathrooms - on the contrary.
- The quality of the exterior finish should be at the level.
- View from the window. If from one window you have a view of the sea, and from another to the mountains, then it's just fine. Much worse, when looking out of the window you rest against the wall of the neighboring house.
Commercial real estate - these are shops, offices, restaurants, bars, hotels, commercial premises.
Elite commercial real estate will also be primarily determined by its location - ie remoteness from the sea and from the center of the city, the lively streets.
The meaning of buying a property for investment is its commercial use. Since, as it was already said earlier, there is no need to count on the increase in prices, and if this happens, it is regarded more as a pleasant bonus. Investors at the moment, in general, are interested in stable, projected income from the delivery of the purchased real estate for rent.
There are two types of real estate rental - short-term and long-term. Therefore, when buying real estate objects should be chosen depending on what kind of rental you prefer to deal with.
Potential clients for short-term rent are visiting tourists. Therefore, the real estate near the sea has more chances for such a lease, in complexes with developed infrastructure. Prices for short-term rent are several times higher than for long-term ones. This is due to the fact that, firstly, the period of delivery of such real estate is limited to the tourist season (6-7 months per year) and secondly to the fact that there are also much more expenses (permanent search of tenants including through real estate agencies, frequent cleaning When changing customers).
With a long lease, the hassle is much less, but the rental prices are much lower. Potential customers are permanent residents of the island. The greatest popularity will be used by studio apartments in the city center, or not far from educational institutions.
When buying real estate in the secondary market, it is worth paying attention to such an important point as the availability of the owner's title.
Of course, the signed purchase contract, which was registered with the District Land Registry Office, already gives you the right to own and dispose of the acquired property. But in the absence of the Title you can not sell or lay the acquired object without the signature of the real owner, which is the person who owns the title at the moment. And it does not matter that this title was issued a hundred years ago and just on a piece of land on which at that time your house was not even planned. You will still need the signature of its owner.
It should also be said that the quality of housing construction on the island is very high, and the absence of the owner's title may indicate that the object was built with any violations of construction norms, or even was built without any permission.
There are other pitfalls. And therefore, to purchase real estate for you is not turned into a nightmare, and was easy and quick, it is worth using the services of lawyers. In the process of object verification and preparation of documents, it is better to trust the specialists, and then you can simply enjoy the acquisition knowing that you will receive exactly what you wanted.
In addition, if the cost of your purchase exceeds € 300.000 euros, then you can expect to receive a permanent residence permit, which is a separate process and nobody can help you better than an experienced law firm officer.