Properties

Purchase Of Immovable Property in Cyprus

Land is recognized as among the best goods, so its value is continuously growing. Furthermore, land investment is interrelated rich in social and economic status, in addition to, with financial stability and progress. Inflation, the instability from the financial systems and restrictive fiscal policies of advanced economies are some of the primary effects from the recent financial crisis. Therefore, an investment in immovable property becomes highly attractive. Even though there’s a moderation in property values for the short term, land prices have basically proven stable growth over time.

Why purchase immovable property in Cyprus?

The physical location of Cyprus between Europe, Asia, Middle East and Africa combined with well-established legal, communications, banking and accounting infrastructures urge Cypriot and non-Cypriot business owners to purchase immovable property. Cyprus became a member of the EU in 2004 and adopted the euro in 2008, two details that facilitated the purchase and buy of immovable property in Cyprus. Additionally for this, the interest in investment elevated. A principal benefit of the Cyprus legislation may be the protection of possession without discriminations. Quite simply, Cypriot and people from other countries may enjoy all of the legal rights connected with possession of the property with no intervention in the Condition or any other individuals. In addition, Cyprus maintains double taxation agreements using more than 40 countries.

Purchase of Immovable Property Rules:

The Purchase of Land (Specific Performance Law) No. 81(I)/2011 offers the necessary protection to both purchasers and vendors.

Around the one perspective, what the law states provides that the buyer of immovable property may safeguard its interests by submitting a duly placed copy from the contract towards the Cyprus Land Registry within six several weeks in the date of their execution. Consequently, the provisions from the law hamper the seller from transferring the home elsewhere or charging it as being lengthy because the contract applies and legally effective. In situation the vendor doesn’t transfer the home, then your purchaser may affect a legal court to have an to transfer the home into his/her name.

Alternatively perspective, the provisions of section 15 from the law safeguard the seller from the breaches of contract. For example, when the purchaser is late for making a repayment or will not spend the money for purchase cost or any some of it, then your vendor might take legal actions from the purchaser. Prior taking any law suit, the seller must send an itemized notice towards the purchaser asserting when the client does not pay inside a specific period of time, then your vendor will require legal actions from the purchaser.