Larnaca is one of the prime locations in Cyprus to buy properties. The time is now since the real estate market in Larnaca is proliferating. However, to have a secure investment, it is necessary to know how to buy properties in Larnaca legally and financially.
In this article, we will go through important information when it comes to buying properties in Larnaca.
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1. Finding the Property in Larnaca
When it comes to buying properties in general, the first step is the most important: finding the most suitable and secure property to buy. The first fundamental two factors that matter the most are the followings:
- The location of the property: The location is king. When you buy a property in a strategic location, you benefit from the lifestyle in that location, but also, your property value of the investment grows in time.
- The developer who built the property: By choosing the right and trustable developer, you can assure that the build quality of your property is high and you won’t be facing any issues in the future. In addition, the correct developer should always offer fair market prices and never overcharge you.
If you are looking to buy properties in Larnaca, then below are our projects built with the highest quality and at the most strategic locations in Larnaca:
2. Visiting the Property in Larnaca Either In-Person or Virtually
When you have a list of chosen properties to buy in Larnaca, it is time to perform your viewings. The viewing is scheduled and performed on-site with the developer, however, in post-pandemic times, pioneer developers can also offer a virtual tour of their properties for you to view the property remotely.
When viewing the properties, have a goal in mind of what you are looking for. Do not hesitate to ask questions and take your time to experience the property thoroughly.
3. Choose a Property in Larnaca
Once you are finished viewing the properties in Larnaca, then it is time to select one to pursue. That one property should feel suitable for you and your family. The property should give a clear image of you and your family living in it.
4. Reserve Your Chosen Property
Since most of the properties for sale in Larnaca are within the open market, it is vital that you reserve that property by a reservation fee. With your reservation, the developer will take the property off the open market and reserve it for you.
When reserving your property, you and the developer will sign a reservation agreement with all the terms and conditions stated.
If you feel that you need legal advice when signing this reservation, it is good to reach out to a lawyer in Larnaca and ask for help.
5. Proceed with Your Purchase
The purchasing procedure in Cyprus is simple and straightforward. Here are the steps to take to complete your purchase following the reservation of your chosen property:
A Sales Agreement noting all particulars of the property transaction is signed between you and the developer. This agreement can be registered by the Department of Lands and Surveys to secure ownership for you.
Whilst your property is under construction, stage payments will be requested by the developer as each of the various construction stages is completed. These are noted and followed as per the Sales Agreement until the completion and delivery date of the property.
The following once-off transactional costs, over and above the purchase price of the property, should be considered by you as a buyer:
- Value Added Tax (V.A.T.): 5% of the property value as a first time buyer in Cyprus as long as the dwelling is used as the principal and permanent residence, 19% for all other cases.
- Stamp Duty: 0.15-0.20% of the property value
- Sales Agreement deposit: €50 – flat
- Legal Fees (optional)
- Foreign exchange costs (if applicable)
Once your property is completed and ready for delivery, the developer will notify you accordingly.
6. Take Delivery of Your Property in Larnaca
Once all of the above steps are done and the property is completed, you are ready to take delivery of your property. By receiving the keys to your property and all the remaining documents, now you are the legal owner of your property. You can now continue decorating your flat/house with your desired furniture and make it your home.
Suppose you are thinking of buying properties in Larnaca, then you are looking at a unique opportunity. You can read about our other articles with our blog section about why Larnaca is a great city to purchase properties right now.