Try To Shop Around And Choose A Block In A Good Area

Category: Finance.

Cyprus is the third largest island in the Mediterranean, and for thousands of years a trading centre due to its location within Europe connecting Africa and Asia. Location: In any particular area there are many blocks of flats under construction( this is less true for the Paphos residential areas) .

A leading holiday destination, due to its excellent climate with very warm, dry summers and mild winters with a wide variety of natural beauty, rich culture, famous historical sights, and above all, friendly and welcoming inhabitants, which combine to offer a safe environment for residence and investments. Try to shop around and choose a block in a good area. In case you require air condition ing/ central heating, we suggest that the advice of a qualified electrical and mechanical engineer be sought. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, that a 11, however good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet( not on main roads) and which is close to schools and shops. Fees for this consultant are around 4% for the design and 2% for supervision( on the cost of the works) .Insist on all drawings being ready before inviting tenders. In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings.

It is recommended that a building permit be secured first before works commence, although works such as excavations etc may begin prior to the issue of the building permit. As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t. On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Credit terms on villa/ building site/ land/ cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1- 2 years( at 9% interest on the reducing balance) . Any profit can be exported at the rate of CY 10, 000 per calendar year, plus any interest. Otherwise CGT is levied at 20% on gains in excess of CY 5, 00 There is no Capital Gains Tax where the property was acquired by the importation of foreign currency.

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