When Cyprus entered the fold of the European Union in May 2004, Cyprus real estate property prices have consistently accelerated with increasing financial returns year after year. Cyprus properties for sale are abundant and offer splendid property investment opportunities.
Types of Resale Property Cyprus for Sale
Properties for sale in Cyprus are available in a wide selections and classifications. Property for sale Cyprus include: Houses, Villas, Golf Property, Penthouses, Town Houses, Maisonettes, Apartments and Beach Front.
Apartment properties in Cyprus are a comparatively new feature on the property Cyprus horizon. While considering buying an apartment property in Cyprus, keep in mind the following eight points:
- Building Condition: If the property comprises of a building, ensure that the overall building and grounds are in good condition, well managed and maintained. Take time to evaluate the whole building including stairs, lifts, parking, landings or corridors, building entrances, grounds, gardens and pool.
- Title Deed Cyprus Property: For every property for sale in Cyprus, a legal document of either part or full ownership of the property will be available. Ask your lawyer to check the copy of the title deed.
- Parking Space: If the property Cyprus is an apartment, ensure that the apartment’s dedicated car parking space is clearly detailed in the title deed.
- Apartment Block Size: Smaller apartment blocks make better homes than larger apartment blocks as they offer more privacy and are usually well maintained owing to the tenants taking more care of their property through their housing committee. An apartment block ideally should have no more than 20 apartments, larger apartment blocks being less popular and more difficult to resell.
- Shops in Apartment Blocks: Try to avoid apartment blocks with shops on the ground floor as they can cause much noise, traffic and interference to your peace of mind.
- Common Expenses: These are paid by each tenant living in the apartment building to the apartment block housing committee. These expenses cover: cleaning and maintaining the common areas, communal pool, lift maintenance, common area lighting (electricity costs) and any common area repairs and maintenance.
- How are common expenses allocated in an apartment block? They are normally calculated per square meter of the total living area of each property. This includes covered and uncovered living areas. Therefore, if an apartment has 200m2 covered living area and another apartment has 100m2 covered living area, the 200m2 apartment would be charged twice as much for common expenses per month as the 100m2 apartment.
- Apartment Block Housing Administration Committee. Each apartment block has a voluntary administration committee made up of a small number of residents who manage the accounts, administer the building rules and are available to discuss any matters with each tenant.
North Cyprus Property
North Cyprus properties, especially the property market in Kyrenia, north Cyprus, are booming and are in great demand. If you are interested in investing or purchasing in a north Cyprus property in Kyrenia, you have many options be it villas, apartments, land or any other properties to suit every need of yours.
Popular destinations for Kyrenia region properties include towns and villages such as Kyrenia Town Center, Lapata, Alsancak, Tatlisu, Esentepe and Karşıyaka.