Additional info when buying an apartment in Cyprus

General questions & discussions on Cyprus property related matters
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marathon
Posts: 4
Joined: 18 Aug 2018 12:15

Additional info when buying an apartment in Cyprus

Post by marathon » 18 Aug 2018 12:32

Hello,
First of all, I would like to thank the people behind this website. It is very helpful !

I'm an EU citizen interested in buying a residential apartment in Cyprus, in order to let it for a long term lease.
I would like to understand better:
1. Where to find more about rent laws in Cyprus - in particular: is it a free market or is it government controlled ?
2. What percent does a lawyer usually charge when buying a property?
3. What percent does a real estate agent usually charge?
4. Are there any online resources where selling ads are posted (preferably by locals)?

Thank you in advance !



Nigel Howarth
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Location: Erimi, Limassol, Cyprus
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Re: Additional info when buying an apartment in Cyprus

Post by Nigel Howarth » 19 Aug 2018 10:26

Hi marathon and welcome to the forum.

The rent laws in Cyprus are very pro-tenant, which makes it very difficult to evict non-payers (it can take years).

Generally it's a free market unless the property being rented was completed before 31 December 1999 and it's in a 'rent control area' - I think you're unlikely to run into this issue.

As for lawyers' fees I suggest you get competitive quotes from those on the list provided by the British High Commission in Nicosia. (Currently the Cyprus Bar Association dictates the minimum fees for out-of-court work a lawyer can charge, but this will change in the near future.)

Estate agents charge 5% +VAT - but this expense is paid by the vendor. (Some EAs charge 4% +VAT.)

I guess that most of the ads posted by Cypriots will be in Greek and I don't know of any sites where they advertise. The local press is probably your best source or better still visit the area you're interested in looking out for 'For Sale' signs ('προς πώληση or something similar.) and ask at the local community/municipal office.

Regards


Nigel Howarth
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