American buying a house in Cyprus?

[Fantasm]

Hello,
How easy is it for an American citizen to buy a house in Cyprus? I am looking for a home to move into full time.
What areas are good with a large community of English speaking residents, shops, etc?
Is there anything specific I should know or will have to do, being an American?

Thanks!

 

[Veronica]

Hello,
How easy is it for an American citizen to buy a house in Cyprus? I am looking for a home to move into full time.
What areas are good with a large community of English speaking residents, shops, etc?
Is there anything specific I should know or will have to do, being an American?

Thanks!

For permanent residency you will need to apply for a residency permit.
Your embassy should be able to tell you exactly what you need to do.
Buying a property is not a problem.
The Paphos area has a lot of British and other English speaking expats and most shop and restaurant staff etc speak excellent English.
In fact most parts of Southern Cyprus have large numbers of English speaking expats but the Paphos area is greener and more attractive than the Eastern side of island while being less hectic than Limassol.

Feel free to ask any questions about living in Cyprus and we will try answer them if we can.
Also you could go to our sister forum which has a lot of interesting discussions about living in Cyprus.
http://www.expatforum.com/expats/cyprus-expat-forum-expats-living-cyprus/

Kind regards
Veronica

 

[Fantasm]

So I will be able to legally purchase and own a house as an American citizen, I just wont be able to live there for more than 3 months at a time unless I get my yearly valid temporary visa, is that correct?

 

[Veronica]

So I will be able to legally purchase and own a house as an American citizen, I just wont be able to live there for more than 3 months at a time unless I get my yearly valid temporary visa, is that correct?

That is my understanding, although I think that eventually you will be able to get a permanent residency. I don't know how long that takes though.

 

[tampahomes]

My Friend is German. He want to buy a home in Cyprus too.Can anyone tell me which requirement for this?.Please tell soon..
Thanks in advance.

 

[Veronica]

As German citizens are EU citizens there are no problems with them buying property in Cyprus.
If he intends to live here for more than half the year he will need tp apply for residency after 3 months but that is a mere formality.

 

[Paul42]

Make sure you use a reputable Nicosia solicitor (even if you are buying in Paphos) and make sure he actually does the land searches. DO NOT buy a property that does not have it's title deads. This is a major problem in Cyprus as a lot of new builds have had the land re mortgaged by the develper without the buyers knowledge. You could lose your home or be liabe for these debts if the developer defaults.

 

[bazlou]

Don't buy in Cyprus

Hello,
How easy is it for an American citizen to buy a house in Cyprus? I am looking for a home to move into full time.
What areas are good with a large community of English speaking residents, shops, etc?
Is there anything specific I should know or will have to do, being an American?

Thanks!

The BBC recently had a programme on tv telling us of property scams in Cyprus , warning of its dangers etc. there are many sites and blogs warning people not to buy on this island as there is lots of corruption, from the developers , to the local banks, and definitely local lawyers. The issue of tital deeds is a massive problem in Cyprus with some still not getting them after 10 yrs. DO NOT BUY ON THIS ISLAND, PROPERTY PRICES ARE FALLING FOR A REASON ! And it's not the global recession. You will only be buying problems that you cannot sell on.

 

[Veronica]

The BBC recently had a programme on tv telling us of property scams in Cyprus , warning of its dangers etc. there are many sites and blogs warning people not to buy on this island as there is lots of corruption, from the developers , to the local banks, and definitely local lawyers. The issue of tital deeds is a massive problem in Cyprus with some still not getting them after 10 yrs. DO NOT BUY ON THIS ISLAND, PROPERTY PRICES ARE FALLING FOR A REASON ! And it's not the global recession. You will only be buying problems that you cannot sell on.

most of the problems of the past no longer occur as the banks are now more careful about allowing developers to borrow on land where buyers have bought properties, the lawyers are far more diligent in their work as they are afraid to make mistakes which will end up with them being sued.
Title deeds are vital if you need to secure a mortgage or at the very least an AX number which guarantees that title deeds will be issued.
Programmes such as the one on the BBC only show the bad developers but there are far more good ones than bad ones. Incidentally the developers of Paradise Hills were a British company and many of the other problems that have occurred here have been down to British IFAs misselling properties here.

 

[Gammon]

Beware

Hello,
How easy is it for an American citizen to buy a house in Cyprus? I am looking for a home to move into full time.
What areas are good with a large community of English speaking residents, shops, etc?
Is there anything specific I should know or will have to do, being an American?

Thanks!

I would avoid buying at this time as there is a massive glut of property on Cyprus now, and a lot of property with no title deeds, so I would rent for a year or two until the euro gets sorted out, and property is dropping like a stone at this time as well if you go onto Cyprus Property news this will be the best tip you could have TRUST me on this.
Good luck!!

 

[bazlou]

Do not buy in Cyprus.

most of the problems of the past no longer occur as the banks are now more careful about allowing developers to borrow on land where buyers have bought properties, the lawyers are far more diligent in their work as they are afraid to make mistakes which will end up with them being sued.
Title deeds are vital if you need to secure a mortgage or at the very least an AX number which guarantees that title deeds will be issued.
Programmes such as the one on the BBC only show the bad developers but there are far more good ones than bad ones. Incidentally the developers of Paradise Hills were a British company and many of the other problems that have occurred here have been down to British IFAs misselling ' Leading Real Estate Magazine[/url] make sure you go onto this website and see all the scams that are still going on. Click on scams, and you'll see things havnt changed in Cyprus.google Cyprus property news .

 

[Veronica]

I would avoid buying at this time as there is a massive glut of property on Cyprus now, and a lot of property with no title deeds, so I would rent for a year or two until the euro gets sorted out, and property is dropping like a stone at this time as well if you go onto Cyprus Property news this will be the best tip you could have TRUST me on this.
Good luck!!

It is because there is such a glut of property for sale that now is a good time to buy because many vendors will take offers well below the asking price.
More and more properties are now receiving their title deeds and we are always looking for new listings with deeds as there is a demand for these properties now.
In my opinion prices are unlikely to go much lower as the recent confirmation that there is a sizeable find of gas and oil offshore will have a beneficial effect on the Cyprus economy and prices will once again go up. Now is the time to buy if you have cash and are looking for investment.
It is a shame that the only people who tend to post on forums such as this are those who have had bad experiences when in fact there are far far more people who are happy with their purchases. As the saying goes, bad news travels fast, good news dosn't travel at all.

 

[Disillusioned]

I'm horrified that anyone would recommend anyone buy in Cyprus at this time. Only someone with a vested interest would do so.

Do not buy in Cyprus. As has already been said, prices have dropped and ARE STILL DROOPPING like a stone and it will be a long time before they stop dropping, never mind recover.

More title deeds are being issued??????????? What a joke. Most people will still be waiting at least 10 years to legally own what they already paid for.

 

[Veronica]

I'm horrified that anyone would recommend anyone buy in Cyprus at this time. Only someone with a vested interest would do so.

Do not buy in Cyprus. As has already been said, prices have dropped and ARE STILL DROOPPING like a stone and it will be a long time before they stop dropping, never mind recover.

More title deeds are being issued??????????? What a joke. Most people will still be waiting at least 10 years to legally own what they already paid for.

You don't know what you are talking about. Obviously you are one of the people who have been unlucky in your choice of developer so your view is coloured by that fact, but I can assure you that there are many more people who are happy with their purchases than those who are unhappy and no matter you say in your rants I am in the business and KNOW what is going on. Many properties we have on our books are now getting their title deeds and because the number of properties being sold has dropped the backlog in the land registry is slowly being caught up with and many people who have been waiting for their title deeds are now getting them.
Yes there are many people who will wait a long time for their deeds but that is usually because the developers have not finished the complexes so the final certificate cannot be applied for and until that is received the process for the title deeds cannot start.
There are a number of developers that we will NOT recommend to anyone because we know that they are bad where it comes to the title deed situation.
My advice, don't buy anything on a complex that is not completely finished and don't buy a resale without title deeds.

 

[Veronica]

I have deleted your last post as libellous and if you bothered to read some of the thread on this forum you would see that I have actually got myself into trouble with certain developers that you mention in your libelous post because I have told the truth about them.
The fact that we have properties on our website that do not yet have title deeds does not make me a liar. It is simply a matter of giving people a choice but always ADVISING that it is best buy with deeds if possible.

 

[Disillusioned]

My post was not libellous and I knew you'd delete it which is why I copied and posted it to several people and invited them to comment.

I ask again however, are you a licensed estate agent or acting without a license?

I ask again, can you name any British MP or MEP who would recommend a purchase in Cyprus?

I speak as someone who has extensively studied the law and is at present involved in court cases involving the Cyprus government and a lawyer in the British High Courts of Justice.

 

[Disillusioned]

ps. I never called you a liar. That word seems to have miraculously jumped into your own mind. :laugh:

To suggest that I did actually is libel on your behalf.

 

[Veronica]

You said in the post I deleted

'I am not someone who has been unlucky in my choice of developer, I am someone who has just issued a half million pound writ against a lawyer in Cyprus in the British High Court of Justice after thoroughly studying European Law and someone who is in the process of suing the Cyprus government for being unlawfully deprived of my property under the European Convention on Human Rights. '

This proves that you are one of the people who have made errors of judgement in your choice of not only developer but also Lawyer and your bitterness has clouded your mind.
This does not give you the right to make personal attacks on me.
As I said earlier, many of the problems that have occurred in the past are unlikely to occur now as the lawyers are running scared that if they do not do their job thoroughly they leave themselves open to prosecution for failing in their duty.
If a property which a client wants to buy has any problems at all the lawyers will now adise agaisnt buying it. This is how it should have been in the past but they got complacent and often only did a very cursory search and failed to spot potential problems. Also many many people used the developers lawyers which was always a very risky thing to do. Of course the lawyer would do what the developer wanted as they are the ones who were bringing them the clients.
I have ALWAYS advised against using the lawyer recommended by developers but far too many people left their brains at the airport when coming over to buy property. If you were buying a property in the UK would you use the same lawyer as the seller? Of course you wouldn't, so why do people do it when purchasing a propery abroad?
I sympathise with you in that you have found yourself in the postion of having to take court action agaisnt your lawyer but things HAVE changed in that respect.
As for prices still falling, yes there is still a drop in prices where the developers or private vendors were trying to hold onto their overinflated prices and have now come to their senses and realise that if they wish to sell they need to bring their prices down.
There are now some bargains to be had and cash buyers can now get a good deal if they are bold enough to make a low offer.
However for anyone who needs to borrow money in order to buy it is not a good time. The banks are very reluctant to give mortgages even with title deeds and a good income and in the few cases where they do give mortgages the rates are very high.
This of course puts cash buyers in an even stronger position because vendors know that they are few and far between.

Now lets stop sniping at each other and agree to disagree.
We all see things based on our own experiences.

 

[bendybunny]

Listen to Gammon go over rent before you buy, which is quite good advice where ever you are going. Find a place that you like in an area you like. Get a feel for the place.
Remember the title deeds, and for that reason when you decide to buy go for second hand there are some good deals out there and if you have time carry out the research yourself.
Be careful to employ a solicitor that is independent and recommended.
Most of us on this forum learnt by our own mistakes.
Bendybunny