If you have lived in Limassol, you’ve probably realized that as a cosmopolitan city, the cost of housing is rather expensive. Due to the high demand for rental housing; it is quite expensive to rent a house. As a result, you may have considered buying a house to save in the long run. If you are a citizen of Cyprus, the Houses for sale in Limassol come with no restrictions for you. Therefore, as a resident, it is quite easy to buy a house, as long as you have money. And Pafilia can help you get decent houses for sale in Limassol.
This does not favor foreigners living and working in Cyprus who are considering the Houses for Sale in Limassol. There are regulations for expatriates dictating terms of purchasing a house in Limassol. As a foreigner, you must submit your application to the Council of Ministers, which takes a while. This is to grant you permission to buy only one house or an acre of land.
The following guide will help you make an informed purchase of that personal or commercial property:
Procure The Services Of A Lawyer For Houses For Sale In Limassol
It is advisable to have a lawyer competent in real estate matters to guide you on the regulations governing the purchase of the property. The process of obtaining permission to buy the Houses for Sale in Limassol is quite long. Especially for foreigners. A lawyer in real estate matters will ease the process and even make it shorter.
When exploring the Houses for Sale in Limassol, your lawyer will also help you prepare the necessary documents for the purchase. The documents for the application are as follows:
- The details of the property you intend to buy.
- Updated Information of the current owner and a contract document for the property
- Your current residence as the buyer and a statement detailing your income streams
Consider The Underlying Factors
Whether you are a citizen or a foreigner in Limassol, there are many aspects surrounding the Houses for Sale in Limassol. Before you take the step to purchase that Apartment, Villa, urban settlement home, or mansion, you should do the following:
- Through your lawyer, make sure that the house does not have any issue regarding the land title or ownership
- Get a neutral entity or bureau to value the property for you so that you get value for what you spend.
- Consider proximity to supplies and utilities such as shopping malls, water, recreational centers, and so on.
- Confirm if there are areas that are damaged or may need renovation; and at how much
Consider The Type Of House You Want
Whether you are buying property for personal or commercial use, there are extra charges that come with the purchase. Houses for Sale in Limassol depend on the location, type of property, and size of the house. Costs such as stamp duties, change of ownership fees and legal fees may inflate your budget further. Therefore, you need to budget for more when considering the Houses for Sale in Limassol. The following is a list of the types of Houses for Sale in Limassol:
Residential Houses for Sale in Limassol
Depending on your budget, there are many options of Houses for Sale in Limassol. There are bungalows, cabins in the woods, old houses for renovation, and furnished apartments on sale. Residential Houses for Sale in Limassol have earned several expatriates Cyprus Citizenship over the years. The catch is that you have to buy a new property priced not less than 300,000 euros. With this, you get a visa for yourself and your family.
Vacation Homes
If you are a frequent traveler to Cyprus, then you may go for vacation Houses for Sale in Limassol. You may get a villa with a pool for that holiday mood, or a beachfront property on the sandy beaches. However, beach houses tend to be more expensive because of the location and the beach experience.
Investment/ Rental Houses
With enough money to invest, you can consider Buy-to-rent Houses for sale in Limassol. With the high demand for properties for rent in Limassol, you could take advantage of the rising value of properties to secure your future. It may cost you more right now, but with time, the value of Houses for Sale in Limassol appreciates. This is a great way for you to accumulate the rental income money for other investment opportunities.
For you to buy a house to rent out, you are first required to pay a 10% deposit of the selling price. You then submit an official contract of the sale of the house to the Lands office of the District. The submission should not go beyond 2 months after signing the contract by the buyer and seller. Once the permission has been granted after confirmation of payment by the government, then you can get the title deed.
Final Thoughts
As a foreign investor or citizen in Cyprus, Houses for Sale in Limassol can be your next big investment. Be it residential, rental, or for vacation, the Houses for Sale in Limassol come with great offers for you to choose from. However, as a buyer, you need to be sure that you will get the best deal; with minimal challenges.
