Cyprus Real Estate Market

Invite a number of tenders from contractors who are reputable. Remember that the lowest tender price is not always the best. Your architect must be in a position to advise you on the selection but bear in mind that contractors are registered depending on their organisational ability and past performance. Ask for the contractor's registration and recommendations from past owners / developers/ architects.

When the building permit is issued works may begin. Try to avoid variations/changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you. Upon completion of the work your architect must submit drawings (as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit.

The direct approach (find out who the owner is of the plot you are interested in and ask him if he wants to sell) may prove to be the best one. Bear in mind that it is the seller who pays for the commission of the agents and not the purchaser and for this reason agents have the owner's interest at heart and not yours.

In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).

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. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.

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