Before purchasing property anywhere in Cyprus you are strongly advised to seek qualified legal advice from a source that is independent from the seller.
Property issues are closely linked to the political situation. There are a number of potential practical, financial and legal implications, particularly for those considering buying property in the north. These relate to the non-recognition of the “Turkish Republic of Northern Cyprus”, the suspension of EU law in northern Cyprus, the possible consequences for property of a future settlement, and the many thousands of claims to ownership from people displaced in 1974. There is also a risk that purchasers would face legal proceedings in the courts of the Republic of Cyprus, as well as attempts to enforce judgments from the courts of the Republic of Cyprus elsewhere in the EU, including the UK.
Separately, potential purchasers should also ensure that they are fully aware of the specific rules imposed by the administration on foreigners purchasing property in the north including the requirement to obtain consent to the transfer of property.
Time share and property salespersons tout for business in Cyprus, especially in the Paphos area. You should read the fine print very carefully and seek legal advice before signing any kind of contract. Under Cyprus law, purchasers of time shares are entitled to a 15-day “cooling off” period during which they should receive a full refund of any money paid if they change their mind.
Source: www.fco.gov.uk
Major Property Developers
- Leptos Estates – www.leptosestates.com
- Aristo Developers – www.aristodevelopers.com
- Cybarco – www.cybarco.com
- Hassapis Developers – www.hassapis.net
- Pafilia Developers – www.pafilia.com
- Nice Day Developments – www.niceday.com.cy
- Prospecta Development – www.prospectadevelopment.com
