PURCHASING property in Cyprus can involve a number of pitfalls. Potential purchasers are advised to exercise extreme caution when buying property, especially if the title deed is not readily available, which is a common scenario when purchasing new property in Cyprus.
Many EU and non-EU high-net-worth individuals seek to acquire property in Cyprus through the citizenship-by-investment programme or a residency-by-investment application.
This update outlines the top 10 pitfalls to avoid when buying property in Cyprus and how to ensure that property purchases move forward smoothly and efficiently.
Not appointing a property lawyer
Appointing a lawyer who specialises in property is of paramount importance. The biggest mistake that can be made is signing a purchase contract presented by a developer (an all-too-common occurrence). Such contracts are unlikely to protect the buyer and are generally heavily biased in the developer’s favour.
Further, buyers must be wary of lawyers acting for vendors or builders and who are therefore not independent. This is the equivalent to not appointing a lawyer.
A reliable lawyer who is proficient in the purchaser’s language and independent of the other parties involved in the transaction is the most important consideration when buying property in Cyprus. A good lawyer makes these potential pitfalls easier to navigate. In short, property is a major investment and should not be undertaken without engaging a specialised property lawyer.