Cheap Cyprus Property – Is There Any Such Thing?
Cheap Cyprus property is a holiday home buyers dream come true but if you don’t take care it could turn into a nightmare. In the search for cheap Cyprus property many prospective buyers are starting to look towards the North of the Island. This is due in part to the increasing prices of Cyprus real estate which continues to represent a great investment for personal buyers and investors alike. If you are tempted to consider looking for cheap Cyprus property in the North a little caution may be advisable before you make any important purchasing decisions.
In 1974 the Turkish army invaded Northern Cyprus and claimed it as their own and declaring the Turkish Republic Of Northern Cyprus or T.R.N.C. as it is also known. They have been there ever since despite worldwide condemnation and trade embargoes by many of the U.N. countries. Whilst this article is written without any political bias there are certain problems that exist between the Greek Cypriots and their Turkish neighbors which you should bear in mind before buying a cheap Cyprus property in the North. The only government that recognizes the T.R.N.C. is in fact Turkey so there are certain issues regarding who would actually own your cheap Cyprus property at the outset.
Another problem is infastructure. To put it bluntly there isn’t any! No buses, poor roads and little in the way of public services or utilities. Whilst Northern Cyprus is indeed a lush and beautiful country many Turkish Cypriots live close to the poverty line farming the land to scrape a meager living. So that cheap Cyprus property you are searching for probably does exist in the North but once you buy it your problems may have only just begun. With the “Cyprus problem” remaining unresolved you could find yourself living on land that many Greek Cypriots vehemently contest as being theirs by right. Not a comfortable way to live even if you do save a few thousand pounds and you could arguably face the prospect of losing everything in the future.
But don’t give up on finding cheap Cyprus property in the South because it is still there if you know just where to look for it. If you first get yourself acquainted with how the Cyprus property market “ticks” you will be better armed to negotiate yourself a real bargain overall. The way it works in Cyprus is a little different to other parts of Europe with some striking differences between the U.K. and Cyprus when it comes down to the nitty gritty of paying. In England the developer buys the land and pays the going rate before he lays a brick. Then when a house is finished you pay the full price as agreed and move into your new home.
When you buy your cheap Cyprus property it works slightly differently in two distinct areas. Firstly as a rule of thumb the developers don’t give sellers of the land any money! Bear with me here. They instead build for them several houses depending upon the size of the plot and the deal done ect. On a typical plot of sixty detached villas seven or eight would be built for the land owner and his family to own. With some four bedroom villas being worth over £cy250,000 this practice is turning many a poor Cypriot farmer into an overnight millionaire! The evidence of this new found wealth can be seen in the ever increasing number of luxury cars and glamorous power boats that are becoming the norm for many of these ex farmers.
The other stark difference when purchasing your cheap Cyprus property is how you will be paying for it. Instead of waiting until the property is complete for payment the build is paid for in four stages. Most Cyprus property developers will want a £2000 deposit or reservation fee followed by 25{b2ed3b54c6cb9345f76fcfc3de822373c963a65b7650c57825784f50324f921f} of the total cost within another 30 days. The remainder will usually be required in lumps of 25{b2ed3b54c6cb9345f76fcfc3de822373c963a65b7650c57825784f50324f921f} of the total cost at different stages of the build such as completion of the shell, roofing and final finish. This is a great way for developers in Cyprus to make money because they never have any huge amounts of money laid out not even to thes ellers of the land. All this works in your favor if you are prepared to wait until a development is nearing completion and the developer has unsold houses or apartments. That’s the time to pick up that cheap Cyprus property.