BUY Real Estate in Cyprus: Everything You Need to Know!
Вставка
- Опубліковано 16 чер 2024
- How to buy real estate and properties in Cyprus. Everything you need to know about how to purchase land, houses and flats.
For serious inquiries, contact me here: cyprus@ricardogorski.com
Chapters:
0:00 Intro
1:32 Buying vs. Renting
2:22 How expensive or cheap are properties in Cyprus?
4:17 Residency by Property Investment
7:35 Hidden Costs
11:20 Common Mistakes
15:20 Step by Step Buying Process
17:52 Buying Real Estate for Non-EU People
We regularly buy and sell properties in Cyprus, and so I learned a lot of interesting tips and tricks along the way.
From buying a cheap studio or apartment to buying luxurious seafront villas for millions. I've seen everything, and so I do have a lot of experience about the real estate market in Cyprus.
It's very interesting to see the change of the property market and especially the growing property prices. Just a few years ago, the prices were much different than now, and there is no sight of slowdown.
Also, I'm briefly talking about the residency and citizenship options with real estate investments here in Cyprus. Very interesting for Non EU foreigners, and more on that topic in other videos!
However, of course there are risks when buying a property in Cyprus, and I will talk about them too, as well as the common mistakes, a lot of people do.
Watch this video until the end so that you are ready for your property purchase without wasting time, or losing money.
Contact me here:
Website: ricardogorski.com/cyprus
Insta: @ricardogorski
Songs: Sappheiros - Falling, Sappheiros - Embrace
Very good video, a lot of information! Thank you.
Wow! Amazing video!
Yes, I prefer longer videos. There is more depth in the information.
Thanks for the feedback! Amazing to have such a responsive audience.
Very informative, thank you!
Thank you for the comment! Glad to hear that. I tried to add as much information as possible, but still keep it interesting.😊
Please don't listen to this quack. He has no legal profession nor is he certified with property law nor a qualified Conveyancer what so ever. He stated he has only done 'General University Entrance Qualification'. Cyprus has very strict laws on scammers who make such outrages claims about their profession in property. Cyprus property scams are not only nationally known but globally well known. People get scammed with property scams all the time in Cyprus. Go to someone who is actually qualified in property law and certified Conveyancing, but definitely not this ego maniac of a clown
Thank you so much for this informative video!! I was waiting for you to make a video like this. I hope to move this year, and I'm going to follow your tips :)
Happy to hear that! Many people wanted a video about real estate, interesting! :) All the best for your move.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
Man, just what I was waiting for! Great video! Yes, try to make them longer with a lot of relevant information based on your knowledge and experience.
Amazing to hear that, Rony! Yes, I wanted to do this video for a long time, now I finally did it.😊
@@Rico Keep them coming!
Please don't listen to this quack. He has no legal profession nor is he certified with property law nor a qualified Conveyancer what so ever. He stated he has only done 'General University Entrance Qualification'. Cyprus has very strict laws on scammers who make such outrages claims about their profession in property. Cyprus property scams are not only nationally known but globally well known. People get scammed with property scams all the time in Cyprus. Go to someone who is actually qualified in property law and certified Conveyancing, but definitely not this ego maniac of a clown
Your cool! Thx for the information!
Thanks, you too! :)
great information thankyou, we`re moving out this year probably going to rent so looking for your insights into doing this and anything you can let us know about resident permits.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
I’d rather prefer these long videos with lots of information coz they are clearer and pretty informative for those who are planning to be up to date with any changes made on getting permanent residency by investment.
Hey Rico …
please make a video on health insurance in Cyprus if you can help … will help people planning to move their families to Cyprus
Thanks for making this video Rico! As I in the middle of buying a second hand property in Cyprus, worth mentioning that on second hand property, you are exempt from VAT.
You're welcome, thanks for your comment! Yes, I didn't mention any specific tax exemptions, as it can be individual to the property, but second hand properties are VAT exempt most of the time, because the government got the VAT off the first purchase. True!🙂
Do you know from your experience, who is usually paying for the communal fee? Is it the renter or the owner of the property. Is it custom to work the communal fee into the rent price?
@@ArieSchwartzman Depends absolutely on the landlord. Some include it into the rent price, some don't.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
Thank you so much for such a great video !!! Is rental cars would be available in the city and airports on Cypress? Is American driving license is ok to drive on Cypres? how much is overage communities fees on 2 bedroom condos and other expences? What kind of problem you have with Internet there? How often are earthquiks?
Very good video, we exactly are searching for property, so very helpful video, in time!
Hey! Thanks for your comment, hope all is well. Great to hear that! Will you stay in Paphos?
@@Rico Thank you! All is ok! Yes, in Paphos. And, somebody told once, before to buy property, live there at least 12 month, walk around each day, check houses, people, e.t.c. that`s what we do with pleasure now :) walking every day!
@@Dream4Design That was a good tip. If you still like it after 12 months, you'll like it probably forever. :) I'm sure once it gets more warm again, we will see each other again!
Hey Rico, I see you have our polish hustlers blood right? Great to hear you do well there
Of course.😎 Dziekuje my friend!
Hey Rico, I like your channel about Cyprus. Can you make video about "how to find property for sale" maybe some internet page or phone app with local Cyprus estate.
Hey, thank you very much, Paul. Great idea! Noted.
Hi Rico! I’m an avid follower. I wanted to ask, with the reservation fee would this come off of the 20 percent deposit/down payment for a loan ? Therefore theoretically only owing 15 percent afterwards.
If you're willing to get a car, looking at the mountains is very cheap compared to the cities, and it's like 15 mins to half an hour by car to drive to most cities. Like you can get a modern 3 bedroom house with a pool (240sm) for 210k in like Lania for instance, there's an alpha mega and sigma bakery 5 minute drive up the road in Trimikli, so it's not like you out of the way for daily necessities.
Agree! The more far away the location is from the city centre, the cheaper the property usually is. A Locations like Limassol are the most expensive locations though.
In the mountains is totally remote and boring.
There is fk all to do..
Hey Rico. I was revelry told This below as I’m looking to purchase a property property does not have deeds, it is being sold with an assignment agreement which legally assigns you the right as they buyer and you are 100% safeguarded. So do you even need title dress in this case?
Ricardo, maybe worth to mention the tax clearance certificate, required to the seller to formalize the purchase and transfer the title deeds. Is it usually smooth or somehow problematic? How long does it take to get it? Thanks for all the wonderful content you create!!
Really good insight, I'm currently waiting on a permanent job offer to relocate me and my family to Cyprus in the summer. I will be looking to buy but only have around 200k upfront, so I may need a mortgage to buy what I want. But hope this is the reality very soon.
Good video to know what it's like to live in cyprus 👍
Hey, that sounds like a great plan, all the best to you and if you need assistance, feel free to reach out to me!🙂
@Rico Go goal is to on the side do some property renovating as I've done to my uk homes current property went from 210k to 380k after renovation in only 6 years.
I'm electrical qualified but multi skilled and do all domestic installations and general building work .
@@twistedstrapgive me a job in Cyprus as I'm a plumber and heating engineer. Looking to get out of grey UK. Prefer the sun and sea any day😊
The prices are definitely at an inflated level, but so are they world wide as RE is a big part of the Everything Bubble. RE tends to lag behind other asset classes.
The yield right now on apartments in Pafos is quite terrible on average, even for short-term rentals. I have bought a few and was looking to buy more but it makes no sense with a yield
Great comment. Agree, a while ago finding a 10% yield property was very easy, especially with short term rentals. Now it became harder, but comparing it to Germany, the deals here are definitely more lucrative. Especially because rentals are rising so strong. You gave me some good ideas to discuss in future videos.😊
"as you can now park your cash in treasuries / banks for a "risk-free" return of 5%"
Bullshit, name one bank that offers a 5% return right now
nice
Thanks!
i would be interested in knowing more about the north of cyprus
Thank you for the video. Do you recommend buying commercial property in Cyprus?
And for an owner, how or where would you recommend they sell their commercial property in Cyprus? The market seems very immature.
Hey Andy, the market is definitely immature, I agree on that. But that also means there is a lot of potential here. Whether I recommend commercial properties, or not, depends on the business. I personally like the hotel business a lot, but this a very big investment of course.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
Hi nico I am from Cyprus due to mass of patrol sauced in ocean prices we go up and up
I believe Larnaca is up and coming, it could overtake Limassol in the future. Larnaca interests me and I like Larnaca
Great video and information Rico. I’m from England, and Myself and my wife are looking to move to the Paphos area this year. It would be great if you could put us in contact with an independent property advisor. 👍
Hey guys, nice to meet you. Many people from England contact me at the moment. In fact, my main audience is the UK. Interesting! Yes, if you're about to move here, shoot me a mail to cyprus @ ricardogorski . com
Please don't listen to this quack. He has no legal profession nor is he certified with property law nor a qualified Conveyancer what so ever. He stated he has only done 'General University Entrance Qualification'. Cyprus has very strict laws on scammers who make such outrages claims about their profession in property. Cyprus property scams are not only nationally known but globally well known. People get scammed with property scams all the time in Cyprus. Go to someone who is actually qualified in property law and certified Conveyancing, but definitely not this ego maniac of a clown
I assume you are talking about buying in main towns - because there are many propertys with much land for under 100 in south Cyprus.
Please don't listen to this quack. He has no legal profession nor is he certified with property law nor a qualified Conveyancer what so ever. He stated he has only done 'General University Entrance Qualification'. Cyprus has very strict laws on scammers who make such outrages claims about their profession in property. Cyprus property scams are not only nationally known but globally well known. People get scammed with property scams all the time in Cyprus. Go to someone who is actually qualified in property law and certified Conveyancing, but definitely not this ego maniac of a clown
Why get a huge house for €3M, when you can get a studio in Monaco for the same price? No-brainer.
I will go to Paphos!
Smart money: Keep the expenses low incl. the house/flat
I would like to hear about North Cyprus properties.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
There is no such place as north cyprus. it is the part of Cyprus illegally occupied by the Turkish Army.
As it is not recognised you can never get legal title to land in the north of the Island.
Definitely do a video about real estate in the northern part
Noted. Gonna be very interesting.
Selling stolen property is both immoral and illegal.
Please don't listen to this quack. He has no legal profession nor is he certified with property law nor a qualified Conveyancer what so ever. He stated he has only done 'General University Entrance Qualification'. Cyprus has very strict laws on scammers who make such outrages claims about their profession in property. Cyprus property scams are not only nationally known but globally well known. People get scammed with property scams all the time in Cyprus. Go to someone who is actually qualified in property law and certified Conveyancing, but definitely not this ego maniac of a clown
Hi Rico could you do a video about restrictions on UK citizens that want to buy Cyprus property with the internet to rent them out to holiday makers.
Hey Tom, feel free to reach out to me to discuss this situation in very detail.
Please the 50k in Kato is it on Bazaraki? 😉
It's not available anymore, it was sold quiet fast.😊
Can I please also add and do not mean this in a bad way at all!! There are Greeks who need to buy there first home and find it extremely difficult to find one near their home town close to family and friends. I would like you all to have this in mind also as we know there are still Greeks living on the Island and are being priced out because people are buying for investment only. Look Limassol what an absolute mess! They have sky high buildings blocking out sunlight to the rest of the residents all because someone somewhere wanted a European passport I mean WTF is that about? Before moving to Cy and investing please have a think about the young Greek residents who need there parents help to look after the kids so they can work and earn a living. Thank you X
im gonna move ther soon, i hope hehe
To dobrze! You'll like it. :)
If my friend & I own a Cypriot ltd property company can both directors get a visa with 1 x £300k property? or do we both need one each? From UK
As you are not family, each of you need to invest 300.000€ for 1x PR. Only kids and wife are eligible with your property.
Bro for real, i just bough 3aprtmns and 1toenhouse in Paphos, just before this video came out haha🤣
That sounds interesting. Will you rent them out?
@@Rico 3 apartments yes, the townhouse will be for me and the family. I can say that the title deeds are not so important as you mention in the video, aswell when you end up with the contract and already done with the land register. This was said from a great lawyer. The problem to resell to somebody who buys with a banks help is where the title deeds are needed, otherwise you dont need the full one, the side ones you get as everyone have to have some otherwise you wouldnt get the property transfered to you..
@@armandaslapinskas3722 Great, congratulations, I would do it similar to you, however, I'd rely on the title deeds, just to be on the safe side. Many people own properties without title deeds, and they are cheaper because of it, but there's undoubtedly more risk involved. And when something would happen, well you need a good lawyer. 😀🙂
@@Rico thnak you, it could be, but as many i used all said the same, as there are always seperate title deeds isued, which are enough. Brokers usually do not sell without them.. But Bazaraki has that kind of things as sellers could try to trick people in.
Still a good video, becouse of you me and my wife have desided to transfer from Denmark to Cyprus in the upcomming months:)
@@armandaslapinskas3722 Wow, lovely to hear that! So many people say my videos helped them to move to Cyprus. Makes me really happy. All the best to you, and maybe see you soon!
I bought a villa in 2017 in Limassol.
I considered the market undervalued. I was right as it's pretty much doubled since then.
I'm moving to Cyprus next month. The UK is a now pretty much a failed state and I'm GTFO ASAP!!!
Be very careful. Never buy in the Northern part of the Island. nobody will officially recognise your purchase so you will never get legal title.
The south is safer but still be cautious. There are properties owned by Turkish speaking Cypriots who are displaced. Again obtaining title will be a problem. i suggest you seek expert advice before you part with any money.
O,5 - 3% based on your actual market value of your property? The other tax 1 - 2 %. Only these two combined in worst case would already be at 5% anual fee. Means 25.000.- anual tax on a 500.000.- House. This cant be true.
The municipality tax is 0.1% - 0.2%, not 1% - 2%. Got confused with all the percentages, and unfortunately I can't edit them after uploading.
@@Rico What with the other 0,5 - 3 % ?
@@lordraider5562 Depends on the property type and whether it is an investment property or you live inside yourself. From my own experience, when all annual fees are combined, a realistic yearly tax is 1% for a normal property.
Isn't the municipality tax between 0.1% to 0.2% ?
Also interesting in that!!!!
Yes, you're right, with all the percentages, I got confused here. Damn! Thanks for noting! :)
In a video focusing on numbers this should not happen.
It is quite some difference if you have to pay 10k€ or 1k€ per year!
@@rainerjaeger1383 The video is focused on real estate. But I hear you, I wish I could edit it, but once uploaded, no real option to do so...
@@Rico Hey bro, you can put an annotation in the yt video editor. Cheers!
Hi Rico, great video, can you connect me with an independent property advisor, Thank you, Robert
Hi! Received your mail, will reply soon.
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
Rico do you have an email address? Trying to find a property and I really do not want to get ripped off 😞
Hey there! Yes, I do. You can contact me via cyprus @ ricardogorski.com. Thanks!
Hello I'm selling a beautiful residential plot in Larnaca Kalavassos for fast sale. 1500 sqm. For more info please send me a reply comment here
what so funny?
All in other videos. Thumbs down.
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