The Cyprus Real Estate market is still enjoying considerable growth, and attracting buyers from all over the world thanks to the favourable residency and citizenship schemes attached to the purchase of property, as well as the island’s enviable geographical position and the sunshine lifestyle it offers.
Kaimakliotis & Co specialise in Property & Real Estate Law for both on-island buyers, and foreign investors, and cover a wide range of issues and legalities relating to the purchase, sale, leasing, development, construction, ownership, financing and management of property and real estate, as well as the handling of any disputes and problems that may arise.
The scope our services within Property & Real Estate Law includes:
- Residential Property: Purchase / Agreements / Sale / Transfer / Freehold & Leasehold
- Commercial Property: Purchase / Agreements / Sale / Transfer / Freehold & Leasehold
- Real Estate Development: Agreements / Financing / Construction
- Zoning Issues / Permits / Regulatory Approvals / Authority Clearances
- Ownership Structures: Horizontal Property Ownership / Vertical Property Ownership
- Landlord and Tenancy
- Financing / Remortgaging
- Property Management
- Property Disputes
- Title Deeds
- Real Estate Transaction Tax Issues
Real Estate Purchase: trusted advice for your investment
Property purchase is a large investment, and one that requires sound legal advice and support to safeguard your investment and interests.
In particular, Kaimakliotis & Co will ensure that the seller of a property is legally allowed to sell the property, and that the property has clear title deeds that can be transferred to your name, without any issues that could either delay or quash such a transfer.
Land Registry Department checks are undertaken, along with a credit check and financial research on the seller - and the property’s developer if required. These can determine whether the property is free of problematic attachments or liabilities.
We can then negotiate on your behalf, and if a purchase is to proceed, we will either draft up the contract of sale (Sales and Purchase Agreement), or inspect and review a contract that has already been drawn up by a third party.
Once we have concluded a Sales and Purchase Agreement, Kaimakliotis & Co will guide the process through a number of steps, depending on whether the buyer is a resident of Cyprus or a foreign buyer.
All buyers are required to pay stamp duties and have the Sales and Purchase Agreement legalised at the Inland Revenue Department, followed by registering the Sales and Purchase Agreement at the Land Registry Office, securing official recognition of ownership and your legal rights over the property.
Foreign buyers are also required to obtain certain authorisations that allow them to have property in Cyprus registered in their name (see Foreign Buyers section).
Should clients require assistance regarding the financing of a property – through a bank or other means - Kaimakliotis & Co will navigate this process and ensure that capital is secured for the purchase under the best terms, and that it meets the legal criteria of property financing.
For foreign property-buyers, certain conditions and procedures need to be followed, and the process should never be undertaken independently, as the correct legal advice from a reputed firm such as ours is imperative to the property purchase process, especially for authorisations and Cyprus-centric issues such as the swift and legal issuing of title deeds; a matter we investigate diligently.
European Union (EU) citizens who are permanent residents of Cyprus are entitled to purchase property without restrictions. Non-EU and EU citizens who are not permanent residents in Cyprus and would like to purchase property on the island are required to follow the specific regulations and formalities pertaining to foreign buyers. Kaimakliotis & Co will act upon a foreign buyer’s behalf to swiftly secure all the necessary authorisations; will handle paperwork, and will liaise with the relevant departments and authorities in order for a property to be registered to a foreign buyer.
As with local buyers, once a Sales and Purchase Agreement is in place, the usual process is followed: payment of stamp duties and legalisation of the sales agreement at the Inland Revenue Department, followed by registering the sales agreement at the Land Registry Department and securing official recognition of ownership and your legal rights over the property.
Once a foreign buyer has property registered on their name, they are free to sell or dispose of it as they wish, and subsequently purchase additional property after selling the original property.
The purchase of a second property whilst still owning the first is permitted for foreign buyers who have resided or worked in Cyprus for a lengthy period of time, and for which we can advise.
Property disputes can arise for a number of reasons, including broken or breached contracts, delays in payment and delivery, unsatisfactory or unsafe workmanship, problems with securing title deeds, and contestation of land usage rights – among other issues.
Aside from issues that affect the sale and purchase of property, our services also cover other disputes, including those that may arise between landlords and tenants; trespassing or private property violations; professional negligence, and neighbour disputes – however large or small.
In cases where negotiation and alternative dispute resolution do not bear a satisfactory outcome for a property buyer or seller whom we represent, Kaimakliotis & Co are experienced and successful in real estate litigation. In all cases, we aim to avoid long and costly processes, and will advise on the best way to proceed in resolving a property dispute.