Regular flights from all UK airports to Cyprus makes this an ideal place for property investment as you can just hop on a plane and be there in no time at all. You won't be surprised to hear that Cyprus offers the same mod cons that you would have in your own home and best of all is that you can keep up with all your favourite tv programmes on Sky TV.
If you buy in Cyprus you are not just getting a great property investment, but also the chance for free holidays and the chance to earn some real profitable rental income. The long season means you get enough income to cover the mortgage and other property running costs with net profits being shown at the end of the year.
Loans and Mortgages - You will find the local banks very welcoming in Cyprus if you are looking to invest in buying a property on the island. The banks will often finance the new build developments in the area you are looking at, so try and get your mortgage from the same bank that is also financing the new development property that you are interested in.
If you don't decide on the same bank then you will have to pay an extra bank guarantee fee on a yearly basis up until the final title deeds are signed. The payment is based on the property value and can be between 1.5% to 1.8% of the property value.
Legal Procedures When Buying Property - Cyprus has the advantage in that everything is in English and that also goes for the acting legal system, so it's all rather British in that sense. The onus of protection is on the purchaser in Cyprus and as soon as the sales contract has been signed and sealed and the deposit has been paid, the Cyprus Land Registry puts into place an easy and effective legal instrument which is called 'Specific Performance'.
By this legal method alone the purchaser's rights of ownership are completely protected to the day the deeds are finally signed by the purchasing party. This contract cannot be canceled by any competent party, so it can't be sold, leased, mortgaged or transferred.
When deciding on purchasing a new build villa in Cyprus, you will need to get important advice from an English speaking Solicitor. Just check that they are not involved in any way with the building project that you are interested in and you can expect to pay them fees totaling about 1% of the property value.
Discover these Cyprus Villa Tips found at http://www.cyprusinformer.com and check out this Cyprus Travel Blog written by the illustrious Tim Martins