You May Well Find That Selling The One Bedroom Flat Is Problematic

Category: Finance.

Accommodation: Avoid purchasing an one bedroom or studio type of accommodation( unless you are in a resort area) since you will have problems on resale.

You may well find that selling the one bedroom flat is problematic. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future. Flats most in demand are the three bedroom( around 120- 130 sq. m. ) and two bedroom( 70- 100 sq. m. ) ones. In resort areas the most marketable accommodation are the compact one and two bedroom flats. This state of affairs is fluid however and changes from time to time and from location to location. The quality of construction is another problem.

Show a preference to blocks utilising low maintenance materials: sprits finish to a block as opposed to decoration is an advantage. Normally the developer s reputation and a visit to a previous project will give you an idea of what you can expect. The use of timber windows as opposed to plastic ones is a disadvantage. When the building permit is issued works may begin. A poor quality lift will cause you major future difficulties etc. Try to avoid variations/ changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you.

Bargains can still be found at the remote villages of Paphos and those of Limassol. Upon completion of the work your architect must submit drawings( as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit. It is strongly suggested that before concluding a deal, you obtain a firm estimate of the repairs/ improvements required using the services of a qualified Q. In particular, you must check who your neighbours are, since in tightly knit communities, such as the local villages, they have their own way of living and attitudes towards life. S. or an architect, whereas what has been said previously about other property acquisitions holds good for this nature of property as well. On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. There is no Capital Gains Tax where the property was acquired by the importation of foreign currency.

Any profit can be exported at the rate of CY 10, 000 per calendar year, plus any interest. Otherwise CGT is levied at 20% on gains in excess of CY 5, 00

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