1) What are the benefits when buying off plan?
There are numerous benefits including:
New build properties have a guarantee covering any problems encountered in the initial period without cost to the purchaser.
Clients’ preferences can be accommodated and changes to the plans made, before the plans are submitted to the land registry; for example, move a window, add a breakfast bar etc).
Payments can be ‘staged’ easing the financial pressure on the client and offering extra flexibility to suit personal circumstances.
When buying with a mortgage, the first payment is not payable until one month after delivery, regardless of the stage payment schedule.
Generally speaking, the value of a property will increase during the construction period.
You select the finishes to suit your requirements and taste.
2) What are ‘stage payments’?
The purchase price of the property is broken down into ‘stages’ that correlate either with the stages of the build process or specific agreed payment dates. Stage payments are only available for ‘off-plan’ projects. The stage payment process does not usually apply to resale properties or to completed properties.
3) Is it easy to get a mortgage in Cyprus?
There are a number of high street banks in Cyprus offering various types of mortgages so, as long as you meet the requirements, there are many options available. Kleanthis Savva Developers can help clients with the process of applying for a mortgage.
4) I have to give 60 days notice on my savings account for the deposit - can I delay the first stage payment?
Yes, but clearly this will depend on each client’s circumstances. We can supply tailored personalised quotations if required.
5) What if I reserve a property with a deposit and then change my mind about the purchase?
Paying a deposit ensures the property is removed from general availability and secured exclusively for you. The deposit is your commitment to Kleanthis Savva and the removal of the property from general availability is Kleanthis Savva Developers’ commitment to you. Reservation deposits are transferable to other Kleanthis Savva projects but are not refundable.
6) What guarantee do I get when purchasing a KS property?
Kleanthis Savva is the only developer in Cyprus offering a 3 year property guarantee. Details of the guarantee can be found in the ‘Downloads’ section of our website.
7) How do I arrange an appointment to view Kleanthis Savva properties if I am not on an inspection trip?
You can either call into one of our offices while you are in Cyprus, or you can find our contact details from our website and we will agree an appointment at a convenient time to meet you at your hotel to discuss your requirements and take you to view suitable projects and locations.
8) Can I upgrade my KS apartment to a villa?
In most cases we are happy to accept our own properties in part exchange when clients wish to upgrade to a larger property. Please contact us for further information.
9) Where can I get furniture for my new property?
Kleanthis Savva has its own furniture store called the Kleanthis Savva Home Center, which is open to the general public. The Home Center stocks an extensive range of furniture and fittings, indeed everything needed to furnish a property, from cutlery to light fittings, through to bathroom fittings and electrical appliances. All electrical goods are supplied with free delivery and fitting. This “one-stop-shop” enables clients to fully furnish their new home with the minimum of fuss.
10) Can I rent out my property?
Yes. Kleanthis Savva has a rental department offering a comprehensive medium to long-term letting facility.
11) How long will it be before I get title deeds to my off-plan property?
Kleanthis Savva is very much in the hands of the local authorities when it comes to issuing title deeds so it is difficult to be specific about this. Generally, though, deeds are usually issued approximately 4-5 years after completion.
12) Can the developer secure future loans against my property?
Once the Contract of Sale has been deposited with the Land Registry (something the lawyer will do for their client as part of the conveyancing process), a developer does not have the right to transfer the title deeds into the name of any person other than the purchasers, and neither the developer nor, indeed, any other third person, is allowed to lodge a mortgage against the property. The purchaser’s right to become the registered owner of the property is, therefore, fully secured.
13) Cyprus property developers have been on the television a lot in the UK. Is it safe to invest in Cyprus?
The local authorities in Cyprus have to carry out extensive checks before they can issue the final certificate of approval to the property developer, which is needed by the developer to apply to the Land Registry for the deeds to be issued . There is also a backlog of cases at the land registry. However, as long as your lawyer has lodged your Contract of Sale at the land registry, your investment is safe. There have been no cases broadcast involving complaints about Kleanthis Savva Developers. Our own research has shown that most cases highlighted in the UK were about people who bought property in Cyprus a long time ago when developer history was not easily available, or people who bought from a small developer or individual, usually without the involvement of a lawyer, and who subsequently encountered problems. Today, most overseas investors are usually more informed about the procedures and requirements for a property purchase because of the availability of extensive information on the Internet. Kleanthis Savva always recommends that our clients use a lawyer to protecting their interests and research the developer where possible.
The “Orams” case in Northern Cyprus received some press coverage recently but, it must be remembered, that is not relevant to southern Cyprus. Cyprus is a divided country with Northern Cyprus held under military occupation by Turkey. It is important to note that Greek Cypriots owned approximately 78% of the privately owned land in the territory now under Turkish occupation.
14) What is the situation with Northern Cyprus?
Foreign citizens are warned against the purchase of Greek Cypriot owned property, in the part of the Republic of Cyprus which has been under Turkish military occupation since 1974. Those persons displaced by the invasion are, to this day, prevented by the Turkish armed forces from returning to their homes and peacefully enjoying their properties. However, under Human Rights Conventions, as well as international and national law, they retain their title to their property.
For more information contact:
Ministry of Foreign Affairs
Tel: +357 22 401000
Fax: +357 22 661881
15) My friend said that he was forced to sell his property through the original developer and not allowed to sell through other agents. Is this the case for Kleanthis Savva?
No. We do not place any restrictions on our clients. Clients are free to sell their property using any method they choose. It’s their property after all!
16) Do I need to make a will in Cyprus?
It is advisable to make a will in any country where you have immovable assets. In Cyprus, in the absence of a will, the estate of a permanent resident of Cyprus will be claimed by the government. An existing will made overseas may not be enforceable so to safeguard your investment and wishes we would recommend making a will in Cyprus. We would strongly suggest you take legal advice about your own personal circumstances.
Note: Inheritance tax has been abolished in Cyprus.
17) Can I ship my existing furniture out to Cyprus?
Yes. There are a number of companies that ship and transport both in Cyprus and overseas at a reasonable cost. These companies also provide services such as transportation insurance, customs clearing and packing/unpacking to remove the stress from a relocation and make the transition easier.
18) Can I get a job in Cyprus?
Cyprus is a part of the EU so if you are an EU citizen it is easy to be employed in Cyprus because of the EU freedom of movement rules. You will still have to register with the immigration department but most of the paperwork is usually taken care of by your employer. Non-EU citizens can also be employed in Cyprus but additional permits and visas must be obtained.
19) Do I have to speak Greek?
In short, no, as most Cypriots speak English to a good level, so communicating is not a problem. Learning Greek can help sometimes when visiting government offices and rural locations. It is also nice to learn the language of your host.