Two years ago, real estate transactions in Cyprus have just begun their start for our citizens. Indeed, on this wonderful island, mortgage loans for foreign citizens are quite widely issued.
For non -residents, there are only some restrictions on the size of the land plots. The land without construction should not exceed 2,700 meters in a square in area, and if it has a residential building on the ground, then the area of the plot can be no more than 4,000 square meters. The value of real estate here has an average amount compared to pan -European standards. A foreigner who wants to purchase housing here should contact the agency and add one or two percent of the value of the object. This amount will be a deposit, after which the object will be withdrawn from the sale. Next, a contract of sale is created, where the data of both parties are mandatory. By the way, the parties under the contract can be both individuals and legal entities.
The main conditions for obtaining a mortgage loan are such nuances. The loan is provided for the maximum of thirty years. And the interest rate ranges from 3.5 to 4.5 percent per annum. The amount that may be maximum on the loan should be no more than 70% of the value of real estate. By the way, in Cyprus a prerequisite is considered not only the insurance of the real estate object itself, but also the life and health of the borrower.
Cyprus real estate – promising and profitable industry. By acquiring real estate abroad by mortgage, you should know that you take on obligations that must be fulfilled strictly on time.