Real Estate & Chartered Surveyors
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INSIGHT ON CYPRUS PROPERTY MARKET BY URBAN KEYS

Understanding the Cyprus market is the key to making the right investment choice when buying property.

What Urban Keys offers prospective property buyers in Cyprus is in-depth market knowledge gained from the extensive experience of our team of agents, together with a new, fresh, and revolutionising approach to real estate services. We obtain and maintain information in a unique way that ultimately brings added value to real estate services to both buyers and sellers. At the same time, this knowhow helps buyers identify trends and opportunities, ensuring they make an informed decision when buying in Cyprus.

A win win cycle: our sales distribution network, as presented via our dynamic web platform, provides easy access to the one of the largest property database systems in Cyprus. This then encourages more sellers to subscribe and post their properties, in turn offering property buyers more options to choose from.

Representing your interest to find the ultimate property and negotiate best buying terms.

Buying in Cyprus can be daunting and challenging; if you are Cypriot, a foreigner based in Cyprus, or searching to buy from abroad. It is our job to make the process easier, guiding you through the entire process. From searching for properties, negotiating terms and prices, settlement and transaction legalities, to support with title deeds.

Our approach is truly different. We are a young, fresh, innovative team, out to revolutionise the Cyprus real estate industry and bring extra benefit to customers.

PROPERTY TYPES AND LOCATIONS IN CYPRUS

Property in Cyprus is well segmented into key property types, as per international standards.

Urban Keys has the resources to support your endeavours whether you are seeking to buy, lease or for investment purposes in residential, holiday/second homes, commercial, retail/shops, industrial and new property developments.

Urban Keys has detailed inside knowledge of all property types, regularly conducting valuations and building surveys for individual owners, developers, corporations, and banks/financial institutions, as well as acting as expert consultants for Cypriot courts. This puts us in a unique position to true understand property conditions and prices.

Property types in Cyprus available via Urban Keys include:

  • Residential properties in Cyprus

    Detached houses, semi-detached homes, townhouses, luxury villas, and apartments in city metropolitan, suburban, rural and coast locations. Urban Keys's online residential property listing is the largest and most sophisticate available in Cyprus.

    Average covered areas for different types of properties:

    • Studio – 40-50 m²
    • 1 bedroom apartment – 50-65 m²
    • 2 bedroom apartment – 80-100 m²
    • 3 bedroom apartment – 120-150 m²
    • Townhouse – 150-160 m²
    • Villa – 150-200 m²
  • Holiday and second homes

    Holiday and second home properties available in both popular and unique coastal, rural and mountain areas throughout Cyprus, together with the professional and solid help needed by foreigners, such as searching for properties, price negotiations, handling all necessary transaction paperwork, title deeds, lease agreements, as well as post purchase support.

  • Commercial real estate in Cyprus

    From standard offices to executive suites and corporate headquarter offices, medical spaces, hotels and hospitality (restaurants, bars), and other commercial support services for short-term projects, start-up business or long term lease agreements. Mostly located in the capital cities Nicosia, Limassol, Larnaca, Paphos and in Famagusta Paralimni, Protaras, and Agia Napa.

  • Retail prospects and shops

    Prime & second tier retail space and shop locations in capital cities Nicosia, Limassol, Larnaca and Paphos, tourist zones by the coast, as well as regional areas.

  • Industrial property zones

    All sizes and for a variety of purposes, specialising in Nicosia's Sopaz industrial area and Dali industrial area, as well as support for other industrial areas in Cyprus via our syndicate offices.

  • Plots, land zone and agricultural property

    Throughout Cyprus and for a variety of purposes, including plots for residential developments, commercial developments, and agricultural use with set percentage building permits.

  • New-built property developments for sale and rent

    For residential and commercial use. Urban Keys provides detailed information about the property, location, plans, developer info, and helps guide clients through the purchasing process. It is true that new property developments have slowed down due to slower economic activity, in an effort to bring better equilibrium between supply and demand. The market is still quite active, and new developments are available in a range of locations across the island. Mid to long term should see exciting and diverse new developments on the back of better economic growth and increasing interest from foreign investors, i.e. interested in direct and in-direct benefits from the natural resources sector.


Various property regions and locations in Cyprus; choosing as per lifestyle and vocational needs.

Although a relatively small island, Cyprus can be divided into a number of distinct sub markets. In fact, once living in Cyprus, you will no doubt adapt to the lifestyle and pace of life, and consider the distances and difference between each of these sub markets to be vast.

Those who have lived here know this all-too-well, and buy property accordingly, i.e. to be closer to work, family, friends, or because they are making a conscious lifestyle change and moving further out from the city in order to buy a bigger property. For those who are new to Cyprus, it is highly advisable to conduct thorough research, experience the destination first-hand, and speak to an expert real estate agent. According to different districts and locations, there is also a big difference in prices for immovable property in Cyprus.

  • Nicosia, the capital and administrative centre

    Nicosia is the capital city of Cyprus, largest city, and administrative centre. It is where the majority of governmental departments and services are located, foreign embassies, NGOs such as the UN and Red Cross, universities and colleges, as well as leading business hub with both local and international companies. Indeed, Nicosia is an ideal market for property investment, as it is centrally located in Cyprus, consistent in seasonality and demand, and likely to enjoy most steady economic growth. It has the greatest diversity in entertainment, arts and culture, nightlife and shopping, and due to less reliance on tourism, offers more relaxed, diverse and quality living standards. Read more about Nicosia and its tourism highlights.

  • Limassol, flourishing port city, business and tourism

    Limassol has the largest port on the island, together with organisations and businesses associated with maritime, shipping and now the new marina. Limassol is also an important trade, commercial and business hub, particularly popular for offshore and international companies. It is also a well known tourist location, both for leisure and business/MICE, with one of the largest supply of upscale hotels. Overall, Limassol is a modern city that is developing fast. It offers excellent standard of living and increasingly is becoming the most multicultural society in Cyprus, fuelled by the influx of expatriate workers and second home owners. As such, it also offers excellent possibilities in residential and commercial real estate investments.

  • Larnaca, central to Cyprus and link to international domain

    Larnaca is home to the island's main international airport, a marina and various archaeological sites, as well as many beautiful beaches and regional locations. The city is also centrally located, with best accessibility on the island, i.e. easy and fast access to all other major cities and tourist locations. Larnaca maintains unique, relaxed and affordable living standards, ideal for families and expatriates and locals seeking to escape. It has suitable facilities, especially in coastal and maritime activities. Indeed, Larnaca is one of the most popular regions for British and other expatriates. There is a also a good amount of tourism, thereby helping to sustain the commercial property sector.

  • Paphos, thriving property market

    Paphos is one of the most popular districts for buying properties in Cyprus both for the domestic and international market. It is popular for families and for retiring senior citizens. Key attractions include affordable prices, relaxed pace of life, unique climate, historical and diverse natural attractions, from mountains to various types of coasts. At the same time, Paphos has been reconstructed, establishing a new exciting blend of the traditional and modern. As such, it is also the most popular tourist destination, establishing a unique commercial and rental property market. There is also an international airport here, and now with excellent connectivity to other parts of Europe via low cost carriers. Paphos has been named the European Capital of Culture 2017.

  • Famagusta, sun, sea and tourism

    Famagusta and the east coast of Cyprus is also one of the main tourist centres, in turn stimulating the property market. Holiday and second homes are popular for both domestic clientele and the international market, including homes, apartments and villas. Ayia Napa, Protaras and Paralimni are the most famous locations in this region, thanks to their white sandy beaches, wide range of hotels and accommodation and of course well known nightlife and entertainment. There are also several more quieter areas, ideal for families, couples and elderly citizens. Property developments here offer excellent value-for-money in residential and commercial use.

STEP-BY-STEP GUIDE TO BUYING PROPERTY IN CYPRUS

Buying property in Cyprus can be a challenging process. This step-by-step guide has been designed to offer quick guide as to what's involved with the buying process in Cyprus. For more detailed and ad-hoc explanations, Urban Keys real estate agents can provide one-on-one consultations.

Step 1: Arranging your property mortgage

Before you begin your property search, it is advisable to work out and arrange your finances and, if required, have a mortgage agreed in principle. This will confirm your budget, i.e. how much money you will have to fund the purchase, which will ultimately influence your property search.

 

 

Step 2: Register your interest to buy

The first step to finding the right property is to register with a real estate agent, either by calling us on +357 22 27 00 19, emailing us or visiting our offices where you can discuss your property requirements with one of our expert local agents. You can also register your interest about a specific property by searching online and submitting a request. We will call you back at the earliest. With thousands of properties to choose from in Cyprus, you can rest assured we have just what you're looking for.

 

Step 3: Finding the right property in Cyprus

Once we have a clear understanding of your requirements, you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available on the market – sometimes even before they are publically released.

 

Step 4: The key to successful property viewings

Urban Keys is open at times to suit you, convenient for viewing after work and on weekends: Our offices are open 8am-8pm Monday to Friday and 9am-5pm Saturdays, Sundays and Bank Holidays. In addition, our phone lines are open 8am-8pm, 7 days a week. This is all in an effort to customise the property buying process, making it more flexible to suit your time schedule.

In order to secure a property, we recommend an early viewing. We will escort you to the viewings, ensuring you arrive in a relaxed frame of mind, and accompany you throughout the process, on hand to answer any questions immediately and advise where necessary. Indeed, buying property in Cyprus can be quite daunting and complex – like anywhere really – so we are here to make the entire process much easier and smoother.

 

 

Step 6: Making an offer to buy

Once you have identified a suitable property, we will put your preliminary offer forward to the seller both verbally and in writing, as well as stating any special conditions in the offer-to-buy. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). However, there are no legal obligations on either side until contracts are signed.

 

 

Step 7: Offer on property agreed

Once your offer is accepted we will do the following:

  • Prepare a memorandum of property sale
  • Write to all parties to confirm the agreed property price

 

 

Step 8: Property Conveyance

As part of the property conveyance process, you will need to do the following:

  • Raise any enquiries on receipt of the draft contract from the seller's
  • Request their own local searches
  • Refer to the information already provided in the seller's Information Pack
  • Agree on a date for exchange of contracts

We will assist your solicitor and negotiate throughout the entire property buying process, keeping you informed every step of the way.

 

 

Step 9: Survey and mortgage offer

A survey of the property will be booked by a surveyor on behalf of the mortgage lender in order to identify any structural problems and advise on the property's real market value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you, which you will need to sign before it is returned.

There are no legal obligations until contracts are signed.

 

Step 10: Exchange of contracts to buy

Exchange of contracts occurs when all enquiries have been confirmed and agreed. Once the contract has been signed by both parties, the deposit (usually 10% of the property purchase price) will be transferred or paid in the form of a banker's draft. The completion date is then set by mutual agreement.

 

 

Step 11: Completion of buying property

Completion is when the residual monies (usually 90%) are transferred from the buyers account to the sellers account. We will release the keys once the money has cleared in the seller's account. Congratulations, you are now the legal owner of your new home in Cyprus!

 

FAQs on buying property in Cyprus

If any of your questions are not answered here, call Urban Keys on +357 22 27 00 19 or e-mail us directly for a more personalised and confidential response.

How long does the entire process take to buy a house in Cyprus?

Of course each situation is unique and might run into unforeseeable challenges. Assuming you have arranged your mortgage and paid all taxes and transfers, then it can be a very short process and even in a matter of days.

How can I know what negotiating leeway there is on the property price?

Price negotiations differ greatly with each property, and should be considered on a case-by-case basis. Of course each property is different and maintains different terms and added value proposition. Then each seller is also in a unique position, therefore differs in flexibility on price. For instance, a seller that is more desperate to sell might be willing to reduce price further then one that is not.

As your real estate representative, it is our job to maintain negotiations and advise accordingly. We have extensive experience in price negotiations and in conducting property valuations throughout Cyprus, so we know what the true price barometer is and at what level you can set the final price on a particular property.

Read more about property price benchmarking.

What determines the price of a property in Cyprus?

Like in most other international markets, property price is based on a number of factors. No doubt, demand versus supply is a crucial driver, and of course ultimately what a buyer is prepared to pay for the property. This is then influenced by the general conditions of the property market, including economic trends, geopolitical situation, existing infrastructure, and any planned new developments. The value of a property must also be determined based on its unique qualities, such as location, type and condition. Meanwhile, price benchmarking is fundamental; in other words, looking at other similar properties in the area.

Read more about Urban Keys Chartered Surveyors property valuation process

How many times can I organise an inspection on the same property?

Initial property inspections are of course always encouraged. You should then try to see many other properties, thereby establishing a good benchmark to compare.

Once you have identified a suitable property, we can arrange a second inspection and to discuss terms in more details. By this stage you should be ready to make a preliminary offer to the seller, both verbally and in writing, as well as stating any special conditions in the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). There are no legal obligations on either side until contracts are signed of course, but this process is essential in order to validate your serious interest in the property.

What is the best thing to do before buying property in Cyprus?

The best thing you can do before thinking about buying property in Cyprus is plan and research well. This will put you in a good position to understand the property market, such as property types, locations, what’s available on the market, property prices and all relevant legalities. Read through the Urban Keys website in more detail, as it provides a wealth of information on such aspects.

You must also have a clear perspective of your own personal situation and financials (budget), as this will allow you to know what sort of properties to be looking for.

Contact Urban Keys to speak more about your real estate requirements, and for initial no obligation advice and direction.

What types of properties does Urban Keys sell in Cyprus?

Urban Keys selling services cover a wide spectrum of property types throughout Cyprus. This includes:

  • Residential properties in Cyprus, including detached houses, semi-detached homes, townhouses, luxury villas, and apartments of all sizes
  • Holiday and second homes
  • Commercial real estate
  • Retail properties and shops
  • Industrial property and factories
  • Plots, land zone and agricultural property
  • New-built property developments for sale and rent

Read more about the various property types and locations in Cyprus

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