Real Estate knowledge
The building boom until 2008
Until 2008, a real estate boom developed in Cyprus with all its advantages and disadvantages. EU accession, security, the euro and Anglo-Saxon land registry law boosted demand.
Many property owners, not infrequently lateral entrants, tried their hand at property development and developed projects, some in second and third locations. Buildings were erected, not always with official permission or even in excess of building regulations. In order to avoid an officially ordered demolition, the building was usually completed to the shell.
Construction completely missed the mark, top prices were no longer achieved, customers stayed away.
The financial crisis
Cypriot banks financed the real estate boom that had turned into a bubble. After the bubble burst, every second loan was non-performing.
This was one of the reasons for the 2008 financial crisis in Cyprus, which left clear traces, especially in the real estate sector.
Prices had almost halved afterwards and are recovering only slowly. Many players stopped building or disappeared from the market. They left behind countless shell buildings that are still visible today and rarely find a buyer.
EU naturalisation
The application and implementation for naturalisation is completed in about 6 months.
For Europeans, this is relatively easy.
For non-Europeans, an investment of at least €300-000 is required.
The permanent residence permit is valid for life, you only have to visit Cyprus every two years for at least one day.
Non-Europeans can visit Cyprus without a visa after recognition.
We explicitly point out that the Cypriot residence permit does not mean free travel to Europe.
Country-specific planning
In our view, too many bedrooms and bathrooms are built in Cyprus in relation to the living space. These are correspondingly small. An entrance hall is rarely found. Instead, sufficient space for built-in cupboards is already provided for in the construction planning. Whenever possible, there is a roof garden. Cellars and garages are rare. On the other hand, almost every house has a carport.
The object description
The indication of the number of rooms, e.g. three-room flat or living space, is unknown in Anglo-Saxon countries, especially in holiday areas. The main feature in the classification is the number of bedrooms and bathrooms. A distinction is made between terraced, semi-detached and detached houses. The latter are usually referred to as villas.
Not all living space is the same as covered area
The question of how big a house or flat is cannot be answered so simply.
You have to ask the seller or estate agent in Germany more precisely. For example: How much living and usable space does the house have?
In Germany, the calculation of living space is regulated in the WoFIV or DIN 277. The layman is confronted with some technical terms.
In Anglo-Saxon countries this is no different and these are:
Carpet Area - Covered Area - Super Built-up Area
As Cyprus was formerly part of the United Kingdom, British law applies on the island in many areas. This applies in particular to real estate law and ensures security and clear rules.