Due Diligence Before Buying a Property in Paphos, Cyprus

If you’re looking for a change in lifestyle with more sun and beach then Cyprus could be for you. It’s a vibrant island with a wide range of activities and a growing economy, despite a tough 2020. Then again, that year was tough for everyone. Therefore, searching for property for sale in Paphos in Cyprus could be the change you’ve been needing. Get in touch with experts to discover their wide range of stunning properties to meet all budgets.

Due Diligence on Property for Sale in Paphos

Buying property in any country is a big step. This is especially if you’re new to Paphos and Cyprus because there will be some slight differences in the process. Listed below are the main steps you should go through to minimize any potential risk when searching property for sale:

• Verify Title Deeds
• Property inspection
• Check surrounding area
• Investigate recent sales trends
• Review covenants and restrictions
• Organize your financing

Verify Title Deeds

It’s actually advisable to hire a property lawyer once you think you’re ready to go ahead with your dream villa, floor apartment, or bungalow. Having said that, some real estate agents have in-house lawyers who can guide you. Either way, one of the most important checks to make in Cyprus is the ownership of the property.

There have previously been issues with heavily mortgaged land and properties where the debt was never paid but essentially passed on with the title deeds. You would then find yourself suddenly responsible for this debt. You could also risk facing planning issues which again, would impact the title deeds. These issues are less common today but it’s still worth verifying. Moreover, it’s very easy to do that by asking for the title deeds at the Land Registry Office. Although, of course, your lawyer would do this for you.

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Property Inspection

Inspection isn’t a legal requirement but generally, you want to know what you’re buying whether it’s a villa, apartment, or detached house, regardless of it having one bedroom or more. For each property type, a full inspection includes checking everything from plumbing to kitchen appliances and water systems. At this stage, your lawyer would also help you make sure you sign a purchase agreement that allows you to cancel if anything comes up as unsatisfactory.

Check Surrounding Area

Of course, you’ll want to first make sure you’re happy with the area whether it’s a lively one or if it’s a quiet, more suburban-style. Another point your lawyer can help you with is to investigate any potential construction work in the future. For example, what planning permissions are in place or could be made available and suddenly be on the table, so to speak.

Investigate Recent Sales Trends

It’s always useful to check property sales trends for the area your property is located in. That way, you can get a sense of whether people are buying quickly or not and therefore how popular the area is. If, for example, properties were selling remarkably more slowly than the rest of Paphos then you might wonder about the small print and what’s putting people off properties for sale.

Review Covenants and Restrictions

There are many residential housing communities or condos in Paphos and Cyprus in general. These usually come with certain rules so that everyone can live in harmony. As a minimum, you’ll have service charges to pay so you’ll need to make sure you can pay them as part of your long-term running costs. Your lawyer will then be able to verify any other details you’ll need to know to make your final decision.

Organize Your Financing

The due diligence period is also a good time to sort out any financing that you need, including taking out a mortgage. You can do this as a foreigner but you’ll have a process to work through with your lawyer. Either way, you’ll need to set up a local bank account because you can only make the final purchase by transferring locally.

Where to Search Property for Sale in Paphos

Now that you have any idea of how the due diligence process might work when managing your property purchase, you might want to reassure yourself that you’ve chosen the right area. The following highlights are the key differences across Paphos:

• Paphos District
• Kato Paphos
• Residential district Ktima

Essentially, Paphos has an old town center and the more tourist Kato Paphos area near the Promenade. Nevertheless, there’s actually a whole district with many charming villages dotted throughout. To give you an idea, these include Kissonerga, Chloraka, Universal, Tremithousa, Talla, and Peyia with its Coral Bay and the Sea Caves. In fact, there’s everything from historic sites to lively tourist areas and the quieter Aphrodite Hills. Simply work out what lifestyle and vibe you’re looking for and you’re bound to find it.

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Final Recommendations for Searching Property for Sale in Paphos

No one wants nasty surprises once they’ve purchased their property. It’s therefore key to do full due diligence especially if you’re new to the country. Either way, your real estate agent can help you but it’s wise getting a property lawyer as well. Then, you’ll really put all the chances on your side and realize your dream of living by the sea.