Cyprus Climate, Home Design and Location
Cyprus has an intense Mediterranean climate, with a typically strongly marked seasonal rhythm.
Hot, dry summers (June to September) and rainy winters (November to March) are separated by short autumn and spring seasons (October and April to May, respectively) of rapid change.
Autumn and winter precipitation, on which agriculture and water supply depend, is variable. Average annual precipitation is about 20 inches (500 mm).
The lowest average precipitation of 14 inches (350 mm) occurs at Nicosia, and the highest, 41 inches (1,050 mm), is on Mount Olympus.
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Acquisition of right-of-way
Law, Cap. 224, Article 11A and Regulations 255/67
Where a property is surrounded completely by other properties and is thus deprived of the necessary access to a public road or where the existing access is insufficient to make full use of the property, the owner may claim to obtain a right-of-way from adjoining properties upon payment of reasonable compensation.
Procedure – Application
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Dorian Kokas gives advice and helps foreigners cut through bureaucratic
red-tape in Athens.
What would the same situation be in Cyprus? This is my contribution to
Dorian’s story !!
Greek Real Estate: Buying Property in Greece & Cyprus Real Estate: Buying Property in Cyprus
Our house is a very very very fine house
With paperwork so grand
And taxmen on our land……..
This is a preview of “Our house in Cyprus is a very very very fine house” . Read the full post (2989 words, 1 image, estimated 11:57 mins reading time)
Beware those hidden costs in buying a home
By Jean Christou
CYPRUS is placed 14th out of 37 European countries when it comes to transaction costs in purchasing a house, with buyers needing an extra 11 per cent to cover fees and charges when they buy here.
A study by the Global Property Guide shows 23 countries with lower transaction costs than Cyprus, including Malta at just over 9.0 per cent, Ireland at only 6.9 per cent and the UK at 5.03 per cent.
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It would seem that the HMRC in the UK are changing the rules set out in IR20.
Is IR20 still correct?
I don’t want to quote the whole article by Blevins Franks but the following short conclusion should have you going to the full article which is here.
This is a preview of Tax? Residents and non-residents: Liability to tax in the United Kingdom . Read the full post (211 words, 1 image, estimated 51 secs reading time)
Free Cyprus Maps
These are available for FREE download at the following link;
http://www.trackandtalk.net/content/view/6/27/
These maps cover town and country for;
Paphos,Limassol,Larnaca,Nicosia,Troodos and Ayia Napa
Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu
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Black Money is common in transactions in Cyprus. I once saw an article which alleged that only 4000 people pay tax in Cyprus !!
What is a black money transaction? Another way of looking at it is an “under the table” transaction or part of a transaction.
Black Money is used as a way of reducing income tax because it is not declared. From time to time the Cyprus Government declares an amnesty and without questions asked many own up and pay tax on some transactions as a means of clearing the slate. The last Cyprus Tax Amnesty was in 2005 and payments gave a significant boost to the revenues received by the Cyprus Government.
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Financing of Real Estate Acquisitions
By Antonis Loizou, FRICS
Antonis Loizou & Associates Ltd
Chartered Surveyors
Property Valuers - Project Managers
http://www.aloizou.com.cy/documents/FinancingOfRealEstateAcquisitions.htm
This is a very interesting article about financing property purchases in Cyprus. Its is worth reading by clicking on the link above.
I found it all quite hard to take in so I have produced a summary of the facts and figures relating to mortgages in Cyprus.
- Banks are now loaded with cash and want to lend for mortgages on Cyprus properties
- Deposit of 20% to 25% (exceptionally 15%)
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Time schedule for the introduction of the euro in Cyprus
Based on the decision of the Council of Ministers, the target date for adopting the euro is 1st of January, 2008, provided that Cyprus, which will be evaluated by the institutional bodies of the European Union (EU) on the basis of the Convergence Report, will fulfil the convergence criteria (known as Maastricht criteria). This date is called E-day in the following text.
E-day (1st January, 2008)
· Withdrawals from bank accounts will be only in euro.
· Automatic Teller Machines (ATMs) will issue only euro.
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Because this site is a Cyprus Property & Finance blog, I am going to comment on articles published on the internet rather than quote them verbatim and leave it to you to work out what the advice should be !!
Here is the first review which picks up on information published in December about property prices in Cyprus.
Is the capital value of my home in Cyprus increasing? Yes, but why and by how much?
Hardly surprising given that Stockwatch says that ” in January-November 2006, the Building Material Price Index surged 5.04% compared to the corresponding period of 2005.”
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