You May Well Find That Selling The One Bedroom Flat Is Problematic

Category: Finance.

Charges for utilities are payable to the respective authorities at regular intervals throughout the year.

While the cost will vary, approximately CY180 per year can be considered a rough guide. They are based strictly on the consumption of each unit. Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties. In practice, the tax levied by one country is credited against the tax levied in the taxpayer s country of residence. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries.

This proposed legislation regulates the estate agents conduct and imposes penalties for misrepresentation etc. The most important pending legislation which affects the property market is the following: the Estate Agents Bill. The agents must be registered with the Government and take out an indemnity insurance. This, most important piece of legislation, regulates development and it proposes to have the Lands Office to act as an overall controller on development projects which are for sale. The Developer s Bill. Developers will have to take out an insurance in order to indemnify purchasers for wrong doings. It is strongly suggested that before concluding a deal, you obtain a firm estimate of the repairs/ improvements required using the services of a qualified Q.

Bargains can still be found at the remote villages of Paphos and those of Limassol. S. or an architect, whereas what has been said previously about other property acquisitions holds good for this nature of property as well. Accommodation: Avoid purchasing an one bedroom or studio type of accommodation( unless you are in a resort area) since you will have problems on resale. In particular, you must check who your neighbours are, since in tightly knit communities, such as the local villages, they have their own way of living and attitudes towards life. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future. Flats most in demand are the three bedroom( around 120- 130 sq. m. ) and two bedroom( 70- 100 sq. m. ) ones. You may well find that selling the one bedroom flat is problematic.

This state of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.

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