Only few people have never dreamed of having their own house by the sea. Try to imagine this enchanting scene right now: the sun rises, a gentle breeze ripples the sea, which rushes and crashes against the shore, the air is filled with the scent of the sea salt, and you wake up in your bed, open the window or step out onto the veranda wrapped in a blanket, inhale the blend of Cypriot aromas, and realize that life is good.
But often, the dream remains just a dream because many people cannot make up their minds.
One of the most frequently asked questions is: what is more advantageous, buying a ready-made property or building your own house in Cyprus?
Acquiring a cottage by the sea is a versatile investment. Real estate pays off both financially and emotionally. Ready-made housing definitely saves time and nerves. However, if you have firmly decided to build your dream home "for yourself," we suggest familiarizing yourself with the main stages of this fascinating adventure. Believe me, this information will definitely come in handy for you.
Purchasing land in Cyprus
When purchasing land in Cyprus, foreign citizens should take into account a number of restrictions imposed by local legislation. Firstly, a foreigner can acquire a plot of land with an area not exceeding two donums (1 donum = 1,337 m2) for building purposes. However, holders of local residence permits have the right to acquire an unlimited number of land plots if they can prove their five-year residency in the island state.
The process of buying land in Cyprus consists of the following stages:
- Checking the land status and its owner.
- Independent valuation of the land's value.
- Requesting information from the Land Registry to determine the titleholder of the land.
- Obtaining data on the percentage of allowed building coverage, height, and category of structures that can be constructed on the plot.
- Obtaining official permission to purchase the land.
Important! In Cyprus, there are two main indicators that determine the scale of land development:
- Building Ratio: It determines the total area of structures that can be built on the land (in square meters). To calculate the permitted building area, multiply the total plot area by this ratio.
- Coverage Ratio: Expressed as a percentage, it indicates the maximum area of the land that can be used for construction. To calculate the area of the plot that can be covered by building structures, multiply the total land area by this ratio.
After completing all these procedures, you can confidently proceed with the formalization of the land purchase agreement.
Factors Affecting Land Value
The liquidity and cost of land in Cyprus depend on several criteria, with the main ones being location and purpose. The most expensive land is for residential construction, and the closer it is to the sea, the more expensive it becomes. The presence of convenient infrastructure and overall area development also affects the value. For example, land plots in Paphos or Larnaca will be relatively cheaper, while in Limassol, they will be significantly more expensive. It is worth noting that land plots designated for residential construction are usually offered for sale with pre-installed engineering utilities such as electricity, water supply, sewage, and telecommunications.
Among the most popular and investment-attractive areas, Limassol, for example, stands out with Agios Athanasios, Agios Tychonas, and Germasogeia. The value of land plots in these areas increases every year regardless of any crises.
Stages of Building a House in Cyprus
Finally, you have chosen and purchased a land plot in Cyprus that you like. What's next? Follow the plan outlined below, and you can expect a successful completion of the project.
1. The first and most important step is to find a reputable builder in Cyprus. Unlike in other countries, you cannot build a house on your own, hire a team of foreign workers, or assign the task to a relative on the island. Only a builder with a Cypriot license is allowed to carry out the construction work! Furthermore, remember that a house should not only be a place of relaxation but also a secure fortress for the owner. Therefore, choose a company with extensive experience in building houses in Cyprus, ensuring that the craftsmen will do their job at the highest level.
2. After conducting research and evaluating the plot's characteristics, you can proceed with the development of the future house project. It is important to determine in advance the number of rooms, bedrooms, bathrooms, exterior and interior design style. Keep in mind that each aspect influences the final cost of your house. It is best to consult with an experienced and licensed architect in Cyprus.
3. Based on the project, a cost estimate is prepared, taking into account all the necessary materials and construction work. The cost per square meter depends on various factors, such as the location of the plot, groundwater conditions, design, number of floors, and materials used for construction.
4. Subsequently, documentation is prepared, and the process of obtaining construction permits from various authorities begins.
5. Once the permits are obtained, the construction process can commence, starting with excavation works and site preparation for the foundation.
6. The next stage involves the installation of the foundation and its waterproofing. Formwork and reinforcement are installed, followed by pouring concrete, which needs time to set and strengthen.
7. Walls are constructed using the chosen materials, and the roof is installed while ensuring proper insulation.
8. Installation of engineering utilities takes place, including heating, water supply, electricity, and sewage systems. Plumbing and lighting fixtures are installed.
9. The next step involves finishing works, such as installing windows and doors.
10. Perhaps the most enjoyable part is the installation of cabinets, kitchen, household appliances (refrigerator, washing machine, dryer, stove, and hood), as well as arranging furniture and interior items.
11. Construction of the swimming pool and landscaping of the plot.
12. Submission of documents to obtain the title deed.
It is important to note that until the property's title deed is obtained, the owner does not have the right to make significant changes or alterations to the house. This is because, just before receiving the title deed, government authorities conduct inspections to ensure compliance with the submitted plans. If any unauthorized changes are made, the issuance of the title deed may be delayed until everything is restored
Congratulations, you have completed the final level: you have built your dream house in Cyprus!
Summing up, why is it better to prefer building a house rather than buying a ready-made one? Let's think about it. By purchasing a ready-made house, you agree with all the ideas and decisions made by the previous owner or developer, and the price already includes a generous payment for all the hassle of construction and connecting the house to utilities. However, when a person buys a plot of land and builds a house on their own, they save at every stage, starting from buying the land and ending with the cost per square meter of the finished house.
Also, everything in the house will be done according to an individual project, exactly as the happy owner of the house by the sea wants it. The atmosphere and ambiance in the house will be significantly cozier and more comfortable for you. You will truly feel happy. You have done what many can only dream of; you have accomplished what only a few can afford!
Don't want to build? Then you can buy a ready-made house in Cyprus or a villa under construction. Check out the number one real estate agency in Cyprus, DOM! The agency's website features the largest property database in the country, with over 30,000 residential and commercial properties throughout the island. Choose and consult with professional brokers who will help you make the right choice!
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Why IT Specialists are Relocating to Cyprus
General Healthcare System (GESY) in Cyprus
How to rent an office in Cyprus profitably?
