Limassol’s rapid growing real estate market & the reasons why our Legal Team offers advice on potential investments
Limassol is the second largest city of Cyprus, the home of the island’s main port and a bustling holiday resort. The city is fast expanding from side to side with a large number of luxurious projects being authorised by governmental authorities and subsequently presented to the public, such as: The Casino, new Resorts, Skyscrapers, etc. which will be used both for residential and business purposes as well as for leisure.
There are several reasons why Limassol is holding the reigns of the Cypriot Real Estate market. Primarily is the vibrant and cosmopolitan character of the city as well as the short distance from both airports and the seaside location. Major Law & Audit firms, Fiduciary companies, Trust and Hedge Fund organisations are situated in Limassol hence why this city is the hot spot destination for investment & offshore companies. With a constant growth of foreign population many amenities have been up-scaled such as International schools, international sporting and cultural events, the Limassol Marina (largest in Cyprus) and most importantly the infrastructure has risen greatly.
Therefore, investing on property in this Mediterranean gem has become a trend nevertheless there are perils and one can avoid by using proper Legal service. A knowledge lawyer will advise accordingly the investor/ buyer and highlight all the possible difficulties which might arise and even attempt to lower the price of the property to the client’s benefit.
WHY IS IT NECESSARY TO HAVE A LEGAL CONSULTANT PRIOR TO INVESTING? Firstly, the lawyer will examine whether the property has encumbrance or any burden upon it. Secondly, he will check whether the property has all the necessary licensing according to the Cypriot legislation & rules. There are several permits that need to be obtain in order for a property to be legal and the processing of the said permits can at times be long and complicated. In terms of the contract, our Legal Team drafts and/or reviews each clause carefully in order to protect the interests and rights of the investor/ buyer. Our Team also delegate all Tax and Inland Revenue processes and Land Registry till the finalisation of the deal. If any further legal consulting is needed after finalising the property transfer to the investor/ buyer, we remain at our client’s disposal in order to assist him with any occurring matter.
We regularly advise and assist on the following:
- Buying and selling freehold and leasehold properties;
- Joint venture and other developments;
- Landlord and tenant issues;
- Entering into leases whether as a landlord or tenant;
- Sale and purchase of residential property;
- Property Transfers;
- New build and plot purchases;
- Investment purchases;
- Commercial & Residential Developments;
- Retail, Offices, Leisure & Industrial;
- Commercial Leases;
- Business Lease renewals.
For any further information or assistance on our services and/or previous experience in the property sector, please do not hesitate to contact us.