There are only small taxes on residential property.The local authority, the Municipality, collects Municipal Tax which covers the costs of refuse collection and street lighting and is normally about CYP 60.00 per year.There is also an annual Property tax collected by the District authority.

These taxes are assessed according to the assessed value of the property in 1980 and only apply to property valued in excess of CYP 100,000 at that date.Most property is therefore exempt.

Communal Charges (maintenance charges). For those owning property such as an apartment within a complex where there are common facilities there are maintenance and service charges to pay.You should consider these charges before signing any contract. The charges will vary according to the size and quality of the complex, whether there are lifts, swimming pool, gardens, tennis courts and other facilities.

The purchase price, and how and when it will be paid. Details of any fixtures and fittings included in the sale.

Note: There are no let out clauses. This is a binding contractOn the day of signing the Sale contract you will be required to pay your deposit to the vendor.

This could be just the reservation fee already paid by you, the buyer.Once you have signed the Contract of Sale, the clock starts ticking.

You have got a set date by when you should complete on the purchase.

This is normally 28 days but can be longer or shorter by agreement.In the case of property under construction there will be a schedule of payment dates following the usual 40% deposit on signing.

IMPORTANT: The contents of this report have been compiled in good faith by Inter - M Properties to provide assistance to investors, but do not constitute investment advice or recommendations. Investors should not rely upon the information given in order to choose types or routes of investment but should make their own independent enquiries before making choices. Inter – M Properties has taken reasonable care in researching and presenting the information herein but makes no representations as to its accuracy and accepts no liability for actions taken or not taken as a result.