Lanitis Development announces that new changes in the law regarding buying Real Estate in Cyprus make this the perfect time to buy property at Aphrodite Hills Resort!

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Lanitis Development, the Owners of the multi-award winning Aphrodite Hills - the finest leisure, lifestyle and real estate Resort in the Mediterranean, advise buyers that are looking to purchase property in Cyprus, that they should look no further, as this is the perfect time to buy!

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The Company’s excellent reputation continually sets precedence and combined with an honest and trustworthy attitude guarantees complete customer satisfaction. This is reinforced by the fact that Lanitis Development has always transferred Property Title Deeds to individual purchasers as soon as it is possible.

Currently, Lanitis Development has already issued Title Deeds for all available Plots and Villas at Aphrodite Hills (406 in total). Furthermore, 21 Title Deeds for Orpheus Apartments have also been issued. The remaining Title Deeds should be issued in the next year.

During the latter months of 2011, a number of important changes were made to the law in Cyprus regarding the sale of real estate. The changes are aimed at improving and to provide further protection for Purchasers of real estate and replace existing legislation for the ‘Specific Performance’ Law.

These important improvements are as follows:

  • The Purchaser now has a time period of six months to deposit the Sales Agreement with the District Land Office (previously it was two months).
  • It is illegal for the Seller to contractually or otherwise prevent or forbid the Purchaser to deposit the Sales Agreement with the District Land Office.
  • The Seller cannot mortgage property or part of the property after it has been sold (to the Purchaser) without notifying the Purchaser.
  • If the property is mortgaged prior to its sale, the Purchaser has the right to pay the share value of the purchased property to the lending institution and the share value of the property must be released from the mortgage. The Seller or the lending institution cannot deny the payment and the consequent release of the purchased property from the mortgage.
  • The Seller is obliged, prior to any sales, to deposit with the District Land Office, the ‘value coefficient’ of each property together with the planning and building permits and architectural drawings. Furthermore, the Purchaser has the right to know the value coefficient of the property he will purchase.

The above changes remedy to an extent, the delays in the issuing of Title Deeds and provide a way out for the Purchaser when such delays occur and act as a defence against Sellers and the mortgaged properties’ banks.

Additionally, there is more good news as for a period of six months up to the 1st June 2012, the Transfer Fees have been abolished or discounted as follows:

  • For any transfers of Cyprus Real Estate where VAT is not applicable and which actually take place within the period, the Purchaser will pay only 50% of the Transfer Fees normally due.
  • For any sales or transfers of Real Estate where VAT is payable, the Purchaser will not pay any Transfer Fees. In the case where a sale (and VAT is payable) is made within the period but the Title Deeds are not available to be transferred, as long as the Sales Agreement is deposited with the District Land Office, no Transfer Fees will be payable when the transfer of the Title Deeds eventually take place.

Taking into consideration the above new developments and improvements in the Cyprus Law and the excellent long standing reputation of Lanitis Development, Purchasers can now look into the amazing real estate opportunities that Aphrodite Hills Resort has to offer and purchase a property at an exceptional price.

The excellent 5-Star, multi award-winning Aphrodite Hills Resort is a low-density development of almost 800 luxury Villas, Junior Villas and Apartments. Situated in 578 acres of spectacular, unspoilt countryside in a stunning, elevated location overlooking the blue glistening waters of the Mediterranean Sea, the Resort is second to none. Comprising of the 5-Star InterContinental Aphrodite Hills Resort Hotel, an 18-hole world famous Golf Course with a Golf Academy, an award-winning Health Spa, competition standard tennis courts and the Annabel Croft Tennis Academy, the Village Square with shops, restaurants and pubs, two Beach Clubs and an Equestrian Centre - all of which Property Owners can benefit from.

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