What is the difference between plot ( plot ) and land ( land )?
There is a significant difference between these two concepts. It is important to understand it in order to avoid possible problems when buying a property.
In Cyprus, the term “land” refers to an undeveloped area, which is not usually intended for construction due to the zoning carried out by the Land Department and the approval of the plan for “green zones” and communications (water supply, electricity, roads, etc.). This means that the purchase of such land can lead to serious restrictions and barriers to construction.
On the other hand, when purchasing a plot, you get a piece of territory already prepared, designed specifically for construction. The site has specifically marked boundaries, and most importantly, the title of owner has already been issued for it, which determines the permitted parameters of the future building, the maximum height, number of storeys and building area. This provides more freedom in choosing the design and construction of the house, and also eliminates the need to issue a building permit, etc.
The entire territory of Cyprus has already been zoned and each plot has already been assigned its destination category, coverage ratio, building density and maximum building number of storeys. Therefore, when buying, you should make sure that you are purchasing a site of exactly the purpose that you need to carry out the chosen type of activity.
Plots for the construction of residential facilities
If you dream of building your own home, then buying a plot of land is the first step towards making your dreams come true. Traditionally, coastal areas and real estate located as close to the coast as possible are considered the most popular and popular. But it is important to remember that not all sites are suitable for housing construction.
When purchasing a land plot in Cyprus for the purpose of building a residential building, it is recommended to focus on already planned plots that are equipped with all the necessary communications and guarantee comfortable living surrounded by neighbors who are similar to you in terms of requests. In addition, each residential area on the island provides for the construction of infrastructure and parks, which increases the comfort and convenience of residents.
After the purchase of land for residential development, on the basis of the permitted data, a house project is created and a permit is obtained for it. Only after obtaining such permission can construction begin.
The acquisition of land for housing construction presents many opportunities for foreign citizens who can access loans to purchase them. However, it is worth noting that the maximum size of a plot that can be purchased by one foreign citizen is limited to 4,000 square meters. In this case, you can consider the possibility of registering a plot for several adult family members or for a legal entity in order to acquire a large area of land already as a company. This will not only help you bypass the restrictions, but also provide additional opportunities for investing in property in Cyprus.
For the construction of a residential facility, it is necessary, after obtaining the title of ownership, to find a reliable construction company. You should carefully read the ready-made real estate from developers, their ratings and reviews. In addition, do not forget to exercise independent control at all stages of construction.
Commercial рlots
Initially, they were called an industrial zone and were intended for the construction of factories, factories, etc. For industrial zones , the state usually allocated large plots of land on the outskirts of cities. After their zoning, anyone could, with the approval of the Land Department, lease one of the plots for commercial purposes for a long time. The minimum lease term for land in such a zone, subject to the construction of a factory or plant, is at least 49 years with the possibility of extension.
Plots for agriculture
When choosing and acquiring land or land in Cyprus, it is necessary to take into account its purpose. This is an important factor that will determine the possibilities for further use of the area.
The most popular type of land on the island is agricultural . They are located in every area of Cyprus, often far from the sea and cities. Here you can, for example, grow potatoes, harvesting four crops annually, or create a farm.
On such a site, unfortunately, it is impossible to build housing, but it is possible to build various non-residential buildings. However , the area of such a structure must comply with certain restrictions that are established for each specific site. Typically, the building area should not be more than 10% of the size of the land.
If you are interested in purchasing plots with the further construction of your own home, you need to find out information about neighboring plots. It is possible that they have already allowed the construction of livestock farms, which may adversely affect the convenience of living near such buildings.
When buying a land plot in Cyprus, it is necessary to take into account the purpose of the land and the restrictions that are set for each type of land. It is best to contact the Land Department in advance for more information.
Selection of sites for game entertainment centers
Few Cypriots are aware that there are special zones on the island designed to create entertainment facilities. However, despite this, many investors face difficulties when trying to find a suitable piece of land.
So, a few years ago, an investor intended to build an open arena for karting in the city of Limassol , but it turned out to be impossible to find such a site. In the suburbs, it was also not possible to find a suitable option, since all possible land plots were located next to the territories allocated for housing construction. As a result, after a long search, the investor was offered only one plot, located between the cities of Larnaca and Limassol . However, despite this, he decided to abandon the project.
Industrial areas are also not suitable for the construction of open cultural and entertainment centers in accordance with the Laws of Cyprus, which makes finding a site even more difficult. For such centers, the use of sites in agricultural residential areas, as well as industrial zones, is not allowed.
Price
The cost of land plots depends on two key factors: purpose and location. The most expensive plots are those intended for residential construction, especially if they are closer to the sea.
For example, in Limassol ( Parekklisia village ), a plot of land 3500 m from the sea with a building permit and a building percentage of 20%, having an area of 500 m 2 , has a cost of approximately €60,000. At the same time, a plot of land with an area of 839 sq. meters in the historical center of Limassol , located 250 meters from the sea, will cost about 1,250,000 euros.
The cost of land in Limassol starts from 30 thousand euros per 100 sq. meters and can reach incredibly high values if it is a territory on the first line by the sea. Loans for the purchase of land are available for foreign citizens, but their size is limited. When choosing a site, you should not rush, you need to explore several options and evaluate all their advantages and disadvantages.
In our company you can get comprehensive advice from professionals who are well acquainted with the real estate market in Cyprus. Our lawyer will get acquainted with all permits and other necessary documentation, help you with the choice of a suitable site, as well as conduct a purchase and sale transaction without risk to you.
How to choose a building site?
- Before you buy land, decide what you plan to use it for.
- Determine your financial capabilities for the acquisition of land, as well as the further construction of buildings.
- Select a city and a suitable area. For commercial real estate, the ideal option would be a place with high traffic. For residential buildings, check the availability and proximity of utilities (water, electricity).
- Take the time to review and compare options, and choose the best one after weighing all the advantages and disadvantages.
- Contact reliable and trusted specialists for assistance in finding and selecting a site, accompanying the transaction.
- Make transactions only with the support of experienced real estate lawyers.
