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Buying land or plot in Cyprus

Buying land or plot in Cyprus

Understanding the difference between “plot” and “land” is crucial when considering a property purchase in Cyprus, as these terms have distinct meanings and implications.

Land

In Cyprus, the term “land” refers to an undeveloped area that is not typically designated for construction. This is due to zoning regulations established by the Land Department, which include plans for “green zones” and the allocation of areas for infrastructure such as water supply, electricity, and roads. Purchasing land can result in significant restrictions and barriers to construction because it may not be approved for development. Essentially, land is raw and unprepared for building purposes.

Plot

On the other hand, a “plot” is a piece of land that has been specifically prepared and designated for construction. A plot has clearly defined boundaries and is accompanied by a title deed, which outlines the permissible parameters for any future building, including the maximum height, number of storeys, and building area. This means that purchasing a plot offers more freedom and security in terms of design and construction, as it is already zoned and approved for development. Additionally, a plot typically does not require further permits for construction, as it is pre-approved for building.

Zoning and Regulations

The entire territory of Cyprus has been zoned, with each plot assigned a specific purpose, coverage ratio, building density, and maximum number of storeys allowed. When purchasing property, it is essential to ensure that the plot you are buying is designated for the type of development you intend to pursue. This will help avoid any legal or regulatory issues that could arise from trying to develop a piece of land that is not approved for your intended use.

Plots for the Construction of Residential Facilities

If you dream of building your own home, purchasing a plot of land is the first step toward realizing that dream. Coastal areas and plots located near the coast are traditionally the most sought after. However, it is essential to remember that not all plots are suitable for residential construction.

When buying a plot in Cyprus for building a residential property, it is advisable to focus on planned plots that come with necessary utilities and infrastructure. These plots ensure comfortable living in a community of similar-minded neighbors. Additionally, residential areas on the island are designed with infrastructure and parks, enhancing the overall convenience and quality of life for residents.

Once you purchase a plot for residential development, the next step involves designing a house based on the permitted building parameters and obtaining the necessary construction permit. Construction can only begin after securing this permit.

Buying land for residential construction offers many opportunities for foreign buyers, including the possibility of accessing loans. However, it is important to note that the maximum size of a plot that can be purchased by a single foreign citizen is limited to 4,000 square meters. If you wish to acquire a larger plot, you might consider registering the land in the names of multiple adult family members or through a legal entity, allowing you to bypass individual restrictions and explore additional investment opportunities in Cyprus.

After obtaining the title deed for the plot, it’s crucial to find a reliable construction company. Review the track record of developers, including their ratings and reviews, and ensure you maintain independent oversight throughout the construction process to ensure quality and compliance.

Commercial Plots

Commercial plots, initially designated as industrial zones, are intended for the construction of factories, warehouses, and other commercial facilities. These industrial zones are typically located on the outskirts of cities, where the government allocates large tracts of land. Once these areas are zoned, interested parties can lease plots for commercial use, subject to approval by the Land Department. The minimum lease term for land in such zones, particularly for the construction of a factory or industrial facility, is at least 49 years, with the possibility of extension.

Plots for Agriculture

When selecting and purchasing land in Cyprus, it is crucial to consider the intended use of the land. This is an important factor that will dictate how the land can be used in the future.

Agricultural land is the most common type of land on the island, found in every region of Cyprus, often far from the sea and urban areas. This land is ideal for farming activities, such as growing crops or establishing a farm. For example, you can grow potatoes and harvest multiple crops annually, or set up a livestock farm. Agricultural land provides an opportunity to engage in farming and agribusiness in Cyprus.

 

Building Restrictions on Agricultural Land

On agricultural land in Cyprus, it is generally not possible to construct residential buildings. However, you can build various non-residential structures, provided they comply with specific restrictions set for each type of land. Typically, the allowable building area should not exceed 10% of the total size of the land.

If you are interested in purchasing a plot for the purpose of building your own home, it’s crucial to gather information about neighboring plots. There may be cases where nearby plots are used for livestock farming, which could impact the quality of living in the area.

When buying land in Cyprus, it’s essential to consider the land’s designated use and the restrictions that apply to it. It’s advisable to contact the Land Department for detailed information before making a purchase.

Selection of Sites for Entertainment Centers

In Cyprus, there are designated zones for creating entertainment facilities, although they are not widely known. Despite their existence, many investors face challenges in finding suitable land for such projects.

For instance, a few years ago, an investor wanted to build an outdoor karting arena in Limassol but struggled to find an appropriate site. Suitable plots in the suburbs were also scarce, as they were typically adjacent to areas designated for residential construction. After an extensive search, the investor was offered only one plot between Larnaca and Limassol but ultimately decided to abandon the project.

Industrial areas are not suitable for the construction of open cultural and entertainment centers according to Cypriot law, further complicating the search for appropriate land. Therefore, agricultural residential areas and industrial zones are typically not allowed for such developments.

Price of Land Plots

The cost of land in Cyprus depends on two main factors: its designated purpose and location. Plots intended for residential construction, especially those closer to the sea, tend to be the most expensive.

For example, in the village of Parekklisia, Limassol, a 500-square-meter plot located 3,500 meters from the sea with a building permit and a 20% building density costs approximately €60,000. Meanwhile, a plot of 839 square meters in Limassol’s historic center, just 250 meters from the sea, can cost around €1,250,000.

Land prices in Limassol start at around €30,000 per 100 square meters and can reach significantly higher values for beachfront properties. Loans for purchasing land are available to foreign citizens, but the loan amounts are often limited. It’s important not to rush when choosing a plot—take the time to explore multiple options and carefully evaluate their pros and cons.

Professional Assistance

At our company, you can receive comprehensive advice from professionals who are well-versed in the Cyprus real estate market. Our legal team will review all necessary permits and documentation, assist you in selecting the right plot, and ensure a smooth and risk-free transaction.

How to Choose a Building Site

Choosing the right building site is a critical step in any construction project. Here are some key steps to guide you through the process:

  1. Define Your Purpose:

    • Determine the purpose of the land—whether it’s for residential, commercial, agricultural, or other types of development. This will influence your choice of location, size, and zoning requirements.
  2. Assess Your Budget:

    • Establish your financial capabilities, including not just the cost of the land but also the budget for construction and any necessary infrastructure. Understanding your budget will help you narrow down suitable options.
  3. Select the Right Location:

    • For Commercial Real Estate: Look for locations with high foot or vehicle traffic, proximity to other businesses, and accessibility to customers.
    • For Residential Buildings: Consider the availability and proximity of essential utilities such as water, electricity, and sewage. Also, evaluate the neighborhood’s safety, amenities, and future development potential.
  4. Compare Options:

    • Take your time to review multiple properties. Compare them based on factors such as price, location, land size, zoning regulations, and any potential for appreciation in value. Weigh the pros and cons of each option to make an informed decision.
  5. Consult with Experts:

    • Engage with reliable and trusted real estate professionals who can assist you in finding and evaluating suitable sites. These specialists can offer insights into the local market, property values, and potential development opportunities.
  6. Legal Support:

    • Ensure all transactions are conducted with the support of experienced real estate lawyers. They will help you navigate legal requirements, verify property titles, check for any encumbrances, and ensure that all necessary permits are in place.

By following these steps, you can confidently choose a building site that meets your needs and aligns with your financial and development goals.

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