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 Land for sale in Cyprus
Land in Cyprus offers promising long term investments. The price of
land depends upon the area, proximity to the amenities and beaches and the type of the title deeds.
Cyprus is experiencing a property boom, Cyprus land is now in big
demand. It is not necessary to start the construction and build the property on the land immediately
after purchase. Some local business people as well as foreign nationals, view the purchasing of land
in Cyprus as an investment as they know it can only grow in value in a good location. The value of
land in Cyprus grows in value even faster at the moment, than some property.
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The Immovable Property Law
Law considers all matters concerning the tenure, registration,
disposition and valuation of immovable property, within the framework of the Land Registry system of
Cyprus, which comprises all the works and means by which immovable property is technically defined and
drawn, legally recognized, secured and financially valued.
The Land Registry system of Cyprus is unique, in that by its function
the history of each piece of land is traced back to the date of the General Survey. The rights in land
are defined and secured and all transactions relating to immovable property are safe and protected.
According to this law "immovable property" means:
any land;
buildings and other erections, structures or fixtures affixed to any land or to any building or other erection or structure;
trees, vines and any other thing whatsoever planted or growing upon any land and any produce thereof before severance;
springs, wells, water and water rights whether held together with, or independently, of any land;
privileges, liberties, easements and any other rights and advantages whatsoever appertaining or reputed to appertain to any land or to any building or other erection or structure;
an undivided share in any property hereinbefore set out.
"Movable property" includes anything not constituting immovable
property.
Section 40 of the law provides that ownership of immovable property
or rights in immovable property can only be acquired by registration at the Land Registry, through the
proper procedure described in the law and that such registration may only be effected by the registered
owner of the property.
The Sale of Land Law
Under this law a purchaser of immovable property may secure the
remedy of specific performance, by depositing a duly stamped copy of the contract with the Land Registry
within 2 months from the date of the execution thereof, thus preventing the vendor from transferring
property elsewhere or charging it for as long as the contract is valid and legally effective.
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