The real estate sector in Cyprus is one of the essential pillars of the island’s economy. During the last five years, the sector is booming as high interest is noted from foreigners in purchasing property for holiday, second homes or investment purposes (being one of the prerequisites for obtaining citizenship through the Cyprus Investment Program). Attraction is also observed in relation to numerous new projects under construction on the island, presenting an exciting industry for investments for foreigners and locals.
The purchase of property is one of the biggest and most profitable investments that an entrepreneur or an investment vehicle (i.e. through a structure utilising the benefits of a private limited liability company) can seek. In an ongoing fashion, our Firm assists enumerable clients incorporating hotel constructions and acquisitions, leasing of houses and apartments, as well as a plethora of other investment choices in their financial ventures. Resort and hotels have proven to be extremely profitable as tourism in Cyprus occupies a dominant position in the economy.
Immovable Property (Tenure Registration and Valuation) Law CAP 224 enacted in 1946, is considered to be the cornerstone of immovable property in Cyprus, determining the criteria, procedures and generally all practices as to tenure, registration, disposition and valuation of immovable property within the framework of the Cyprus land registration system.
Our firm takes pride in the excellent and efficient services it provides in this area. The team acts in both commercial and residential property transactions and offers a comprehensive, personal service of excellence, reflecting the scale of the investment our clients are making. We provide legal services to residents, non-residents, individuals or corporations who wish to purchase immovable property in Cyprus and abroad. Here at Pelecanos & Pelecanou LLC we deal with transactions of every level of complexity that may be involved in the non-occupied areas of Cyprus.
Whether we are acting for a seller or a purchaser, at the core of our property services is a professionalism which permeates every aspect of advice we give to our clients. We understand that a client needs to know that the title to their future purchase has been fully investigated, that the advice he/she is receiving is fully independent and we offer to our clients an unrivalled level of professional service which embraces every aspect of the property purchase process.
We undertake to protect our client’s interests from the moment one decides to purchase property to the successful completion of the property transaction. From drafting solid and tailor made contracts according to the client’s demands to dealing with all matters that may arise, whether it is exchanging foreign currencies at a favourable rate or depositing one’s contracts at the Land Registry Office, we are always at our clients’ disposal until the title deeds are transferred into their names. Currently the office has dealt with over four thousand transactions. Our portfolio ranges from transactions involving small apartments and houses, to large building complexes and hotels.
We also comprehend a client’s need to be kept informed and remain in touch with our clients every step of the way through a property transaction, ensuring they are fully appraised and content with progress. At Pelecanos & Pelecanou LLC our clients are at the heart of how we work. All our efforts and commitment is to deliver a world-class service, providing the highest quality advice and support efficiently and effectively, every time.
Covered areas: Purchase/Sale/Acquisition of immovable property, Legal advice on issues related to real estate investments, Lettings, Preparing and dealing with Construction contracts, Extrajudicial resolutions of landlord and tenant disputes, Property transfer, etc.
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