Cyprus Recovery Scheme
Auctions in Spain and their associate partners can now offer the opportunity to acquire a home in Cyprus without having to pay a deposit or having to go through the rigmarole of arranging a new mortgage.
With this unique opportunity it is also possible for those who have been refused a mortgage for whatever reason to own a property in Cyprus.
The scheme enables new buyers to take over the mortgage commitments of those with properties in Cyprus they can no longer afford to keep and considering the current financial climate find impossible to sell in the conventional way.
For example, our listings include four fully furnished apartments within the St Nicolas Elegant Residences resort development in Chlorakas, near Paphos. Facilities include a club house, bar restaurant, tennis courts and five pools, one is indoors. Also on hand is a gymnasium, jacuzzi and sauna as well as a cinema and shop.
Typical of this development is a two year old fully furnished studio apartment which is 45.5M2, it includes a 9M2 balcony. For a fee of £5,250 plus VAT, payable by the new buyer we will arrange for all rights and charges associated with the property to be assigned to him or her, this is subject to the new buyer agreeing to pay the outstanding mortgage which for this property is £449 per month.
The annual maintenance charges on the property are £1,700 and the total outstanding balance on the mortgage is £91,354.
The legal arrangements take around a month to complete and have been carefully drawn up by our Cypriot lawyers.
The new buyer can occupy or let the property and should they wish to sell before the mortgage has been repaid fully, the original owner will be entitled to a 20% share of the difference between the agreed contractual figure and the price achieved.
the St Nicolas Elegant Residences resort has facilities for use by owners which include a club house with a bar and restaurant, tennis courts and five pools. One is for children and one is indoor. Also on hand are a gymnasium, jacuzzi and sauna as well as a cinema and shop.
The resort is five minutes drive from the centre of Paphos and the beach at Coral Bay is ten minutes away.
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