Prices Are Usually Quoted As Pounds Per Sq. Metre

Category: Finance.

The next step is to appoint an architect to carry out the design. We suggest that you appoint an architect for the purpose( not an engineer or technician) .

There is an abundance of well qualified architects on the island and many capable technicians as well. Architect fees range from 4% -6% (on the building cost) but you can agree also on a fixed fee. Upon signing a contract, the Purchaser is liable to pay stamp duty which amounts to 115% of a purchase price up to CY 10000, and then at a rate of 2% on any purchase price in excess of CY1000Land registry fees are payable when the owner ship of the property is transferred. The prevailing fees are 8% on the building cost for a complete set of architectural plans and 6% for supervision( including the issuing of certificates) . This is on a sliding scale, ranging from 5% to 8% depending upon the value of the property. It is important, to ascertain the, however square metres of which area you are paying for. Prices are usually quoted as pounds per sq. metre.

Certain developers include part of the common areas( staircases, lifts etc) while others include the verandahs and so on. Another factor which is also related to the price, is the payment terms. If therefore, you are shopping around for the right price, make sure that you are comparing the same area. A developer could be asking a high price for flats but he could be offering very attractive payment terms over a long period. Quality: In all advertisements for the sale of flats you will find the word luxury. Compare, not only the, therefore extent, quality etc. of a flat, but also the payment terms in order to ascertain who is offering you the best deal.

What is luxurious accommodation may be far distant from what you will get however. If the flat you are buying is not ready, have your property surveyor go through the specifications of the materials and finishes so that he can explain their meaning to you.

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