There are many great plots of land in Larnaca. You might be looking to purchase land so you can peruse that project of designing and building your own home, looking to sell land you have or looking to buy land for commercial real estate use. Either way, we have created this article to give you some much needed information before you begin your search. We will provide details of what to look for and what you will need, including essential documents.
Selling Land in Larnaca
When it comes to selling land in Larnaca you will have to consider various factors such as price as well as know what you will need to provide in terms of documents and who can help you selling the land.
There are 3 factors you need to take into consideration when looking at how much you can sell your land in Larnaca for. They are the following:
• Market value
• Market conditions
• Comparable sales
The considerations mentioned above are extremely important when finding a set price for selling land. If you try to set the price way over its market value then buyers will never consider purchasing it. However, you also need to be mindful of not setting the price too low, leaving yourself short changed. Although setting the price lower than market value often leads to a quicker sale, waiting that little longer means you are more likely to get the price you want.
If you want to gauge what the right price is before contacting realtors then you can investigate by looking at prices of similar land in the area. This is a good chance to see what potential buyers are interested in as well.
What Documents You Will Need to Provide
Like any real estate sale, there are certain documents you will need to provide to the right people.
• A copy of the Title Deed to show evidence that you are the lawful owner of the land.
• Evidence of the plot size.
• A copy of the Land’s Office Site Plan.
• The site Plan that shows all the boundaries and roads surrounding the land.
• Documents to show whether there is access to water and electricity.
• Information regarding the use of the land. E.g. commercial or residential use.
Purchasing Land in Larnaca
When purchasing land in Larnaca you want to start your search by being very specific on what you want the land for. For example, if you are planning to build on the land once you have purchased it, you will need to go through the process of getting planning permission. You will need to applying for building permits, show title deeds and cover permits. Not all land can be built on so make sure you know what type of landing you are viewing before you make arrangements.
Much like when you sell land, there are certain essential documents and particular processes you will need to follow. Below is a list of land essential documents.
• A copy of the Title Deed for the land as evidence that the seller is the lawful and rightful owner of the land. This will also give details of the owner/s, plot size and confirmation that the land is deposited in Cyprus’ Land Registry system.
• A copy of the Land’s Office Site Plan
• Title Deeds must match on all documents
• The Site Plan must confirm all the boundaries, shape of the plot and roads that surround the land.
• Information regarding what facilities such as water and electricity are available
• Whether the plot is residential land or solely for commercial use. (This depends on the reasoning behind the purchase of the land).
• Find out whether you have ‘right of way’ access to the land as this is not automatic and ay need to be negotiated with other land owners in the area.
• If you are purchasing land in Larnaca in order to build a house, you will need to request a Land Survey to confirm that it is suitable for building the house.
• Be aware of the town planning zones such as the maximum height a building can be and the number of floors permitted.
• Also, make sure you are informed of the specific number of square meters the building can be within the total square meters area of the land.
Developing Land in Larnaca
Buying land to develop will give you free range to do many things you may have dreamed of. This includes building your dream house. By doing so you are able to take on a grand project that includes designing your very own custom-made home. There are various advantages to buying a plot to develop/build upon such as the ability to easily control the costs as you build your house to your own specifications.
Of course, market value and comparable sales are different throughout Cyprus as well as inevitably bound to change. However, we can take guidance from the prices of last year (2019). The average price for a 253 square metre plot, 1.3km away from the sea was about €450,000. Again, check out land in the area to see what the average price is.
You may not be considering purchasing land in order to develop your house. In fact, you might be purchasing land to develop commercial real estate such as office space or warehouses. If this is so, then our advice stays the same. However, be sure to check all the legal paperwork as some land cannot be used for particular types of buildings.
The documents for the purchase of developing land are very similar to when purchasing land for other uses. We always recommend seeking help and guidance from a trusted team of professionals and licensed real estate agents as well as lawyers.