A PILLAR OF A RISING ECONOMY
This European island has exhibited confidence across the real estate market reflecting positive developments in the economy as well as rising economic performance indicators for the last 33 months. Punching above expectations, real estate has attracted interest from confident foreign buyers, without affecting domestic homeownership–one of the highest in Europe. Foreign interest for real estate varies from owning a holiday home to acquiring a permanent residence, based on the individual’s need and lifestyle.
Sale of Real Estate is on the rise since 2019 with January figures showing a 10% increase compared to January 2018. The spike is a result of improved market conditions, the abolition of immovable property tax and naturalisation by investment schemes. The largest share of overseas property sales on the island belongs to non-EU nationals.
Outpacing Europe’s elite, the country has surpassed expectations and the booming real estate market across all types of property has provided the added fuel to local and foreign investors.
Macro-economic and financial improvements are reviving international interest in favour of about 35 major developments in Cyprus. Growth in construction has been observed across the country, with a sharp increase in the value of building permits in 2018 as compared to the previous year. This interest is underpinned by government initiatives in the form of incentives, implemented to support the foreign investment environment.
An increase of 73% from overseas sales contracts was observed in 2019 with a non-EU share of 70%. The value of building permits rose by 23% in 2019 compared to the previous year, marking a true indicator of progress and movement in the sector.
Our advice is derived from
Market Insight &
- Our team drafts the investment brief after obtaining a comprehensive overview by understanding your ideal property requirements and overall objectives.
- After finalising the brief, Millwood Kane signs a property sourcing agreement with you to kick-start the process.
- Millwood Kane then actively sources the ideal properties that fit your needs, both on and off the market.
- We prepare a list of recommendations accompanied by a comprehensive evaluation for the proposals in question.
- The Real Estate offerings in Cyprus include luxury homes, hotels, hotel apartments, commercial buildings, land, beach front villas and sea view apartments with prime locations across the island country.
- After deciding on the ideal property, Millwood Kane initiates the acquisition process, negotiation on your behalf thereby ensuring the absolute best returns.
- Next, we conduct all signing of the sale contract, legal representative, tax office, local district administrator, appearance at the land registration department and any other professional or government bodies necessary to complete the process easily and efficiently.
- During this time, we ensure you are fully updated which is of utmost importance to us.
- Millwood Kane then oversees the transfer of property at the local land registry office.
- Millwood Kane levies a 3% Purchase Fee for its conducted services throughout the investment.
- On receipt of the agreed fee, Millwood Kane delivers the keys to your new property.
No Hidden Costs, No Extra Charges
Transparent, Reliable & Personal
Millwood Kane International charges a flat fee of €2,500 for services provided. This includes sourcing, consulting, and administration. We will not charge you until we have mutually agreed with you how we are to be paid and answer any questions you may have. In the case you decide to purchase a sourced property, 3% of the purchase fee will be charged on completion of the sale. The commitment fee will be deducted off the 3% purchase fee upon delivery of sourced property.
03 Planning & development
- Team Millwood Kane can project manage any refurbishments and recommend the appropriate approach to planning and development.
- We are happy to arrange a planning brief with you before the date of completion for better understanding of the layout.
- Depending on the complexity of the project, this may either be taken on by our internal team, or be submitted for tenders.
- A detailed proposal will be prepared based on your specifications and budget requirements. At this stage, we will engage our team of specialised consultants to ensure the best outcome.
- Once the necessary licenses are in place, the work can begin.
- The client has the option to utilize any professional of their choice (i.e. interior designers, architect).
04 Property Management (Rental)
- The occupancy rate with Millwood Kane lies at over 95%. We only recommend properties that are well yielding and with a high percentage of occupancies, we also offer a Guaranteed Rent Scheme. This takes away the risk of voids or damage to your property, ensuring a more predictable return.
- We market the property for you within our curated circuit, thereby ensuring quality tenants.
- An interview of the prospective tenant(s), including background checks are undertaken as additional precaution along with a final negotiation of the rental offer.
- Before the tenant takes occupation, the Assured Shorthold Tenancy Agreement (AST) is put in place, and the tenancy deposit is registered with the Tenancy Deposit Scheme.
- Management of property on your behalf includes; smoke alarms checks, carbon monoxide (CO2) alarm checks, maintain all insurances, liabilities, and ensure compliance is up to date and valid.
- Our in-house property maintenance team attends to your tenant's requirements, ensuring a happy tenant.
- Millwood Kane ensures the timely remittance of your rents and manages tenant retention as part of this service.
- 95 %Occupancy Rate.
“What the world’s wealthy consider luxurious differs greatly, but it all starts with a sense of desire,accomplishment and safety for their families and their investment.”Nish Bhatt - Founder & CEO
05 Exit Strategies Advisory (Sale)
- Millwood Kane advises property owners on the exit strategy available to them regarding their property and conducts market studies to provide strategic insight. Using the extensive resources available and a nationwide network of partners, we ensure the best outcome on the market always keeping in line with your overall objectives.
- The correct advice is incredibly critical to the success of any investment, so you can be assured that we have a treasure trove of expertise to share with our clients always wishing for the optimal outcome from any real estate investment.
- Unlike agents or other advisors, we have an unparalleled perspective, as we have, ourselves, bought and sold real estate and partnered and worked with the best accountants, solicitors and lenders for over 25 years in the UK and other countries.
- These nurtured relationships and depth of experience ensures that all your investments are legal and safe.
Note Capital at risk. The value of your investment can fluctuate from time to time.
All investments carry a risk that you may lose some or all your investment. Before you take out any investment, it is strongly recommended that you take advice from a qualified financial advisor or legal representative to act on your behalf regarding the risk ratio and investment.