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REInvest добился успеха на местном рынке недвижимости, предоставив беспрецедентный клиентоориентированный сервис по всему Кипру, включая управление проектами, управление недвижимостью и агентские услуги для частных клиентов, корпоративных и институциональных инвесторов.
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Transparency in Real Estate - Related Costs During Property Transaction
Supporting buyers and sellers through the necessary fees linked to property transactionsAre you a first-time buyer looking to invest in real estate in Cyprus? Rental yields provide landlords with an attractive return on investment, increasing revenue through passive income. However, while buying a property may sound a simple process, it can incur unforeseen costs. Helping our clients to understand and stay ahead of these hidden expenses and unexpected fees is indeed part of what we do here at REInvest. In fact, our team of expert real estate professionals provide a variety of specialist property consultancy services, as well as local know-how and market expertise. Which in turn, stands investors in good stead as they embark on this journey.Our highly experienced consultants advise investors to get a real understanding of all costs involved in purchasing a property before they start house hunting. After all, it is essential to set a realistic budget based on a holistic assessment of all expected costs, prior to committing to a purchase. To begin with, most prospective buyers will be familiar with the big-ticket expenses, such as mortgage payments and property taxes. However, many may not be as aware of some of the smaller, less-known expenses, such as title deed issuance and tax clearance services.Perhaps you are a seller? Similarly, there are a range of different costs, expenses, and VAT obligations to consider before starting the process. For example, many sellers are not aware that under certain circumstances they may be eligible for a waiving of the VAT obligations for their land, plot, field, or property. Thus, to help both buyers and sellers to navigate these unanticipated expenses, your real estate advisors at REInvest have gathered all the necessary cost information, to help you understand all associated cost and prevent any unforeseen surprises that might affect your finances.So, read on to learn about the costs of buying and selling a property:What Fees do Sellers Pay When Selling Real Estate?Pre-acquisition expenses include: Land Registry (LR) search (property encumbrances) Energy Performance Certificate (EPC) issuance - In case of resale an EPC may need to be issued Tax clearance Municipality taxes Sewage feesWhat Fees do Buyers Pay When Investing in Real Estate?Pre-acquisition expenses include: Due diligence fees for the negotiated due diligence time period when the buyer can appraise and inspect the property, carry out property surveys and obtain loan approvals (Due diligence time covers economic, legal and technical facets) Topographical survey (if necessary), to provide the buyer with a valuable 3D depiction of the property or land, which includes data regarding the lot’s physical feature A lawyer (if necessary)Expenses upon acquisition include: VAT is applicable if the planning zone is residential, touristic or commercial (Agricultural zones don’t apply) or for newly built and unused properties. The owner needs to be advised by the VAT authorities regarding whether the property is subject to VAT Stamp duty Issuing of title deeds Transfer fees If the property is subject to VAT, then the transfer fees are zero 50% discount on transfer fees if the property is not subject to VAT Transfer fees are always subject to the valuation of the Land RegistryHow can REInvest Help to Smoothen Transaction Process?Now that you are more aware of the extra costs that apply to property transactions, let’s look at how REInvest’s team of professionals can help to ensure the smooth and successful purchase or sale of your property. As a Leading Real Estate Agency in Cyprus since 1980, REInvest provides expert consultation to guide you through the whole process of buying or selling a property.Our extensive list of services includes Property Management and Project Management, meaning REInvest can check with the authorities regarding whether the property is subject to VAT, as well as inform clients of any incentives and grants currently in force, that buyers and sellers may be eligible for. Furthermore, REInvest, can advise you on ways to minimise your legal and administrative fees, such as reduced VAT, housing schemes, special development lands, local area plans such as the recently issued SBA (Sovereign Bases Area) and transfer fees.Prospective landlords and sellers can also take advantage of the special packages we offer to our clients. To find out more, visit our website reinvest.com.cy/list. Furthermore, for any further inquiries, feel free to call our experts at +357 22 477600 or 77 78 77 71, or email us at info@reinvest.com.cy
July 28th 2022
A Holistic Approach
George Englezos, General Manager of REInvest, explains how the company uses its over four decades of experience and extensive portfolio of properties to provide clients with a wide range of real estate investment options and services | Gold Magazine – June 19th 2022Your company represents properties throughout Cyprus and provides real estate-related services around the island. What are some of Cyprus’ most significant real estate investment advantages?Cyprus is a truly advantageous location when it comes to real estate investment. To begin with, the island itself is geographically positioned in a valuable location: at the crossroads between East and West. As a member of the EU, Cyprus offers investors a secure, stable environment, while simultaneously providing a gateway to the Middle East and beyond. For those looking to increase their passive income through real estate rental, the island has one of the highest and most stable real estate yields in Europe. In fact, rental returns are high for both residential and commercial rental properties. REInvest can assist in maximizing the return on their investments through proper project and property management.As well as high rental returns, Cyprus offers a favourable tax policy for real estate investment, as well as one of the lowest corporate income tax rates in Europe. The island is also a fast-growing hub of commercial, industrial and real estate development. In fact, as we can see from our major urban hubs such as Nicosia and Limassol, international businesses across all key industries are currently choosing Cyprus as their base thanks to its optimum corporate conditions. In turn, this thriving business sector helps further drive real estate opportunities. And then there is Cyprus’ attractive climate and rich diversity of both natural and urban landscapes, with a great variety of things to do for people from all walks of life. All these add up to make this a very attractive place to invest in real estate. Of course, there is also a huge range of choice when it comes to available properties and with REInvest’s extensive portfolio of locations, there is an attractive proposition for any business or individual investor.Are specific areas of Cyprus of particular interest to investors? Do clients prefer certain locations for commercial properties and others for holiday homes?Every district and destination in Cyprus is attractive to investors but each for different reasons. For example, the main urban hubs of Limassol and Nicosia offer advantageous commercial and residential investment opportunities. Another popular investment in Nicosia is in student housing, which offers a high rate of return for landlords looking to earn a passive income. On the other hand, Larnaca, Paphos and Famagusta attract the vast majority of foreign investors linked to the tourism and hospitality sectors. Furthermore, non-EU individuals can always take further advantage of their investment and apply for Permanent Residency.What are some of the ways in which clients can benefit from REInvest’s four decades of experience in the sector and its holistic approach to the services you offer?Well, first of all, our 40+ years of experience are a benefit: with REInvest as their committed real estate partner, our clients benefit from having a team of dedicated real estate experts on their side! The company was founded in 1980, so over the past four decades, we have amassed a vast amount of knowledge in property management and real estate services. However, our clients benefit from more than just our expertise. They also benefit from our unique approach to the market. Not only do we take a friendly, customised approach, tailoring our bespoke services according to each client’s individual assets, projects and portfolio; we also take a holistic 360° approach to our services. So, whether you are a buyer, seller or renter, we can oversee the full process in a bespoke way that meets your needs and requests. Further benefits include our dedicated team of 30 property experts, who are always on hand, going above and beyond to support your every need and share their local know-how and extensive market knowledge. This means that our clients are taken care of every step of the way. Our team will guide them through the complexities of the purchase process and handle the mountain of paperwork, while taking care to spot any hidden costs and potential problems, thereby minimising the client’s exposure to legal property risks. As a proud member of Resolute Group, with an international presence in 10 countries, REInvest can definitely benefit its clients. Committed to staying ahead of market trends and tech advances, REInvest uses the very latest technology to accrue data-driven market research. This, in turn, means that our clients benefit from sustainable value driven results and advantageous deals. At the end of the day, all our clients benefit because we save them time, money and energy, while removing every cause of stress.Tell us more about some of the urban landmarks in your portfolio, such as City Plaza in Nicosia. Today we also have an unrivalled portfolio of diverse locations, which is undoubtedly another key benefit for our clients. Why?Because we offer them the widest choice on the island, as well as exclusive access to off-market property listings, meaning that we’ll always find the ideal property for each and every client. In our diverse portfolio, our clients and investors will find some of the most desirable properties and hidden secrets in all of major hubs across the island. These include some iconic urban landmarks that make for exclusive investment opportunities. One of these is, indeed, the City Plaza building on Makarios Avenue in the heart of Nicosia. An easily recognisable part of the cityscape, City Plaza is a prominent commercial building, exclusively for sale with REInvest. The investment opportunity here lies in the recent major revamp and development of downtown Nicosia, which has restored the area to its former glory as a commercial hub. As a result, City Plaza can offer very high yields as an appealing investment opportunity. The building currently features 74 commercial spaces that can be unified to form bigger units and create a desirable business centre in the heart of the capital.You mentioned earlier that, in addition to real estate agency services, REInvest also specializes in Property and Project Management. Tell us more about this.Yes, we deliver a holistic range of services, two of which are Property and Project Management. In terms of Property Management services, we work with tenants, owners and investors, offering an A-Z of premium calibre services. These include a detailed review and remediation of the existing documentation of a property or plot, building administration, title deed and energy certificate issuance. We will also oversee the general management of leased properties, managing rent, maintenance, complaints, contracts and lease enforcement. In addition, we offer risk assessment services, inspecting properties and managing insurance, health and safety and funds. When it comes to Project Management, REInvest’s team is experienced in managing any development, town-planning or real estate project from start to finish. This includes issuing title deeds, managing construction, refurbishment and renovation, creating technical briefs, appointing third party contractors and consultants, and overseeing the relocation of corporate operations from one property to another.Generally speaking, how would you assess the recent development of the real estate sector in Cyprus and what do you anticipate for the years ahead?The termination of the Cyprus Investment Programme (citizenship by investment) has affected the cities that handled the most applicants: Limassol first, followed by Nicosia, Famagusta, Larnaca and Paphos. Today, without the CIP, the market is considered ‘healthier’ and is based purely on the performance of the property and property appreciation. If construction costs are not differentiated, they will definitely affect the market for newly constructed buildings in the near future. We also anticipate increased interest in the resale market, while demand for the rental of commercial land residential properties is also expected to increase in the coming years. Based on Resolute’s data- driven review of Cyprus’ market transaction dynamics in 2021, transaction volumes have now started to increase again following the 2020 slowdown. In 2020, the number of transactions was 15,115, whereas in 2021 this figure rose by 28% YoY to 19,284. Meanwhile, residential and land assets are driving market activity, while activity in the commercial and industrial segment is minimal. INCREASE BY VALUE INCREASE BY VOLUME 67% in residential 54% in residential 23% in land 40% in land 5% in commercial 3% commercial 5% other 3% other
June 19th 2022
REInvest Greece Launch press release
Resolute Asset Management Group launches Agency & Property Services BusinessAthens, Greece – 6-5-2022 - Resolute is excited to announce the launch in Greece of REInvest, its specialised real estate agency and property services business, supporting the Group’s core strategic asset management and advisory services offering.REInvest specialises in providing agency and property services to banks and specialised investors, including sales & leasing, property management, facilities management, technical services and valuations, with a particular focus on granular asset portfolios. “Resolute’s very significant activities in the Greek market have highlighted a critical gap in agency and property services for the provision of consistent high-quality support on a truly national level. This is key to Resolute’s effective delivery of world class strategic advice and asset management, whilst also presenting great potential in its own right. Our successful experience in integrating REInvest across European markets, including the UK, Bulgaria and Cyprus show the invaluable impact of addressing this gap.” said Nicholas Exarchos, RAM’s Regional Partner. “REInvest’s proven approach and systems combined with the Group’s specialised technology offering are of particular value in the Greek reality. The focus on portfolios of granular real estate, rather than large individual assets, magnifies the importance of property services efficiency and national agency distribution structure. The launch of REInvest in Greece allows us to deploy the latest technology intensive property management solutions, and introduce to the Greek market additional bespoke tools and data systems developed by the Group specifically to support REInvest’s activities,” said Christoforos Stratos, Head of RAM Greece. Resolute Greece will continue its current services, providing strategic advice, asset management and real estate structured solutions to clients in the Greek market.ENDSKey contactsNicholas Exarchos, Regional Partner for Greece, Turkey & MEAnicholas.exarchos@res-am.comChristoforos Stratos, Head of Greecechristoforos.stratos@res-am.comNotes to editorsREInvest Greece SMPC is a subsidiary company of Resolute Asset Management SMPC, part of a global real estate asset management firm with over 180 employees in 18 offices across 12 countries. Resolute combines real estate investment, banking, and financing expertise to deliver asset management advisory and portfolio management solutions to the banking and finance and private equity sectors.Websitehttps://www.reinvest.grhttps://resoluteassetmanagement.com
May 6th 2022
REInvest Real Estate: Why you should trust a reliable Real Estate Agent
True or false: By using real estate agents to buy your next property, you benefit by gaining access to their expertise, contacts and advice.This is true as long as you first carefully select the right professional, and here at REInvest Real Estate, we feel proud to be the keen experts you are looking for that important decision, at zero extra cost.With more than 40 years of experience, we aim to match your needs, skilfully negotiate the right deal for you, and save you much more than hassle and stress. With REInvest Real Estate, you can gain access to various exclusive listings quickly and discover at the same time off-market property listings and hidden features that don’t show as well on the internet.The REInvest Real Estate team consists of more than 30 full-time professionals, who will work with you to spot hidden costs and potential problems, and to minimise exposure to legal property risks. You can truly rely on our extensive market knowledge and valuable tax guidance and assistance all the way through the complexities of the purchase process, while handling smoothly for you that endless paperwork.REInvest provides you with all the needed services as a trusted holistic Real Estate Office for buying, selling, leasing, and offers as well Property Management and Project Management services with a comprehensive after-sales service. What is also true, is that we can shorten the selling cycle of your property by using the extensive international network, which consists of retail and corporate buyers, investors, funds, real estate professionals, and institutions.You can now trust REInvest as a real estate agent who will guide you effectively with its know-how in the field through your new explorations in life by supporting all your needs and requirements.List your property with REInvest. Contact us at 7778 7771 or +357 22 477 600.Registration Number 1044 | Licence Number 523/E
March 9th 2022
