Buying land in areas outside development zones requires thorough consideration
With our extensive real estate experience, we've been frequently asked about the process of purchasing and developing land in areas outside development zones. As the availability of land in development zones diminishes due to population growth and urban expansion, the demand for accurate information is on the rise. Clients inquire about the development possibilities in areas lacking water supply, electricity, roads, infrastructure and public services.
From the government’s standpoint, there appears to be an intention in recent years to minimize developments in agricultural areas. This is influenced by factors such as proper town planning, reduced public expenses, environmental considerations, and efforts to utilize land within development zones.
In this publication, we stress the importance of a thorough assessment and study by real estate professionals for this property category. Some parameters that require examination include:
- Legislative framework for purchasing land from foreigners in Cyprus
- Property tax in the acquisition of such properties
- Relevant provisions in development plans and restrictions based on characteristics such as property registration date, size, access, development coefficients, impact from road networks, impact on open public green space, restrictions on allowable buildable area regardless of the development zone, distance of the building from plot borders, development quality harmonizing with the region’s environment, water supply, etc.
- Exceptions and incentives for specialized and large-scale developments
- Suitability of land for development purposes of projects utilizing renewable energy sources (photovoltaic parks, etc.)
Our company has well-trained personnel capable of providing clear advice on both the process of purchasing such properties and the development process. Additionally, we can identify the risks and limitations in the development of this property category, emphasizing how these factors impact property value.
Demos Georgiou MSc, ΜRICS
BSc (Hons) Property Management and Investment
Contact us for a professional and dependent assessment of your property’s market value.