Average prices for property in Cyprus
One of the most important questions for anybody considering purchasing a property in Cyprus is whether they can afford it, and if so, what sort of home they can afford and where they can purchase it.
Foreign purchasers have long been drawn to Cyprus because of its inexpensive property prices in comparison to many other European countries. An apartment in the center of Nicosia costs approximately €1660 per square meter, but a similar flat in other cities, such as Madrid, costs around €5300. Prices, on the other hand, are currently greater than they were previously.
Despite the rise, housing remains reasonably priced, with historic village cottages starting at €150,000, contemporary flats starting at approximately €100,000, and big detached villas starting at around €245,000, depending on location. (Prices are somewhat higher in some of the more popular tourist locations, particularly in Paphos and on golf resorts.)
If you want a bigger house with a bigger plot and a swimming pool, you’ll have to pay more than €600,000. (depending on the area). Prices in Nicosia, the capital, can easily exceed this sum, but in other regions, a fairly sized property with a swimming pool can be found for much less than €450,000.
Prices of real estate
The average costs for flats, townhouses, and villas in the republic’s five districts are listed below.
Famagusta is a town in the province of Famagust (Ammochostos)
This neighborhood is one of the most popular among international purchasers. The average cost of a two-bedroom apartment in the two main resorts (Ayia Napa and Protaras) is about €100,000. In Ayia Napa, a three-bedroom townhouse costs approximately €200,000, whereas in Protaras, it costs around €170,000. In the first resort, four-bedroom villas start at €350,000, while three-bedroom villas start at €250,000.
Larnaca is a city in Cyprus (Larnaka)
Costs are growing quicker in this area than in other districts, and there are some contemporary and fashionable ‘city’ apartments and penthouses with higher-than-average prices. Nonetheless, the majority of property is still far less expensive than in most other sections of the island. A one- or two-bedroom apartment costs approximately €198,000, a townhouse with two or three bedrooms costs around €185,000, and villas with three or four bedrooms cost over €300,000.
Limassol is a city in Cyprus (Lemesos)
It’s impossible to calculate precise costs for properties in communities near the Troodos mountains’ foothills. They’re still reasonably priced in comparison to the rest of the island, but many of them require substantial renovations, which can be costly. Apartments in Limassol city go from €120,000 to €220,000. Townhouses cost approximately €250,000 and villas cost around €400,000. An apartment, a townhouse, and a villa in East Beach cost €130,000, €195,000, and €245,000, respectively, while an apartment in Souni Village costs €170,000 and a villa costs €340,000.
Despite the fact that buying ancient village houses and renovating them is becoming more popular, few estate agencies have village properties on their books. If you’re looking for one of these homes, visit the village and ask around. Even in the most isolated settlements, bargains may be discovered, but only for those who genuinely appreciate the country lifestyle.
Nicosia is a city in Cyprus (Lefkosia)
A two-bedroom semi-detached property in the ancient city centre costs approximately €100,000, a three- or four-bedroom semi-detached house around €305,000, and a detached house around €340,000. Some older homes, particularly in the old city, are government-protected (meaning you must get permission before doing any renovations) and are much less expensive.
On the outskirts of the city, there are lots of purpose-built flats, with prices ranging from approximately €85,000 for a one-bedroom apartment to around €170,000 for a three-bedroom property.
Paphos is a city in Cyprus (Pafos)
The following are the average prices in the Paphos district: a two-bedroom apartment costs approximately €150,000, a townhouse costs around €250,000, and a villa costs around €500,000. However, keep in mind that the Aphrodite Hills development’s apartment, townhouse, and villa prices are growing quicker than the rest of the island.
Fees and additional expenses
Any legal costs and taxes, such as transfer fees, property tax, stamp duty, and mortgage registration, should be considered when purchasing a home in Cyprus (if you have one). These typically account for approximately 4% of the buying price. It’s a good idea to think of these extra expenditures as an investment in the house, so don’t forget to include them in the selling price when you sell it to ensure you get the full value.
Fees for Legal Services
If you hire a lawyer (which is strongly advised), their fees will range from 1% to 2% of the sale price, depending on the property’s value and the intricacy of the transaction. Searching with the Lands Office, verifying planning and construction licenses, ensuring the property is fit for constructing (if applicable), drafting contracts, stamping and registering contracts, and requesting authorization to acquire from the Council of Ministers are all examples of services.
Fees for Surveyors
The Cyprus Scientific and Technical Chamber (ETEK), with which any surveyor you hire should be registered, may provide you with a cost estimate as well as a list of surveyors who are members. The average fee is approximately €500, however this varies depending on the worth of your home and the intricacy of the report you need.
Duty on Stamps
On property purchase contracts, stamp duty is charged at a rate of €1.50 per €1000 for contracts up to €170,000 and €2 for contracts beyond that amount. A stamp has a maximum of €20,000 and must be paid within 30 days after signing a contract.
Application to the Ministerial Council
The Council of Ministers must approve the transfer of property to a non-Cypriot, with the exception of EU nationals continuously residing in Cyprus. This is accomplished by bringing the necessary documentation to your local District Administration Office.
Your lawyer may file the application on your behalf, and this service is frequently included in the normal legal cost, so doing it yourself will save you nothing. Consult your attorney. It’s important to note that the application is largely a formality, especially since Cyprus joined the EU, and that any legitimate application is typically accepted automatically.
Fees for Mortgages
A registration charge of 2.23 percent to 3.75 percent of the loan amount is required if you have a mortgage.
VAT stands for Value Added Tax.
All new properties are subject to Value Added Tax (VAT). The good news is that first-time purchasers just have to pay a 9% VAT. The normal charge of 19 percent will be applied to all other purchasers.
Fee for the Selling Agent
In Cyprus, the vendor pays this fee, which is usually a minimum of 3%, however most agencies charge approximately 5%.
Fee for Transfer
When your lawyer travels to the Lands Office to transfer and register the property in your name, you’ll have to pay a property transfer fee. This might take a long time after the transaction has been made. The charge is determined by the property’s worth and whether it was acquired in one or more names.
For the first €85,000 of a property’s worth, you pay 3%; between €85,000 and €170,000, you pay 5%; and beyond €170,000, you pay 8%.
When a property is bought in a single name, the buyer is responsible for the full charge. In fact, this means that if you buy a house for €130,000, you’ll have to spend €4792 in fees. When a property is acquired jointly (for example, by a husband and wife), the purchase price is split between them and each is taxed individually. As a result, both parties save money on taxes since they are calculated on a lower price, which is 50 percent of the real price.