Buying in cyprus
Cyprus is a natural wonder. It boasts the most beautiful Mediterranean beaches, as well as old history pouring from every rock, and property in Cyprus is extremely cheaply priced. It has nice winter light and a little skiing. It has a long history of British influence and friendship, yet it also boasts a thriving Greek culture. It offers a vibrant nightlife for the younger generation as well as a robust network of more tranquil activities for the numerous older inhabitants.
Cyprus has a number of advantages, and the British aren’t the only ones who have discovered them. It is a popular location for property seekers and has a promising future as a worldwide holiday resort at the crossroads of East and West. Perhaps not only for vacations — Cyprus, like Malta, is drawing businesses and investment. Greek Cypriots are a lively bunch: consider Peter Andre, Theo Paphitis, and Sir Stelios Haji-Ioannou, creator of easyJet; you’ll most likely go there on one of his planes. Not bad for a country of only 800,000 people.
Following the financial crisis, Cyprus slipped off the radar for many British vacation property searchers and relocators due to negative press (often deserved) about miss-sold mortgages, shady developers, and a problem obtaining title deeds. These issues have largely been resolved, and a new generation of us can move in and take advantage of Cyprus’s low property costs. According to the Royal Institution of Chartered Surveyors, prices decreased by up to 50% between 2010 and 2015. (RICS). There are some great steals in those sun-drenched hills with breathtaking views of the Mediterranean!
Cyprus is 240 kilometers long and 100 kilometers broad, making it somewhat smaller than Devon and Cornwall combined. It has been split politically for decades, ever since the island was violently partitioned in 1974, causing 200,000 Greek Cypriots to flee their homes in the north. As a result, few individuals are prepared to acquire property in the north due to title concerns.
The Troodos Mountains run across the southern portion of Cyprus, going down through oak, pine, and cypress forests and rocky slopes to the beaches. Paphos and the surrounding villages have historically been the most favoured areas for British purchasers. Paphos is a fast expanding town that is becoming increasingly attractive with both young families and retirees. It has an airport with year-round direct flights to the United Kingdom.
Limassol, the second biggest city in Cyprus (after Nicosia), has been drawing foreign purchasers with its excellent new marina. Another well-known destination is Ayia Napa in the extreme south-east, which was previously synonymous with young people’s vacation excesses but has now cooled down substantially.
As it looks to a bright new future, real efforts are being made to repair this divided country.
Where to Buy Property in Cyprus
Where to Buy Property in Cyprus The region around Paphos, an attractive harbour, resort, and Unesco World Heritage site on Cyprus’s south-western coast, is the most popular among British buyers. It is home to many of the island’s cultural treasures, including as a medieval stronghold, frescoed tombs, and mosaics, as well as utilities for every need, such as its own airport with easyJet flights to the UK year-round. It is also getting a new harbor, better roads, and a general facelift as it prepares to be the European City of Culture in 2017.
Central Kato Paphos – around the old harbor, flats from approximately £70,000; the traditional Cypriot villages of Peyia and Tala just outside the town; and the five-star Aphrodite Hills resort nearby – are all popular neighborhoods. There is a wide range of inexpensive residences in Peyia, ranging from flats for £40,000 to three-bedroom townhouses for little more than £100,000 and five-bedroom villas for £250,000.
In the peaceful town of Tala, your money may not stretch as far – and there are fewer properties for sale – but you can still acquire a one-bedroom apartment for £60,000 or a three-bedroom mansion for £250,000. Another popular resort location is Coral Bay, which has Blue Flag beaches and three-bedroom homes ranging in price from £230,000 to £300,000.
Polis, a tiny, scenic village on the northwestern coast at Chrysochous Bay, borders the Akamas peninsula, a stunning natural reserve. Polis boasts some of the greatest beaches on the island, in quiet bays with crystal-clear seas, as well as a superb café culture, particularly in Latchi, Polis’s beautiful port with its recently enlarged marina. It is slightly less expensive than Paphos, with flats starting at €60,000 and villas starting at €250,000.
Resale flats in the Aphrodite Hills golf and equestrian complex start at little over £100,000, but frontline golf villas may cost up to £700,000 or more.
Limassol is Cyprus’s second biggest city. It is highly popular with the Russian market as a vibrant city and commercial centre, with world-class shopping and international restaurants in its world-class integrated marina. This demand keeps prices a bit higher than in Paphos — flats start at £90,000, while villas start at almost £300,000. Limassol Marina properties range in price from approximately £340,000 to over a million euros.
Purchase Process for Property in Cyprus
Purchase Process of Buying Property in Cyprus
Purchasing a property in Cyprus is governed by English law. When a buyer discovers the suitable home, they should pay a Reservation Fee of between €1,000 and €5,000 (depending on the value of the property), as many resale properties are offered by more than one agency. Contracts are then written out specifying the terms of the sale, and the Reservation Fee is generally 10% (within two to three weeks) for a resale property and 20%-30% for a new-build.
Once the buyer signs the Contract of Sale, their lawyer must register it with Land Registry within 60 days to secure the property in the buyer’s name (s). Buyers must submit bank and character references along with their application. The rest of the money is typically paid by the completion date agreed upon by both parties on resales and in phases agreed upon by the developer on new-builds.
Purchasing Prices Property Transfer Fees (or Stamp Duty as it is known in England) are 3% for the first €85,430 of the property’s worth, 5% between that and €170,860, and 8% over that.
If there are two names on the contract, the amounts are twice, so the first €170,860 is at 3%, and so on. Legal costs are often charged at a rate of 1% to 2%, with agency fees ranging from 3% to 6%.
title Historically, there have been two major issues in Cyprus, both affecting title. The first concerns Turkey’s ownership of assets in northern Cyprus, which it has controlled since 1974. Prices are lower, but the previous Greek Cypriot owners still own much of the property, and any purchase there is hazardous – regardless of what realtors tell you.
The second difficulty is the delayed issuing of title deeds in southern Cyprus, along with certain questionable deals by developers there in recent years, which necessitates demonstrating clear title. Although the authorities have sped up the entire procedure – and are making significant efforts to make the buying process considerably more transparent in every way – some purchasers remain understandably hesitant to purchase without title documents.