Buying a home in Cyprus is the dream of many retired and Young couples (especially in the UK) that aim to live a sunny life. This is because the island offers an excellent life quality at an affordable cost, with sunny weather and beautiful landscapes.
Nevertheless, the fact that so many foreigners are interested in buying property in Cyprus makes it a bit complicated in some sense. A good recommendation is to get a particular attorney that would look after your interests.
Why should I get a personal lawyer when investing in Cyprus Real State?
As a foreigner, you’re probably less familiar with the Cypriot law than a local person. That’s a fact. And even though if you’re English and the laws are pretty similar, Cypriot investment opportunities are often vulnerable to manipulation.
Some lawyers even associate with vendors so they can get extra profit from a property for sale. That’s the prime reason why having a personal lawyer is essential when buying property in Cyprus. Of course, it’s important that the lawyer is also Cypriot so he manages the market tricks.
Once you’ve thought about a lawyer that can check the homes for sale of your choice, you can proceed to make your selection.
What kinds of homes for sale can I find y Cyprus?
If you’re looking for property sales, you probably have thought about what kind of property you are actually interested in. The different kinds of accommodation you can find in Cyprus are:
⦁ Villas: one of the most luxury properties you can find on the island. They’re usually big with at least 3 bedrooms. Also, they tend to have private pool and garden and are located inside a private complex.
⦁ Houses: very variable in price but always very nice, houses for sale in Cyprus have the best value/price on the market. They’re really good property opportunities as they usually have access to private splash pool or community swimming pool as well as gardens. Also, they usually are big enough for a family of four including three beds (2-3 bedrooms) and a completely equipped kitchen.
⦁ Apartments: if you’re looking for a budget option that is still cosmopolitan and modern, apartments for sale are your choice. Also comfortable with usually 2-3 bedrooms, kitchen, and communal areas, they save a bit of space and also a good amount of money. Apartments require less maintenance and can be left alone for larger periods without risks.
⦁ Country houses: if you’re not so eager about buying property nearby too populated areas, maybe traditional village houses are for you. Beautifully restored stone houses that have3 all the commodities of the previously mentioned properties but for a really lower price. Of course, it depends on the size of the house being it common that they cost half the price of 3 bedrooms house and still have the same rooms. Some of them also include splashing pools and the landscapes are much more natural with fresher air weather.
Where to buy in property in Cyprus?
The capital of the island is the most expensive region as it’s a very cosmopolitan city and includes all the commodities and activities of a metropolis. Even though it preserves its historical shades, the capital is full of shops, museums, restaurants, commercial buildings and offices in general. Also, it’s far away from the coast (one hour at least) and has no airport.
⦁ Average villa price: €900,000
⦁ Average house price: €400,700
⦁ Average apartment price: €105,200
⦁ Average country house: €250,000
Paphos is the most popular area for real estate investing, especially for foreigners. The property for sale in Paphos is also a bit expensive as it’s so demanded. The area is mostly touristic as it is located right in the coastline where the best beaches and historical places are located. Actually, Paphos is called the birthplace of Aphrodite. It’s the house of the principal airport and it’s strategically placed nearby everything. Most of the accommodation there is apartment complexes or separated villas.
⦁ Average villa price: €700,000
⦁ Average house price: €350,00
⦁ Average apartment price: €96,500
⦁ Average country house: €250,000 (rare)
Limassol is the most variable city to invest in Cyprus. The city is located right in the most southern place of Cyprus. Right by the coast side, it houses the second biggest port on the island. As it’s an excellent place for professionals and there’s always work, it’s common to find investment opportunities such as small apartments that come along with a job. But that’s not it; you can also find beautiful coast villas or mansions for a retirement home (these could be even more expensive than in Nicosia). And if you’re looking for a more affordable accommodation, you can find plenty of country houses on the Troodos Mountains.
⦁ Average villa price: €1000,000
⦁ Average house price: €304,00
⦁ Average apartment price: €105,500
⦁ Average country house: €200,000
The cheapest accommodation on Cyprus is found in Larnaca. With a more traditional lifestyle, Larnaca is the place where the very old meets the very new. Even though the city itself is a bit orthodox and enjoys the natural beaches and relaxing style, it’s still very close to Ayia Napa.
Maybe because the area is extremely touristic and known as the “party-town”, property for sale in Ayia Napa is more driven to holiday accommodations. Nevertheless, The city of Larnaca is an excellent place to live if you want a more easy and comfortable lifestyle. It has the second airport in the island and also a shipping port.
⦁ Average villa price: €350,000
⦁ Average house price: €270,00
⦁ Average apartment price: €110,500
⦁ Average country house: €190,000 (rare)
For investment opportunities in Cyprus, we wouldn’t recommend choosing the north area unless you’re really familiar with the region. Even though prices may be cheaper, they usually are tied to legal property issues.
Taxes and fees
There’s a series of taxes and fees that anybody should pay when buying a home in Cyprus:
⦁ Immovable property tax (IPT) paytable by every owner of a property in Cyprus.
⦁ Tax VAT (IVA): only payable when buying a new building. It’s 19% and usually included in the property price.
⦁ Mortgage valuation fee and other bank charges, payable only when a loan or mortgage is requested.
⦁ Stamp duty: 0.20%
⦁ Land registry fee: around 3% to 8% of the buying price payable according to the property value.
⦁ Transfer fee: payable when the land is transferred.
⦁ Surveyor fees: payable when the property for sale needs or have had deep restoration.
⦁ Legal fees: they will vary depending on the value of the property and includes lawyer fees.