PROPERTY FOR SALE & BUY & RENT IN PAPHOS
Perfect architecture, awe-inspiring design, lush tropical landscaping, and today’s most sought-after amenities come together to create timeless beauty and incomparable comfort. Everything you need to improve your life is right here.
BUYING AND SELLING REAL ESTATE
How we guide you through a successful sales process
From the minute you decide to sell your property to handover over the keys to a new owner, Nikeairprestoultraflyknit is there for you. We are experts in all of the stages required in completing a transaction, and we guarantee a pleasant and professional experience.
What is the best way to price your property?
You’ll have fewer prospects and the sales cycle will lengthen if you set your price too high. You’ll get the reverse if you anchor it low. At least, that’s the general rule. We would gladly advise you on the optimal strategy for your property. We propose using our appraisal services if you are unsure which initial price to give to us.
WHY ARE WE WORTH OUR TIME?
Nikeairprestoultraflyknit developments differ from larger-scale developments in that they typically necessitate precise interior and architectural design, allowing for more originality and imagination during the design process and presenting buyers with a really unique property.
With the current uncertainty, many investors are seeking for opportunities to earn a consistent, stable, and consistent stream of income rather than just generating a quick profit. However, if you are unfamiliar with the conditions of the numerous marketplaces, this might be a difficult start. When it comes to property investment, Cyprus, one of the world’s most popular tourist destinations with mesmerizing beauty, is a strong contender. It offers not only financial benefits, but also aesthetic attractiveness and a very comfortable and contented existence. As a result, investing in Cyprus real property is a great investment.
Continue reading to discover why now is an excellent time to invest in Cyprus.
Why now is the best time to invest in Cyprus property?
1. Property Demand Is Low
Businesses all throughout the world had a rocky year in 2020. The same may be said of Cyprus’ real estate market. In 2020, demand for this country, which caters to the affluent due to its opulent aura, was lower than in 2019. With global events and a worldwide pandemic, this is understandable. It is crucial to highlight, however, that real estate markets are progressively regaining their footing.
Despite the drop in real estate investment, according to PwC’s ‘Cyprus Real Estate Market – Year in Review 2020’ (which provides insights into the behavior of the Cyprus economy in general and presents key real estate market developments), the Real Estate and Construction sector remains one of the key pillars of the Cyprus economy, contributing 15% of GVA in 2020. This indicates the market’s resiliency as well as the importance of the Cyprus economy as a whole.
Investing in a property in Cyprus now might not be such a good idea in the future, as demand will begin to rise again, increasing the value of properties. By investing now, in 2021, one will save money and see a return in a short period of time.
2. Exceptional Rental Returns
Because rental returns are still strong, this is a good moment to buy a property and rent it out. According to statistics, according to the Global Property Guide, monthly rents for residential buildings increased by double digits in 2019. In some regions, house rents jumped by 11.5 percent, while apartment rental yields increased by up to 13.4 percent. Investing now and putting the house on the market for rent can provide a steady stream of income.
3. Incentives for Property Investment
Due to lesser demand than in the past, primarily due to Brexit and travel limitations, developers are providing tremendous incentives to investors in order to maximize the return on their investment. Now is the ideal time to take advantage of not only decreased pricing, but also these incredible incentives. Take, for example, Quality Home Developers Cyprus. A five-star development set on a beautiful golf course. The developer may provide a complete VAT refund to everyone who arranges a virtual viewing trip, as well as a complimentary 10-year property maintenance service with no expenses. They will also take care of your rents, making it a stress-free property investment with a high potential for profit.
4. Low Rate of Crime
For many people, the island of Cyprus is a favourite vacation destination. As a result, there is ongoing watch on the country’s crime situation. The prevalence of violent crime in this country is lower than in much of Europe, making it a safe sanctuary for foreigners to live, explore, and invest. Furthermore, with a low crime rate of 1.2 percent reported in 2018, your investment will be protected in the long run.
5. Tourism Center
The country is a popular tourist destination. According to statistics, the number of tourists in 2018 was estimated to be around 3,621,000,000.00, up 5.33 percent over the previous year. Despite the fact that tourism declined last year in 2020 due to limits on worldwide travel, Cyprus will remain a popular tourist destination for many countries once travel restrictions are lifted.
The country’s tourist industry contributes significantly to its economic growth. With the release of vaccines and the pandemic slowing, travel will presumably resume shortly, generating a significant amount of cash for the country. Investing now would be the ideal approach to benefit from the impending tourism boom. We can arrange virtual tours of some of the best Cyprus property investment opportunities currently available.
Investment necessitates extensive research and planning. Before jumping into any market, it’s usually a good idea to plan ahead. For all of the reasons stated above, it’s no wonder that Cyprus is one of the hottest investment destinations right now.
What is the best place to acquire your Cyprus property investment?
Southern Cyprus is a popular tourist location for a variety of reasons. Paphos or Ayia Napa are ideal tourist destinations. Minthis, Aphrodite’s Hills, and Venus Rock are just a few of the island’s great golf courses. City apartments or marina properties, village townhouses or villas by the sea or in the mountains, they’re all appealing investment options. There’s a lot to pick from, and we’d be pleased to assist you in finding the best investment for you. We work with a lot of prominent developers and agencies and are not an agency ourselves, so we can provide you an unbiased opinion on the greatest investment opportunities available.6
We are frequently asked how to obtain a mortgage for a property located outside of the United States, and in particular, how easy it is to obtain a mortgage in Cyprus. The good news is that obtaining a mortgage for a property located outside of the United States, including a mortgage in Cyprus, is achievable; nevertheless, there are some considerations to consider and risks to be aware of.
We are fortunate in that we work with mortgage advisors that are professionals in this field and can provide sound counsel.
How can I get a mortgage in Cyprus?
Obtaining a mortgage in Cyprus for non-Cypriots is more difficult than purchasing locally due to the increased risks. To begin, contact an international broker that can assist you in locating the finest mortgage for an abroad property in Cyprus.
Our consultants are professionals in this field; call us today for the best guidance.
After you’ve picked your property and the mortgage has been accepted, you’ll need to hire a solicitor in Cyprus to complete the necessary documentation, which includes drafting out a contract, just as you would in the UK.
So that there are no misunderstandings, your lawyer should be fluent in both English and the local language. If you choose to work with a firm from your home, make sure they are registered with the Law Society of England and Wales and have experience with international transactions.
You’ll need to put down a 30 percent deposit, which you can figure out using a Cyprus mortgage calculator.
After final contracts are signed, the property must be registered with the Cyprus Land Registry, which will be handled by your solicitor. Following that, you’ll have to pay the applicable fees and taxes, which are detailed below.
When you buy a home in your home property, you will be forced to pay fees, and when you buy a home in Cyprus, you will be required to pay taxes.
Stamp duty, transfer costs to the Cypriot government, an annual municipality tax to the local authority, an annual sewerage tax, and immovable property tax are among them (IPT).
In addition to your solicitor and surveyor fees, stamp duty and transfer fees are based on the value of the property and can amount to roughly 10% of the total sale price. Speak with a tax expert to get an accurate estimate of your total fees.
Why do you need to work with one of our expert international brokers?
It’s difficult to find out what mortgage rates are available in Cyprus if you’re not a resident.
An international broker can help you get the best Cyprus mortgage rates from a local lender, taking into account your deposit, the length of mortgage you want, the sort of property you want (including unique homes), and your age.
They will also be familiar with local rules, allowing them to get you the greatest prices on a mortgage to buy property in Cyprus.
Mortgages in north Cyprus differ from those in south Cyprus
Obtaining a mortgage in north Cyprus may entail additional risks, as the political landscapes in north and south Cyprus differ, and your mortgage may be affected.
Because the British government considers North Cyprus to be unstable, British banks will not lend money to residents of the country. If you want to receive a mortgage in northern Cyprus, you can get a north Cyprus mortgage from a Cyprus bank, just like you can get a south Cyprus mortgage. You can also get a UK mortgage for a property in Cyprus or check into euro mortgages.
The active Royal Air Force base RAF Akrotiri is located near the town of Limassol on the island’s southern point. If you buy or are considering to buy a home in this area, you may be subject to the same noise pollution that you would anticipate from living near an airport, which could lower the value of your home.
What are the potential dangers?
If you’re thinking about buying a home in Cyprus, there are a few risks you should know…
Currency changes effect purchases made in any country. Exchange rates are subject to fluctuation, affecting the interest rates that apply to your mortgage. If exchange rates move by more than 20%, your lender should notify you.
You would not receive the same legal protection from a Cyprus bank as you would from a UK bank if you have a mortgage with them. You can secure a mortgage from a UK bank, but they won’t be familiar with the local market and may not be able to advise you on the best mortgage option.
This is where our expert advisors come in; they will do everything possible to get you the best offer possible depending on your specific circumstances.
If you plan to develop on the land, you must first determine what licenses and planning authorization are required. When dealing with officials in another country, it can be difficult to locate title documents and appropriate certificates.
You should also make sure the land does not already have a mortgage on it.
We can answer many of your questions about buying property in Cyprus, and if we don’t, we can refer you to someone who can! If you have a question that isn’t answered here, please contact us and we would be pleased to assist you.
Q: Who is eligible to purchase real property?
Since Cyprus joined the EU on May 1, 2004, all EU citizens have had the right to freely migrate, reside, and work in Cyprus as long as they have a valid EU passport. This includes the ability to purchase a home and invest in real ownership. When buying property in Cyprus, the Central Bank of Cyprus mandates that the property be paid using foreign monies. In order to purchase property in Cyprus, bank transfers and personal checks are accepted.
Loans in foreign citizens can be arranged for non-Cypriots. Loan The terms for buying property vary from one bank to the next, although often a loan of 60-80% of the property’s value is approved. In most cases, the repayment duration is 10 years or longer.
As long as they have an EU passport, all EU citizens enjoy the right to free movement, to live and work in Cyprus without limits. This includes the ability to purchase a home and invest in real ownership.
- Can purchase a single house or apartment.
- A maximum of 4014 square meters of land can be purchased.
- You are not permitted to own any shares in a corporation that deals with real property.
- Have never been convicted of a crime.
Q: Are there any tax benefits to living in Cyprus?
Cyprus has become somewhat of a tax shelter since joining the EU. When a UK national becomes a tax resident in Cyprus, they can save up to 70% on their income tax bill. If you declare all of your worldwide income in Cyprus, the UK government will not ask you to pay any additional taxes.
Q- How much do I have to pay in taxes and fees during the purchasing process?
A minor stamp duty tax is levied in Cyprus, and the amount is computed based on the purchase price. If the property has title deeds, you must pay transfer fees to have the deeds transferred to your name (s). The fees are paid by the purchase price as well as the number of names under whom the property will be registered. You will be charged connection fees for utilities such as electricity, water, and telephone when you take ownership of the property. You should also budget for legal fees, which are typically around 1% of the purchase price. The buyer does not pay an agent fee.
The stamp duty is calculated as follows: €2.56 per €1.708.60 euro for the first €170.860.00, and €3.417 per €1.708.60 euro for any amount over that.
Q – What is a cancellation agreement, and is there a price associated with it?
If a property lacks title deeds, a cancellation agreement is drafted, which voids the contract between the developer and the seller who still owns the deed. The developer and the new buyer then negotiate a new contract. A fee is required to cancel an existing contract between the property’s original buyer and the developer. This is a cost of selling without deeds that the seller bears. The fee is usually 3% of the purchase price, however it varies depending on the developer. When purchasing a property without deeds, you may be able to include a clause in your contract that caps a future possible cancellation charge at roughly 500 Euros.
Q- What are the stages required in buying a property in Cyprus?
1. You will enter into a contract with the individuals or companies who own the property you have chosen.
2. After that, the contract must be stamped. This will set you back €1.50 every €1000 of contract value. Within one month of the Contract being stamped, it will be placed at the Land Registry. This procedure ensures the Purchaser’s rights are protected.
3. To secure the purchase, you must show documentation of foreign currency as a foreign investor. It must be transferred from an external account to the Cyprus Central Bank. Cash can also be brought in on a person’s person, but this must be declared at the airport.
4. After the funds have been imported, the Central Bank must approve them. The Land Registry will also require this clearance before the Title Deed of the chosen property can be registered in your name.
5. If the property is sold in the future, the total value imported plus any profit up to £10,000 per year can be exported.
6. A request for approval to acquire property in Cyprus must be presented to the Council of Ministers. This must be received before the transfer of ownership (Title Deed) can take place. This application will ask for information about the property as well as each applicant’s personal and financial situation. Because this permit normally takes six (6) months to complete, it is recommended that you apply ahead of time.
7. Once the permit from the Council of Ministers has been received, and providing the Title Deeds have been issued (in the case of new property), the transfer can begin.
Q- Is it possible for me to receive a mortgage?
The minimal amount you will need to give for a deposit is determined by your residency. Cyprus locals can acquire a mortgage with an interest rate of 80%, whereas EU residents must put down a 20% to 40% down. The minimum deposit amount for non-EU residents is normally 30 percent to 40% of the purchase price.
Arrangement fee: Arrangement fees are charged by all banks. The majority charge 0.75 percent to 1.0 percent of the loan amount. It’s best to double-check because each bank is different.
Term of repayment: This can be as little as 10 to 15 years, but it can also be up to 30 years and even longer.
Is it true that the VAT paid on a property purchase can be refunded?
Yes, after 5 years of ownership, a 10% return is available for permanent residents who are first-time buyers, as long as the house is under 250 square meters in size.
Q – How do we figure out how much it costs to transfer a property?
The purchase price is usually the market value, and the fees are calculated depending on the property’s market value.
The first 85,430 Euros are charged at 3%, the following 85,430 Euros at 5%, and any amount exceeding 170,860 Euros at 8%.
The following is an example of a 200,000-dollar house:
85,430 multiplied by 3% equals 2562.90.
Total tax fee = 6833.40 (85,430 at 5% = 4271.50, 29,140 at 8% = 2331.20).
Q – How much capital gains tax will I have to pay if I sell my property?
You must pay 20% of the difference between the sales price and the price you paid for the property when you first bought it, plus inflation during that time. A deduction of 17,086 Euros per owner and 34,172 Euros if a pair is removed from the sales price is available. The allowance is 85,430 Euros if you are a permanent home of Cyprus and have lived there for 5 years.
Q: How can I determine a home’s market value?
When you find a home you like or are considering selling, you should have it appraised by a licensed appraiser. We can help you by recommending someone or by showing you how much similar properties in the neighborhood have sold for recently.
Q – What is your education of Cyprus’ educational system?
Cyprus’ education system is well-developed, with both public and private schools available. Cyprus spends about 7% of its GDP on education, making it one of the top three education spenders in the EU. In general, public schools are thought to be of comparable educational quality as private schools. Many residents take their children to private English-speaking schools since they are aware that their children will be competing for university slots. In addition, most children in both private and public schools take extra private classes to keep up with or ahead of the rigorous curriculum.
Almost 80% of Cypriot students are enrolled in an international university. Cyprus also boasts the greatest proportion of working-age citizens with a higher education in the EU.
Q- How is Cyprus’s transportation system?
Buses, taxis, and’shared’ taxi services, often known as service taxis and substantially less expensive than a private cab, make up public transportation. Per capita, private car ownership is the fifth highest in the world. The left side of the road is where traffic moves, not the right. With winding roads and some aggressive drivers, driving can be risky, so stay attentive at all times. Despite enhanced police patrols and severe fines, Cyprus has a high death and accident rate.
Extensive plans are in the works to extend and improve bus services and restructure public transportation in Cyprus; work is still ongoing, although progress has been made. Limassol and Larnaca have major ports that service freight, passenger, and cruise ships. Paphos has one international airport, while Larnaca has a larger one, both of which have recently been refurbished (2009).
Q – Where can I get the most up-to-date cost of living figures in Cyprus?
The Statistical Service of the Republic of Cyprus is one of the better sources we’ve found. Prices and inflation, economic considerations, tourism statistics, labor, and much more helpful information may all be found on this site.
If you’re a student moving away from home and into rented accommodation, it can be both an exciting and daunting idea, and there’s a lot to consider about when choosing the right time to call home for the next 12 months. University students and parents frequently assume that student housing is the most accommodation-effective and socially beneficial alternative, but they overlook the advantages of private housing. We provide more information on renting a private residence and the benefits that can be obtained.
What is the definition of private housing?
A property that is held by a landlord – either an individual or a firm – and then rented out to tenants. Typically, tenants will engage with either an estate agency acting on behalf of the landlord or the individual landlord directly.
Because you have the freedom to customize your bills to reflect how much you use on a daily basis, living in private housing may result in lower utility bills. Your supplier will assist you in determining the best package for you depending on your daily usage. Living with your pals can also help you save money on bills and with budgeting. Remember that full-time students are exempt from council tax, but you must notify your local government that you are a student to prevent receiving an unexpected bill.
Bills are included in the rent for certain of our properties for University students. Isn’t that great news? You won’t have to worry about finding the cheapest energy provider or the best broadband packages; all you’ll have to worry about is your rent!
When first looking for properties, it’s normal to be drawn in by the low pricing for student housing and book a lot of viewings, but if the property is miles away from university, you’ll waste a lot of money and time just getting there. It may have an impact on your social life because your friends may not want to go such a long distance, and you may feel left out of the fun. You will also require all of the time you have due to your University timetable. Private housing is frequently available for rent near university campuses, stores, and nightlife, and it comes in a variety of price levels. It only takes a little searching, and your local nikeairprestoultraflyknit store will be able to assist you.
Who you’ll be living a room with:
It’s unnerving to not know who you’ll be living with. When you move into private housing, you have the option of living alone or with as few or as many people as you like. In the current worldwide epidemic, it’s generally best to limit the number of people you interact with and move in with a smaller group.
Student housing is of good quality.
The standard of student housing has risen and fallen throughout time. Compared to the typically sterile surroundings of student halls, many landlords provide a modern, secure, and homey vibe. You can often find properties with a lot more personality, and you may have the option to customize your home whatever you choose (subject to the landlords approval). Here are a few examples of properties available for rent at Your Move that are appropriate for students.