Do you have any intentions to purchase a property or more precisely a house in Cyprus? Then this guide is for you. Colonized by Britain, Cyprus has been independent since 1961 only to experience an occupation 15 years later that led to an established boundary between Northern and Southern Cyprus. Buying property in the latter part of Cyprus has been relatively easier than the other part.
Before you own a property, you must conduct a survey that should answer the following questions:
- Where in Cyprus are great to buy a property?
- How much does properties cost in Cyprus?
- Are there other financial commitments?
- Do governmental policies encourage the purchase of properties?
We would try to answer these questions briefly in this page.
Where in Cyprus are great to buy a property?
Cyprus is endowed with beautiful places and properties that would sure fill your eyes with admirable memories. If you have heard of Paphos then you would probably have an idea what it is like to experience Cypriot beauty. This area features sites such as Coral Bay and the Kato area which is experiencing rapid urbanization. Paphos is a great with an airport and other key social structures not lacking.
Paphos also has the Peyia and Tala areas as well that are characterized by a good climate, good enough to have been the attraction of foreigners within Cyprus.
And finally, if you are looking at a region that would blow your imagination with outstanding brilliance, then Polis is the place. Getting to Polis is to give yourself a feel that would be buried in the finest part of your memories.
The choice of where to buy a house is yours to make depending on the specs of the area you have intended to stay.
Cyprus Properties for sale at Different Costs
Cyprus probably mimicked their colonial masters very well in the regard of housing; they have a bunch of great villas that boast a fair touch of luxury. Situated by the countryside, equipped with a pool, a great balcony and a garden are some of the general features that are associated with villas in Cyprus. The prices vary from house to house. A house with three bedrooms, with a swimming pool, in Pervolia should have a price slightly over €547,000. But if you find such a house in Peyia, it should be worth €300,000.
There are modern alternatives to villas however, having a more stylish balcony and area on the top of the roof. Townhouses having two bedroom in Kato equipped with a pool would cost €130,000; with standard facilities provided. You can get a bungalow in Pissouri with a pool for €250,000, having three bedrooms. In some less developed parts of Cyprus, you would see more of farmhouses and stone houses. They offer you room to develop them but at prices around €20,000—€65,000. And if the house is not so dilapidated, you might be spending as much as €200,000 or less.
One thing you must keep in mind is that the area you choose to purchase a property has a way of influencing the price of the property.
Are there other costs involved?
Indeed yes. You must keep some fund handy when buying a property because some other charges often apply. Some are bank charges, surveyor fees, VAT, Stamp duty, Land registry fee, and Legal fees. These charges amount to about 10% of the price of the house itself.
Summarily, the five key steps you must take to acquire a property in Cyprus include:
- Conduct a thorough study of the environment and learn a lot about owning a property in Cyprus
- Equip yourself with a lawyer
- Employ the services of a great Forex agency
- Always remain connected with your team
- Contact a good real estate agent in Paphos and Polis whenver you want to buy a property
- Have a contingency plan should in case things take an unexpected turn.