Cyprus property for sale on the coastline
Property in Cyprus is a fantastic investment, and we have a wide range of excellent properties available. Our properties are reasonably priced, depending on their value, construction quality, and location, and they all come with title deeds.
"WE DON'T JUST SELL HOUSES, WE DELIVER DREAMS," declares our mission statement
We endeavor to provide first-class services in all major cities, despite the ever-changing climate. With property negotiators who know Greek, English, Russian, Romanian, German, Polish, Latvian, and Ukrainian, we can provide valuations, after-sales service, and customer service.
To help you realize your ambition, we strive to provide a personalized and caring service.
You should be proud of your home. Enjoy your visit to the website and get in touch with us to find the property of your dreams.
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We saw a market potential and put together a team with a plethora of experience, including many professionals with over 15 years in the real estate sector.
Do you know someone who, like you, is looking to buy or already owns a property in Cyprus and may use our assistance?
How do I go about purchasing a home or apartment in Cyprus?
After you’ve found the property you want to buy, you’ll need to hire a lawyer to help you with due diligence and contracts. The lawyer will handle the transaction for you and ensure that everything goes smoothly.
Is it necessary for me to travel to Cyprus to buy or sell a property?
During the conveyancing process, you are not need to travel to Cyprus. We can take care of nearly anything for you.
Is it possible to buy a property in Cyprus without a title deed?
It depends on the reason for the lack of title deeds on the property. For more information on why property in Cyprus could not have a title deed and how to assess if it’s safe to proceed, read our article.
How do I sell which estate agent to give with the property of my home?
There are a few things to think about here. In Cyprus, the profession of estate agent is regulated. The fees of a licensed estate agent are deducted as a recognized expense from capital gains tax computations (on the profits from the sale). Aside from that, search for someone who has previously sold properties in the area where your home or apartment is located and with whom you enjoy working.
How long does it take to buy a property in Cyprus?
Most conveyancing transactions in Cyprus take between 2 and 6 months to complete. The majority of our simple transactions take 35-50 days to complete. We can complete the conveyancing in 12-18 days, or even fewer in some cases, thanks to our revolutionary Fast Conveyancing Initiative. The availability of finances, the cooperation of the parties involved (buyer, seller, and their lawyers), and the date on which the seller desires to evacuate the property all influence the timeline.
What are the fees charged by estate agents in Cyprus, and who pays them?
The costs charged by estate agents are typically 5% + VAT, and are paid by the property seller. It may not matter whether the person you use is a registered estate agent or not if you are a property buyer. If you are a property seller, you should be aware that any commission paid to a registered estate agent is exempt from any Capital Gains Tax you may pay on the sale if you make a profit. A commission paid to an unregistered real estate agent is not deductible.
When a reservation deposit is made, how long does it take for the property to be taken off the market?
The reservation deposit often pulls the property off the market for roughly 30 days (or as otherwise agreed) to enable for the completion of searches and the transfer of additional cash for contract signing.
What happens if I change my mind after paying a property’s reservation deposit?
When a property buyer backs out after paying a deposit, the deposit is usually forfeited. The Seller, on the other hand, may agree to restore the deposit, but this is unlikely in most cases.
What fees do I have to pay if I’m selling a property in Cyprus?
The items listed below are only a sample of what you might have to pay when selling your property in Cyprus:
- Legal fees, VAT, and other expenses (e.g. for the certification of documents)
- Any current mortgage
- Balances to utility authorities, local government taxes (e.g., trash and sewage), and management committees (if in a building block or project with communal areas)
- Commission paid to the agent
- Immovable Property Tax (IPT) if you owned the property for more than a year
Furthermore, the law requires all property sellers to produce an Energy Efficiency Certificate, however some buyers do not require this.
What fees do I have to pay if I buy a home in Cyprus?
The following is a list of things you may have to pay in addition to the purchase price when buying property in Cyprus:
- The cost of the purchase
- Fees for Transfers (unless the property is new which has VAT instead of Transfer Fees)
- Legal Fees, VAT, and Other Expenses (for example stamp duty)
- It costs money to connect utilities.
Why would I give my lawyer in Cyprus a power of attorney?
Because buyers and sellers do not have to be in Cyprus for the duration of the transaction, it is considerably easier and faster.
Is it possible to give a power of attorney while not in Cyprus?
Yes, you certainly can. We’ll show you how to accomplish it at the start of the transaction.
How do I show that my funds came from Cyprus banks?
We have a list of paperwork that we will give you and assist you with according on the unique bank’s criteria.
Is it possible for me to pay in Euro for the property I’m buying in Cyprus?
Yes, if the seller and buyer of the property are in agreement.
Is it possible for the seller to pay the purchase money straight to the buyer in CYPRUS?
Yes, but suitable protections must be in place to ensure that money payments and related actions are carried out properly and concurrently.
What happens if the property I wish to buy in Cyprus is encumbered by a mortgage?
If the mortgage amount is less than the purchase price, we will find out for you and ensure that the mortgage is lifted. If it’s for more, the bank will have to agree to let the mortgage be paid off for less. We will make certain that your property is secure. This means that when you take over the property, the deed will be clear. In some cases, the mortgage on the property may be an insurmountable barrier, and we will let you know if this is the case.
What is the best way for me to locate a property for sale in Cyprus?
Typically, through real estate agents, developers, or your personal contacts.
When people say “blocked title deed process,” what exactly do they mean?
The Cypriot Parliament passed a law allowing property buyers to apply directly to the Land Registry to have their title deed transferred into their names, bypassing any obstacles or challenges that the developer may have had and which were obstructing the transfer of the deed to the buyers. Check out our guide on blocked title deeds for more information.
Is it possible for me to hire the lawyer for the Cyprus developer?
This is dangerous since your and the developer’s goals are at odds: you want to buy for less and on better terms, while the developer wants to sell for more and on better terms.
Is it necessary for me to hire my own lawyer in Cyprus?
You ought to. Legal vocabulary and drafting are frequently difficult for non-professionals to comprehend. Aside from what is specified in a contract, it is crucial to remember that missing important information can be quite costly.
What is the procedure for obtaining a title deed in Cyprus?
Property development begins with a request for land division in order to create a construction site. Prior to beginning construction, planning and a building application must be secured. As soon as the construction is completed, the authorities will inspect it to ensure that it was built in accordance with the licenses and that all license requirements were followed, and if everything is in order, they will issue the final approval certificate. After the final approval certificate, separate title deeds for each property are issued. See our guide for more information, as well as the reasons why difficulties may occur.
Buying a property in Cyprus has numerous financial advantages. Property costs in Cyprus are extremely low — a studio apartment in Paphos may be had for as little as €30,000! There are also wonderful tax incentives available for property owners, including no inheritance tax in Cyprus and a 5% tax on a foreign pension in Cyprus for individuals who are retired.
Plus, there’s the Republic of Cyprus’ “golden visa” program, which provides non-European citizens an EU passport or Permanent Residency Permits in exchange for investing in a property in Cyprus* — something that anti-Brexiteers may find appealing!
With a cost of living roughly 19% lower than the UK, it’s no surprise that Cyprus is a popular choice for clever buyers looking to invest in property overseas, according to worldwide consumer comparison price website Numbeo. However, what are the costs of buying a property in Cyprus?
Fees for legal services in Cyprus
When purchasing a property in Cyprus, it is highly recommended that you hire an independent lawyer. Your lawyer in Cyprus should proceed with the property purchase while looking out for your best interests and safeguarding your assets. It is not uncommon for title deed concerns to arise in Cyprus, and your lawyer will be responsible for ensuring that any possible issues are appropriately addressed and that your property purchase in Cyprus is safe and legal.
In Cyprus, legal expenses are normally calculated as a percentage of the purchase price of the property – often 1-2 cent + IVA (VAT). Their services should include conducting searches with the Lands Office, checking planning and building permits, determining whether the land is suitable for building (if applicable), drafting contracts, stamping and registering contracts, and applying to the Council of Ministers for permission to purchase.
If you need your lawyer to act as your Power of Attorney, there will be an extra cost for preparing the Power of Attorney, arranging for it to be certified, having it stamped at the tax office, and then going to the land registration to file it.
Fees charged by surveyors in Cyprus
The Cyprus Scientific and Technical Chamber (ETEK), which can give a guide to charges as well as a list of surveyors registered with them, shall be registered. The typical fee is around €500, but it varies depending on the property’s worth and the intricacy of the report requested.
Cyprus has a stamp duty
In Cyprus, stamp duty must be paid within 30 days after contract signing. For properties up to the value of €170,000, stamp duty is 0.15 percent of the purchase price, and for properties exceeding €170,000, it is 0.2 percent. Stamp duty is waived for the first €5,000.
On property in Cyprus, there is an IVA (Value Added Tax) that must be paid
IVA (or value added tax, VAT) is charged on all new properties at a cent of 19%. The sole exemption is if the planning permission application was filed to the planning department prior to May 1, 2004. Before making an offer, verify with the developer to see if this is included in the asking price. On the good side, IVA is only 5% for first-time buyers. You do not have to pay IVA on “second hand” properties.
Cyprus property transfer fees
When your lawyer transfers and registers the title deeds to a property in your name at the Lands Office in Cyprus, you must pay a property transfer fee in Cyprus. The fee is calculated on a sliding basis depending from 3 to 8% of the property’s value. For example, you pay 3% of the purchase price for the first €85,000 of a property’s value; 5% of the purchase price between €85,001 and €170,000; and 8% of the purchase price over €170,000.
In Cyprus, the cost of transfer fees varies depending on whether a property is purchased in one person’s name or jointly.
The purchaser pays the entire charge for properties purchased in a single name. When a property is purchased in joint names (for example, by a husband and wife), the purchase price is split between them and each is assessed separately. So, for a €170,000 property, a lone owner would pay €6,800 in transfer fees, while joint owners would pay €2,550 each, totaling €5,100 — a €1,700 savings!
The valuation of the property as evaluated by the land register on the day of the transfer determines the transfer fees payable to the government. The sales price will serve as a guide, but the final value will be determined by comparable sales. As a result, it’s possible that the land registry will place a larger value on the property you’re buying than the actual purchase price.
The transfer fees are waived for properties that are subject to IVA (VAT).
For more information on buying property in Cyprus, please offer us at +357 2563 3949 or firstname.lastname@example.org. Our friendly team would be pleased to provide FREE first advice on buying property in Cyprus!
We can also connect you with independent English-speaking lawyers in Cyprus, as well as currency exchange specialists (find out how they may save you thousands!) and international mortgage specialists.
* To participate in this program, a person must invest €2 million in real property in Cyprus for three years. Within six months, citizenship is given.
You’ll never be too far from the sea in Cyprus, no matter where you wind up living. Although the island is covered in villages and smaller towns, and there are many property websites where you can browse at leisure, we’ve included some of the most popular places for foreign buyers to focus on below.
Modern, cosmopolitan Nicosia, the Republic of Cyprus’ capital, is a vibrant metropolis of roughly 300,000 people located 50 kilometers from the seashore. North Nicosia is a section of the city that juts towards the Turkish side of Cyprus. Many people live in high-rise apartments, and the city as a whole is a centre for music, sports, culture, and business.
In Nicosia, there is a wide range of property for sale, with options to suit most buyers, whether they want to live there or invest in buy-to-let property. A high-end luxury home in the outskirts would set you back over €500,000, while a modest apartment in the city may be had for as little as €60,000, with the bulk costing around €120,000.
Residents of Nicosia are reported to enjoy all of the benefits of living on a Mediterranean island, as well as modern infrastructure, good schools, and plenty of shopping and dining options. While Nicosia is not a tourist destination in and of itself, it has great transportation links to the rest of the island.
Limassol, Cyprus’ second largest city, is a historic port town with a medieval castle and a picturesque and quaint old district full with tavernas and bars. Limassol, however, is a fairly modern city outside of the ancient town, with many examples of spectacular modern architecture in the shape of hotels, business projects, and water parks. Several kilometres of pale golden sandy beaches divide the urban environment from the pure blue Mediterranean.
Limassol, on the coast, has a pleasant subtropical environment, and a villa here starts at €250,000, with the sky being the limit for the more costly houses (one new-build is now seeking offers in the region of €30 million). Perfectly nice apartments, on the other hand, can be purchased for between €50,000 and €70,000.
Paphos, a UNESCO World Heritage Site, is located on Cyprus’s southwestern coast. Paphos, which has long been popular among British residents and tourists, is the place to go if you want to be close to the beach and historic remains of the past while yet being surrounded by shops, restaurants, and pubs. Paphos is a wonderful choice for those considering retiring to Cyprus or relocating with family for a better work/life balance. A top-ranked international school, shopping malls, a brand-new hospital, and a fascinating old town centre are all found in this popular town. Paphos was named Joint European Capital of Culture in 2017 alongside Aarhus, Denmark. Paphos has an international airport, which is one of Cyprus’ two main airports.
Because it is such a coveted location, property prices in Paphos are slightly higher than elsewhere on the island, ranging from €100,000 for a house with a swimming pool to millions for luxury coastal houses. An apartment or small house can be rented for €500 per month if you wish to rent for a while before deciding whether to buy.
On Cyprus, the phrase’siga, siga’ means’slowly, slowly,’ and nowhere is this more popular than in Larnaca, with its palm-lined seafront, calm backstreets, and historic churches and ruins. Larnaca, which is popular with artists and others seeking contemplation, can feel like stepping back in time at times, despite the fact that most of it is modern and cosmopolitan. In the summer, it’s a popular tourist destination, and you may enjoy a cup of coffee while watching the world go by at an outdoor café in the ancient Turkish area.
If you want to live in Larnaca, a bungalow will cost you back roughly 150,000 euros, while an apartment will set you back anything between €55,000 and €150,000. Larger villas and residences are available, with prices ranging from roughly €160,000 to €400,000.
On the far west coast of Cyprus in the hills overlooking Coral Bay sits the town of Peyia. Peyia, like Paphos, is a popular destination for British expats and tourists. Peyia is, in fact, a melting pot, with Brits, Cypriots, Russians, and, more recently, Chinese all residing there.
Walking in the hills, visiting the adjacent Turtle Bay nature reserve, and playing golf are all popular activities in Peyia. Furthermore, its proximity to the western Cyprus forests makes it a perfect location for nature lovers.
If you’re buying to buy a property in Peyia, townhouses start at roughly €100,000, but apartments start at around half that amount. Luxurious villas dot the surrounding slopes, with prices starting at roughly €180,000.
What kind of property are you talking about?
You most likely already know why you’re interested in Cyprus, but have you explored all of your options when it comes to property types? Some people, for example, want to buy a vacation home – somewhere they can go two or three times a year – but might they be better off buying a buy-to-let property that they can still visit but that would earn them money when they are not there? We’ve compiled a list of some of the most important options for you to consider.
People who desire to relocate to Cyprus can choose from a variety of properties. While apartments and villas are the most popular (and they are), there are also historic stone houses in beautiful towns, modern residences in urban settings, bungalows in the heart of forests, and off-grid organic farms for back-to-nature types. The property could be brand new, or it could be a dilapidated ruin in need of restoration — or it could even be brand new! It may be on a beach, on top of a mountain, close to a golf course, in the heart of a bustling metropolis, or out in the middle of nothing.
The idea is that when it comes to buying a place to call home, you should prioritize what pleases you over what pleases others. And Cyprus offers a wide range of options, some of which are more unusual than others.
HOME FOR THE HOLIDAYS
Many people are seeking for a second home somewhere in the sun where they can spend their vacations and even retire one day. Furthermore, owning a vacation home allows you to swap with other vacation home owners throughout the world and possibly lend it to friends. For potential buyers, Cyprus has a plethora of holiday houses, many of which are located near the sea or have their own pool.
PROPERTY TO BUY TO LET/INVEST IN
Purchasing a property with the intention of letting it out, whether to vacationers or residential renters, may be a terrific investment if you do your homework. While it is not as simple as buying a property for yourself, buy-to-let is still a viable option if you can obtain the correct mortgage. In a growing property market, buy-to-let can be a win-win situation since you make income from letting the property out while simultaneously accumulating capital. Furthermore, after the mortgage is paid off, you own the property altogether.
Figures on Foreign Direct Investment
Cyprus has been placed among the top locations for foreign direct investment due to its quick economic turnaround and favorable corporate operating environment. According to UNCTAD’s 2020 World Investment Report, FDI inward flows reached USD 24 billion in 2019, up from USD 6 billion the previous year. The overall stock of FDI reached USD 445 billion in 2019, an increase of USD 185 billion from the previous year. Financial and insurance operations, transportation and storage, real estate, tourism, pharmaceuticals, and energy are the sectors that have received the greatest FDI, according to the Central Bank of Cyprus. The Russian Federation, the Netherlands, Luxembourg, the United Kingdom, and Germany are the primary FDI partners. Nonetheless, following the breakout of the COVID-19 pandemic (which resulted in a 42 percent increase in worldwide FDIs), Cyprus witnessed a decline in inflows: according to the latest data from the country’s Central Bank, FDI inflows totaled just EUR 1 billion in the first three quarters of 2020.
Quality Home Developers is a Cyprus-based real estate developer with a 30-year track record of quality and excellence. In terms of construction quality, top sites, after-sales service, and financial guidance, we are the leading developer. Property for sale in outstanding Mediterranean settings is available with flexible terms in both Cyprus and Greece, where the company has
Government measures helped sectors such as financial intermediation, and Cyprus began attracting substantial sums of FDI on an annual basis. Large-scale projects, tourism infrastructure, privatizations, and a thriving oil and gas industry are also attracting FDI. An additional advantage is the country’s safe and stable EU environment in a volatile area, which makes it an excellent site for regional headquarters or auxiliary and support services for investors with clientele in the wider eastern Mediterranean region. However, the country has a limited domestic market, and the banking system is currently recuperating from the 2009 financial crisis. Furthermore, tensions persist between the Turks and Cypriots on the island. In the World Bank’s 2020 Doing Business report, the country ranks 54th out of 190 economies, up three spots from 2019.
|Foreign Direct Investment||2017||2018||2019|
|FDI Inward Flow (million USD)||15,360||6,469||24,248|
|FDI Stock (million USD)||436,657||428,428||445,091|
|Number of Greenfield Investments*||6||11||11|
|Value of Greenfield Investments (million USD)||82||970||225|
What to think about if you’re thinking about investing in Cyprus
Points to Consider
The following are the country’s strong points:
One of Europe’s most business-friendly environments, having one of the lowest corporation tax rates (12.5 percent , the lowest in Europe together with Ireland)
The eurozone and membership in the European Union
A favourable geographic location at the crossroads of three continents, with access to markets in Europe, the Middle East, and the Maghreb.
A staff that is bilingual, experienced, and low-cost
Infrastructure for high-quality transportation and telecommunications, notably in the port sector
Tourism, international business and financial services, marine transport, and other tertiary industries are especially developed.
A desirable way of life in a safe, clean, and healthy environment with a high level of living
A business-friendly climate, sound regulation, and a legal system based on British common law are all advantages.
The following are the country’s major flaws:
With a population of approximately 1.2 million people, its internal market has a low appeal (World Bank, 2019 latest data available)
High governmental debt (IMF: 118.4% of GDP in 2020) and substantial external debt related to numerous non-residents’ bank deposits
Despite various changes enforced by the EU, the IMF, and the ECB, the banking system remains damaged by the 2009 crisis.
Russia and the United Kingdom are heavily reliant on each other as export markets and finance sources.
The island’s partition since 1974, as well as the difficulty in reaching a deal between the Turks and the Cypriots, may have a long-term detrimental influence on the country’s appeal.
Over-reliance on the service industry (which accounts for 84 percent of overall production), particularly tourism, banking, and housing
Government Policies to Encourage or Restrict Foreign Direct Investment
The Cypriot government has established a favourable business climate, as seen by its rating of 54th in the 2020 Doing Business index of nations where doing business is simple. The government’s liberal policies have aided in the development of investment. The following are some major aspects of the country’s appeal:
Almost all sectors of the economy have the potential for 100 percent foreign ownership.
One of the European Union’s lowest corporation tax rates (12.5 percent )
A tax environment that is appealing (Cyprus has signed double-taxation treaties with over 50 countries)
For businesses, the cost of establishing and growing a firm is highly competitive.
By bolstering its economy’s vulnerabilities, the government is able to create an appealing environment for investors. The government, for example, has been reforming the country’s banking system since 2013. This, along with the recapitalization, allowed it to escape bankruptcy and enhance its financial stability. Similarly, progress has been achieved in modernising and improving the efficiency of its legal, accounting, and financial services.
Cyprus has signed a number of bilateral investment treaties.
Around ten nations have signed bilateral conventions with Cyprus. The 26 additional European Union nations must be added to this total. Cyprus has only negotiated bilateral agreements with Egypt and Lebanon in the Mediterranean basin, outside of the EU. The UNCTAD website lists seven conventions. For each signatory nation, they outline the framework for FDI protection in Cyprus.
Procedures for Investing in a Foreign Country
Establishment freedom is protected.
Foreign investors from the European Union can buy shares in Cypriot firms with no restrictions on the percentage of stock they can buy or the amount of money they can invest. Furthermore, investors from the European Union can own up to 100% of the capital of firms listed on the Cyprus Stock Exchange, with the exception of the banking industry, where such ownership is limited to 50%.
When working in some industries, such as construction, licenses are necessary.
For the Declaration, the Competent Organization is
Specific Authorization Requests
Aside from the licensing processes, no other authorizations are required.