Cyprus is a popular destination for sun-seekers, so it’s no wonder that many people dream of relocating to the island in the future. Thankfully, with a little forethought and the appropriate information, that move may be made a reality. To assist you, we’ve put together this comprehensive guide to buying property in Cyprus, which will walk you through the whole process.
Thousands of movers have utilised Cyprus Buying Guides’ advice to purchase and relocate to a lovely new property in Cyprus. You’ll be able to avoid many of the usual difficulties connected with purchasing a house overseas if you follow our advice and engage with our trusted network of property specialists.
Here, we’ll go over some of the top reasons to buy a home in Cyprus, as well as the steps to become a Cypriot property owner. You may get a free Cyprus Property guides booklet to view or print this information for offline usage.
Should you invest in Cyprus real property?
Are you curious as to why Cyprus is such a popular expat destination? It’s easy to understand why, given the wonderful climate, stunning beaches, rich culture and history, and high quality of life. Here are some of the best reasons to buy property in Cyprus if you still need persuading.
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The majority of the population speaks English.
Because to the island’s colonial history, a significant British expat community, and a strong educational system, nearly everyone you encounter in Cyprus will be able to communicate in English, even if only a few words. That isn’t to say that the locals won’t welcome you learning the language once you arrive. Learning a new language is also beneficial to the brain’s grey matter.
Beaches with blue flags and sunshine
The island’s magnificent beaches and sun are two of its best features: there are 49 pristine Blue Flag beaches and 3,500 hours of sunlight each year. For the majority of the year, you may enjoy the weather while spreading out your towel or relaxing on a sun lounger.
The Blue Flag status is an excellent benchmark for anyone looking for a holiday home near a beach that is guaranteed to be clean and meet certain standards, such as hygiene, sanitary conditions, safety, accessibility, and lifeguarding, as determined by the Foundation for Environmental Education (FEE).
There’s enough room for a tiny island.
Cyprus, the third biggest island in the Mediterranean, isn’t recognised for its size, but it definitely doesn’t lack for room. Three-quarters of the population is concentrated in the five main towns of Nicosia, Limassol, Larnaca, Paphos, and Famagusta, thanks to the country’s hilly interior and magnificent shoreline. Despite being just 3,500 square miles in size, this provides plenty of room to rest elsewhere in the country. In less than an hour and a half, you can drive from one side of the island to the other, yet even when the tourists arrive in the summer, you can easily find peace and tranquilly only a short drive inland from the coast.
Life moves at a more leisurely pace.
When compared to the UK, life in Cyprus moves at a glacial pace. Prepare to be immersed in a wonderfully calm Mediterranean lifestyle if you’re tired of everything whizzing by at 100 miles per hour back home. It may take some time to adjust to this laissez-faire mindset, but you’ll soon find yourself becoming more zen.
Shopping, dining, and entertainment
The variety of cuisine, shopping, and entertainment is one of the major advantages of living in Cyprus. The high quality of the food, as a result of the input from a diverse range of nations, ensures that there’s something for everyone, from Indian to Cypriot, Israeli to Italian — and everything in between.
There is also a greater variety of purchasing options, particularly for food. Cadbury’s chocolate was unavailable in other Mediterranean locations, including shops and supermarkets. Nonetheless, in Cyrpus, all supermarkets provide the finest in home comforts. It’s a no-brainer when you add McVities biscuits and other UK-related products to the mix.
On the island, you may enjoy a more diversified range of artists and shows in terms of entertainment. Some UK-based performers, such as Rod Stewart tribute acts, Kylie Minogue tribute acts, the Bee Gees tribute acts, and other famous vocalists, appear to be on tap for the expat population.
Possibilities for skiing
For a minute, try to shift your focus away from ideas of relaxing on sunny beaches and toward shredding powder on snow-capped slopes. We’re not talking about the Alps in France or Switzerland; we’re talking about Europe’s most southerly ski lifts. Yes, you may ski in the Troodos, which is 2,000 metres above sea level. The ski season in Cyprus lasts from January to April, according to Mount Olympus. Few destinations in Europe provide the opportunity to ski in the morning and sunbathe on the beach in the afternoon.
Potential for rental income
Cyprus is a tourist attraction, with resorts constantly crowded, particularly during the summer months. This is excellent news for more than just hoteliers, restaurant operators, and ice cream vendors. Anyone seeking to make money from their property by renting it out can count on a continuous supply of tourists. You should have no problem inviting guests to your lovely house using services like Airbnb.
There’s much to do.
There are several events held around the island each year if you want to get away from the beach and frolic in the beautiful waters of the Mediterranean. Here are some suggestions to start your creative juices flowing:
- Limassol Carnival: A week of exhibitions, masquerade balls, serenades, and parades with floats and parties takes place in Limassol, the island’s liveliest carnival.
- The island’s most prominent film festival, Cyprus Film Days International Film Festival, takes place at Limassol’s Rialto Theatre and Nicosia’s Zena Palace Cinema.
- The yearly production of a Shakespeare play by locally based actors takes place in late June in the Kourion amphitheatre.
- Limassol Wine Festival: Since 1961, tourists have been able to enjoy folk music and dancing activities while sipping local wine in Limassol’s municipal grounds.
How to Purchase Property in Cyprus: A Step-by-Step Guide
It is feasible to buy a property in Cyprus in six months with good preparation, so you may be able to move into your ideal home sooner than you expect. We’ve created a timetable to assist you in staying on track for the big relocation. Setting a defined end goal, such as the day you want to relocate, and then working backwards from there is a good idea.
There are six months left.
- To obtain an idea of what to search for, consider why you want to move, where you want to go, and what sort of property you want to buy.
- Begin assembling a team of property experts to assist you with your relocation, including a lawyer, estate agent, currency specialist, and financial consultant.
- Make a budget based on your financial situation.
With only five months left,
- Begin your thorough search for a property.
- Open a bank account in Cyprus.
- Consider how you’ll organise your finances for any acquisition and, if required, consult your lawyer and financial consultant.
With only four months left,
- Talk to your real estate agent about your possibilities and start planning a viewing trip.
- Meet with your team to ensure that all aspects of your property acquisition are on track. Discuss your deposit and legal structure with your lawyer and a currency specialist.
There are three months left.
- Begin meeting with professionals who can assist you with the most difficult aspects of your relocation, such as inheritance laws and property taxes, as well as removals.
- Continue to go on viewing excursions; you are not obligated to buy on your first trip; it may take two or three to discover the ideal property.
- Once you’ve discovered the home of your dreams, make an offer.
- To lock in a single exchange rate, talk to your currency professional about using a forward contract.
- Get your home surveyed if necessary to identify any problems.
There are only two months left.
- If necessary, sign your reservation contract to have the property removed from the market.
- To lock in a deposit amount and begin paying, sign a deposit contract.
- While you wait for the sale to go through, finish any decorating and make sure all utilities are turned on.
- Sign the contract and make your final payment.
- Take possession of your keys and settle in—welcome to your new home in Cyprus!
What should you think about before purchasing a property in Cyprus?
There’s a lot to consider when purchasing a house in Cyprus, so think about your motives as well as significant issues like where you’ll purchase and what kind of property you desire.
Consider the following:
Your goals and ambitions may alter as the process progresses, but organising your early ideas is a good place to start. These are the five essential questions you should ask yourself.
Why are you making this purchase?
So, you’ve decided to purchase a property in Cyprus, but why? Analyzing and expressing your thoughts might assist you in being more motivated and directed. Begin by jotting down your thoughts.
Some instances are as follows:
- “We want more room, more light, and warmer weather.”
- “In Cyprus, our pension will stretch further.”
- “I want a location where I can spend special holidays with my family and friends.”
- “Now that the kids have moved out, we’re looking for a new adventure.”
- “Investing in real estate in Cyprus has a lot of potential.”
- “I never want to look back on my life and regret not making the change.”
What will you do with it?
This is essential if you want to get the most out of your property. What are your plans for it? Long weekends, three weeks throughout the summer, for investment, relocation, vacations, and then retirement? Be truthful to yourself. If you don’t believe you’ll be popping down for weekends, staying further away from the airport will save you money. Why care about rental or investment possibilities if you don’t want other people to use it and don’t need the money?
What are the essential features of your Cypriot home?
What are your must-haves and deal-breakers? Do you require a certain number of bedrooms or bathrooms? Is a pool absolutely necessary, or would a neighbouring beach suffice? Is there any outside area available? Is it critical that you be able to stroll to a nearby café or bar? And what features would you want to see in your Cypriot home? What characteristics would make it ideal for you? Are you looking for a patio, a garden, or a swimming pool?
What do you not require?
It’s wonderful to be upbeat, but concentrating on what we can’t bear may be freeing as well! Wouldn’t it be a pain to have to rent a car every time you visit Cyprus? Do you prefer your own swimming pool over a sandy beach? Are you concerned that you’ll be responsible for all pool cleaning and cooking? Would you find the constant presence of tourists on your doorstep during the summer bothersome? Now is the time to express it clearly and forcefully. You want to adore this house, so write down what will keep you from doing so, and then see if your partner or spouse shares your sentiments!
How much money do you have?
There may be methods to generate more funds or even split the expenditures, but start with a reasonable budget. After all, knowing how much you can spend up front will help you to look for homes in Cyprus without pricing yourself out afterwards. It’s also important to keep in mind that you should set aside at least 10% more for purchasing expenditures.
Furthermore, you should consider the fact that you will not receive the “interbank” rate promised by banks and in publications while making financial plans. Rather, you should budget for an exchange rate that is at least a percentage point higher or lower than the current rate. Also, knowing the local market may usually save you money on a property – for more information, see our Cyprus financial guidelines and Smart’s Property Buyer’s Guide to Currency.
Where will you purchase in Cyprus’s greatest neighbourhoods?
Cyprus offers to a wide range of interests, allowing you to choose the ideal spot for retirement, a vacation house, or a new job. Purchasing a property in a foreign country is a big choice that you’ll want to make carefully, both financially and emotionally. So, let’s take a deeper look at the many sorts of destinations available on this diversified island.
We’ll show you around some of the island’s regions and cities, as well as some of our favourite spots if you’re seeking for anything special.
Regions and cities
- Paphos \sLarnaca
- Limassol \sNicosia
- Ayia Napa is a town in the Greek island of Ayia
- Mountains of Troödos
Round-up guidelines for the Akamas Peninsula
- The finest areas in Cyprus to buy a holiday house
- The finest family-friendly neighbourhoods in Cyprus
- The best places in Cyprus for British visitors
- The finest spots in Cyprus to retire
- The most affordable areas to live in Cyprus
- The most affluent neighbourhoods in Cyprus
- The finest views of the sea in Cyprus
Overseas property buyers continue to come to Paphos to take advantage of the well-established expat population, one of the most beautiful harbours in the Mediterranean, and year-round inexpensive flights from the international airport. Following the town’s stint as a 2017 European City of Culture, there has been substantial investment in the town’s infrastructure. Public areas, the historic business centre, and roadways have all received upgrades totaling more than €25 million. This is fantastic news for property values and rental appeal.
Paphos has been divided into two parts. There is Old Paphos (or Paleo Paphos), which occupies the hill at the rear of town, and Kato Paphos, which is the livelier, more touristic portion centred around the harbour and seashore.
Kato Paphos is the primary region of the resort for property owners looking for a simple, lock-up-and-leave vacation house in Cyprus that is close to the tourist action and easy to rent out. It’s well-known for being close to everything you’ll need for a fun-filled vacation, including groceries, restaurants, the beach and harbour, entertainment venues, and nightlife. Typical one-bedroom flats cost between €80,000 and €100,000, typical two-bedroom apartments cost between €120,000 and €140,000, and townhouses cost between €150,000 and €150,000 — not that premium choices aren’t available.
With EasyJet, you may fly to the nearby international airport for a low price all year. You’ll be able to enjoy one of Europe’s most magnificent harbours, as well as all the social possibilities that living among a well-established expat community provides — amateur dramatics, walking groups, art courses, golf, horseback riding, and even rugby.
Old Paphos appeals to individuals who seek a more traditional setting while yet being accessible to services and tourist attractions.
Paphos and its environs
Many purchasers, especially those who are migrating to Cyprus, like to visit one of the historic towns tucked in the hills behind Paphos. In reality, many people claim to own a home in Paphos, although it is unlikely to be in the resort itself.
For these buyers, the idyllic Mediterranean lifestyle is created by a seductive combination of location, climate, and a more traditional way of life. Many of these towns have developed small expat populations over time, with enough amenities to supply the necessities, like as traditional tavernas and coffee shops, without jeopardising the village’s originality.
Being above sea level means summer temperatures are more bearable and a few degrees cooler than they are along the coast. Many towns have microclimates with enough rain and subterranean water to support a wide range of fruit trees, particularly citrus, giving the area an exotic aspect. Winters, on the other hand, may be bitterly cold, depending on how far inland you are.
Every type of customer will find a community in the Paphos area to suit their needs. With its own marina, Coral Bay is ideal for sea lovers and yachties. A property in the Tala area, eight kilometres inland, avoids the heat and offers a better off-season social scene, while still benefiting from Paphos’ infrastructure and commercial centre. Peyia, which is located on the slopes above Coral Bay and includes stores, restaurants, pubs, and an excellent bus service, offers a little bit of everything. The famed Aphrodite Hills complex, with its golf course, tennis courts, and spa, offers a touch of luxury.
Five or six kilometres inland from Paphos town, things begin to feel more rural; good examples are Armou village, which is still only 15 minutes from the beach, and Tala, a popular destination for expats and graced with a wonderful village square. Marathounda, a comparable distance inland, offers a calmer, especially traditional choice.
A few of settlements overlooking the sea, notably Timi and Mandria, run south of Paphos town, where the airport is located and home to a number of new constructions. These are five minutes from the airport, 10 minutes from town, and near to the Aphrodite Hills and Secret Valley golf resorts.
The cost of living in Paphos’ historic villages varies according on the kind of property. Traditional stone buildings can cost anywhere between €100,000 and €200,000, depending on their condition and size, while more modern bungalows or small villas should cost less than €200,000. Prices for a big detached property with pool and views begin at €250,000, with lots of options above €300,000. Small apartment complexes with properties for under €100,000 may be found in the bigger communities.
Larnaca is a sleepier and more levantine option if you like a slower pace of life away from expat and tourist tourists. With its salt lake and palm trees, Larnaca may be the right spot for you. The average property price in Larnaca is cheaper than in Paphos, Nicosia, and Limassol, in part because the city is more historically Cypriot than its contemporaries.
Despite not being as well-known as other towns, this charmingly compact city has everything most international property buyers want from a Mediterranean lifestyle: a city centre beach backed by a palm-lined promenade, a mix of traditional and cosmopolitan influences, ancient monuments, and fascinating architecture. While strolling down the palm-lined promenade of its beach or taking in the historic landmarks, property owners in Larnaca may ask why more purchasers don’t come here.
From €150,000, you may discover lovely bungalows or modest villas that are a bit cheaper than elsewhere. Flats are also less expensive, with a two-bedroom property costing approximately €75,000 as a decent starting point.
Limassol is the island’s second biggest city, situated on the beaches of Akrotiri Bay between Paphos and Larnaca on Cyprus’ southern coast. Visit this interesting mix of contemporary buildings and relics from the island’s tumultuous and ethnic past.
The old town’s meandering alleyways and the Old Fisherman’s Harbour, which make up the traditional historic centre, serve as a reminder of the town’s history. While state-of-the-art developments like the marina and Limassol Del Mar, a €350 million landmark development comprised of luxury homes slated for completion in 2019, properly illustrate its dynamic, modern opposite ego.
You can choose to live an active or sedentary lifestyle. There are lots of highly qualified water sports instructors and numerous gyms where you may perform martial arts, maintain fit, or yoga sessions for those of you who like exercise. Secretarial, teaching, administration, accounting, and management vocations are all viable options. Work in offshore firms, mostly in the shipping and insurance industries, is also an option.
Those who prefer a more relaxed atmosphere may go for a run along the seashore, sunbathe with a nice book, or lounge in one of the numerous cafés enjoying a hot or cold coffee or beer. Cafes are open until late in the evening, while bars, taverns, and nightclubs are open until the wee hours of the morning. Also, keep in mind that Cyprus recently legalised casinos, and there are a slew of them sprouting up in Limassol right now.
Limassol has a larger selection of flats than Larnaca. Although there are some high-rise residences with prices above €3 million, a two-bedroom apartment in Pissouri, for example, may be had for €100,000.
The island’s capital, located 50 kilometres from the shore, is ideal for individuals who thrive in the rush and bustle of city life. If you buy a home here, you’ll have the Venetian walls of the intriguing old town on your doorstep, as well as a modern café and bar scene, a Debenhams, and a Mark & Spencer. With contemporary apartment living dominating the local property market, it’s a fantastic advertisement for modern life in Cyprus.
Museums, art galleries, and lots of historic character may be found within the 16th-century Venetian walls of the star-shaped old town. A trip through the evocative Laiki Geitonia district will reveal tiny alleyways dotted with cafés and artist workshops.
You’ll undoubtedly also find yourself looking for the nearest Debenhams, but not only for your home-based shopping fix. Its top level provides a spectacular panoramic view of the city and beyond the Green Line, which has divided Cyprus into Turkish north and Cypriot south since 1974.
Famagusta – Ayia Napa
The eastern vacation resort of Ayia Napa has a poor reputation due to the hedonistic excesses of certain young visitors. However, in recent years, the town has been thoroughly cleaned and is now more family-oriented. The luxury marina, for example, has 600 berths, retail stores, and a private beach club, as well as a variety of luxury residences. The 500-meter Nissi beach and adjacent cliffs in Ayia Napa are popular with visitors and residents alike.
Property purchasers in Famagusta will be able to include rental revenue into their calculations, which is why flats in this region are more costly. While an investment apartment would set you back between €100,000 and €150,000, a villa should set you back between €200,000 and €250,000.
Mountains of Troödos
If you want to spend your days away from the hustle and bustle of large towns and tourist destinations, the Troödos Mountains, which rise to over 2000m/6500ft north of Limassol, could be the place for you. This vast swath of volcanic rock is blanketed in thick forest, offering cool, pine-scented air and peaceful towns such as Argos, Prodromos, and Fikardou. In the winter, you can even go skiing.
Here are a few alpine locations to visit:
Troödos Village: At 1,750 metres above sea level, Troödos Village is only 250 metres below Mount Olympus, the island’s highest peak, and serves as a ski resort during the winter months.
Argos: The Pitsilia region’s main hamlet is strewn with red-roofed homes, many of which are built on stilts, cupped by the mountains at the Agros valley’s head.
Pedoulas: Pedoulas is a little village in the Marathasa Valley north of Prodromos with a lovely painted church and dwellings that fall down the slope in a succession of terraces.
Fikardou: The meticulously preserved village of Fikardou is a superb representation of a Cypriot mountain village in the eighteenth or nineteenth centuries.
Kakopetria: This village is on the banks of the Karyotis River and offers all of the contemporary comforts, as well as a charming ancient town with narrow alleys and crumbling homes.
Peninsula of Akamas
The unspoiled Akamas Peninsula is a world away from the southern coast’s hustle and bustle. It is located near the island’s northwesternmost point, with a thickly forested headland separated by a series of high hills. Akamas, the legendary home of Aphrodite’s fountain, has gorges and deep forest that are mainly inaccessible by road, making it a haven for outdoor enthusiasts and one of Europe’s most biodiverse locations. As you approach the magnificent blue seas of Cape Arnaoutis, the terrain flattens out.
One of the primary attractions is Lara Beach, a length of golden sand only accessible by foot, bike, or boat and home to a loggerhead turtle population. Despite this, the big resorts of Paphos and Limassol, with all their amenities and services, are only a 50-minute drive away.
Peyia, or Pegeia, is the peninsula’s southernmost hamlet and the most popular among British property purchasers. From its hilltop vantage point, you can view all the way to Coral Bay. There are numerous tavernas, meze houses, and cafés along the main route, with more options in Kathikas. You have a butcher, baker, and grocer right on your doorstep in terms of services.
The environment is warm and bright enough that the hamlet is surrounded by banana plantations! Lower Peyia is closer to the beach (but nothing is more than a few minutes away!). There are a lot of huge villa projects in the area that are popular with international purchasers. Townhouses start at approximately €150,000 and detached residences start at around €250,000.
Poli Chrysochous, located on the northern shore of Cyprus’ Akamas Peninsula, calls itself “Cyprus’ best-kept secret.” It is on the Laomas-Akamas wine trail and boasts a Blue Flag beach that is generally free of crowds even in the summer. The primary meeting spot is the main square, where you may relax outside and have a drink on long summer evenings. In the summer, ‘Music under the stars’ brings live concerts to the hamlet, while the annual flower festival welcomes May with a blaze of colour.
Villas range in price from approximately €210,000 to €600,000 or more. Semi-detached residences may be obtained for as low as €110,000. Many of the houses in Neo Chorio, or the newest section of town, enjoy spectacular views down to the sea.
Latsi or Latchi is located directly on the beach, with a newly renovated harbour and marina, as well as numerous outstanding fish restaurants – locals believe that the town provides the best seafood on the island. If you’re looking for a little extra pampering, there’s a five-star spa that Condé Naste rated the “5th Best Overseas Spa.”
While few villas are available for around €200,000, the majority of the market is made up of swanky modern properties priced between €500,000 and €2,000,000.
Drouseia, or Droushia, is a famous mountain riding and trekking destination in the Laona highlands. It gets its name from the cooling wind it gets in the summer, thanks to its greater altitude than many of the peninsula’s populated areas.
It’s a mostly ancient village, centred on the religiously significant Agios Georgios Nikochilitis Monastery, with stone-built dwellings typical of Cyprus’ highland areas. It’s becoming known as an agrotourism hotspot, making it an ideal site for starting a vacation rental business. Detached houses, which account for the majority of the housing stock, often sell for €220,000 to €340,000.
Getting to the Akamas Peninsula from the United Kingdom
Akamas, like the rest of Cyprus, is easily accessible from the United Kingdom. Paphos Airport is approximately forty minutes away and provides flights to most major cities in the UK and Ireland. Buses run between Paphos and Polis (which isn’t usually the case in rural regions!). If you’re searching for a vacation house rather than a permanent residence, it’s a fantastic blend of convenience and peace and quiet!
The finest areas in Cyprus to buy a holiday house
Cyprus enjoys temperatures of up to 25°C long after summer in the UK has ended. It’s no surprise that over 65,000 British expatriates reside here, with one out of every ten owning a vacation property. If you don’t want to live in a foreign country full-time but yet want a sunny getaway, Cyprus is the place to go.
Although the property is completely on the Cypriot side, this little settlement is located partially in Cypriot territory and half in the British Overseas Territory of Akrotiri and Dhekelia. With an ancient castle and a tiny historic centre, it is recognised for its history. On the outskirts, as well as in the neighbouring villages of Episkopi and Erimi, there are several contemporary structures.
The closest beach is in Kourion, which is about a ten-minute drive away. Although it is officially British territory, unless you are coming from Turkish-controlled Cyprus, you do not need to present your passport. In 40 minutes, bus 17 will take you to Limassol, or 15 minutes if you drive.
For approximately €300,000, you can get a three-bedroom resale property with a pool. You may expect to pay approximately €240,000. for villas or townhouses without a pool.
Peyia Peyia is a famous destination for expats. It features a tiny, crowded downtown area with all of the essential services and entertainment options, including restaurants, bars, banks, and two big Philippos supermarkets. Coral Bay, which is close by, offers a beautiful environment with a sandy beach.
Many of the homes here are extremely big, with plenty of outside area. Many are specifically designed to appeal to expats or foreign citizens. Townhouses with two bedrooms sell for approximately €150,000, while three-bedroom villas cost over €300,000.
Another little hamlet with a beautiful coastal position, this one is more tourist-oriented. It overlooks Governor’s Beach, one of the island’s most beautiful stretches of beach. Although it is calmer in the winter, Limassol is only a 20-minute drive away (or an hour on the 90A bus). As a result, you can still go to shops, services, and entertainment with ease.
The ancient village’s nucleus is made up of a few classic stone-built houses. In restored condition, they retail for approximately €250,000. Otherwise, contemporary homes start at €200,000 and go up to €350,000 or more for a pool and a view of the sea. It may cost over €1,000,000 to be directly on the beach.
This beautiful town, located in the Greek-Cypriot section of Famagusta, is in one of Cyprus’ finest positions for winter sun. It features charming tiny alleys and buildings made of the honey-colored stone native to the area. Although it is relatively inland, the adjacent beaches of Trinity and Kalamies are only a short distance away. Pantachou and Ammos Kambouri beaches are also just a short drive away.
Because it is a reasonably large town, there is a wide range of property available. Two-bedroom townhouses may be purchased for as little as €150,000, while one-bedroom flats can be purchased for as little as €65,000.
Lefkara is one of Cyprus’ most well-known villages, famed for its lace industry and charming ancient buildings. The majority of settlements in Cyprus are modern, however there are a few repaired stone structures here. Most locations are open all year as a favourite tourist destination among Cypriots.
Because of the greater elevation, it is a little colder in the winter, which is ideal for trekking in the neighbouring mountains. Renovated three-bedroom homes are available for about €145,000.
Polis Polis, also known as Polis Chrysochous, is a naturalist’s paradise. The Akamas Nature Reserve and Paphos Forest are both nearby. Several lovely beaches may be found near the fishing communities of Latchi and Limni. Latchi Beach also has a marina and is a sailing hotspot in the area.
For roughly €225,000, you may discover some very exceptional detached homes with a swimming pool and grounds. The biggest benefit is that you are distant from the major cities. Paphos is a forty-minute drive away or an hour away by bus 645.
The finest family-friendly neighbourhoods in Cyprus
Cyprus is well-known for its love of families. Locals always greet youngsters with a friendly remark, and they frequently give them a sweet gift at restaurants. So, if you’re looking to buy a vacation property, where are the greatest places for families to go?
Paphos and Limassol are two cities in Cyprus.
Limassol and Paphos are famous holiday destinations, particularly among the British. There will never be a dull moment here.
The sandy beaches and the beautiful blue water are, of course, the primary attractions for youngsters. The sea is deep enough to be safe, peaceful, and cool in the hot summer months. On the sand, you’ll find kids of all ages enjoying beach activities, and you may join in with volleyball or tennis games as well. There is also a free outdoor Olympic-sized swimming pool near Tasoudi Beach in Limassol. You can also visit one of the hotels to utilise their swimming pools if you want.
Watersports are activities that involve the sea and sand. With UK/USA qualified teachers, your children may learn surfing, sailing, canoeing, wind surfing, and scuba diving. If you’re just in Cyprus for the holidays, your children can pay to attend “summer schools.”
You’ll discover age-appropriate activities with great teaching and supervision for children of all ages. Musical theatre, tennis, football, volleyball, dance, ballet, street dancing, canoeing, kayaking, boxing, and swimming are just a few of the activities available. Your children will make new friends and interact with the neighbourhood kids.
Getting there: Paphos Airport is 20 minutes from Paphos and 50 minutes from Limassol by vehicle. Larnaca Airport is 45 minutes by vehicle from Limassol and 1 hour 25 minutes from Paphos.
Three-bedroom villas with a pool property €340,000. €145,000 for a two-bedroom apartment with a pool.
Larnaca and Ayia Napa
Ayia Napa is the place to go for those of you with teenagers. The beach and the sea are present in Ayia Napa, as they are in Limassol and Paphos, but there are also nightclubs and cafés catering to teens and young people. So your kids may tan and swim throughout the day and then dance and have fun in the evenings. In the meanwhile, they can visit cafés – most local teens frequent chain cafes such as Costa Coffee or Starbucks (these are island wide).
Some hotels host football or tennis coaching academy sessions with Premier League players such as Rio Ferdinand, Wes Brown, and others (these courses are also available in Limassol). On the island, Liverpool Football Club also maintains its own youth academy.
Larnaca is a new town on the horizon. It has recently been modernised, and it now boasts a brand-new marina, which hosts a variety of activities. It is also located on the seaside, and there is a strong focus on water activities, notably boating and yachting. There are funfairs and a touring circus that arrive every summer, much like in Limassol.
Getting there: The Larnaca Airport is about a 20-minute drive away. By vehicle, Paphos Airport is 2 hours distant.
Property range: €260,000 for three-bedroom properties with a pool. €100,000 for a two-bedroom apartment with a pool.
You may make Platres your home base if you like quiet surroundings and colder temperatures. This is a popular big hamlet in the Troödos mountains that is also about 20–30 minutes from Limassol. Local hiking and cycling paths with nature trails may be found in Platres. You may also go to Limassol or Paphos on a daily basis to take advantage of the activities offered. Local cafés in Platres serve ice cream that is hard to match!
The airports of Larnaca and Paphos are 1 hour and 10 minutes distant by vehicle.
Property range: €300,000 for three-bedroom properties with a pool. €120,000 for a two-bedroom flat.
The finest sites in Cyprus for British visitors
The decision to relocate to Cyprus is the easy part. It might be difficult to decide where you want to buy your ideal house on this beautiful island. However, there’s nothing wrong with following in the footsteps of others, so here are five popular destinations in Cyprus for British property purchasers.
We had to start with a perennial British buyer’s favourite. Brits continue to come to Paphos, where we can immerse ourselves in a well-established expat community, enjoy one of the most magnificent Mediterranean harbours, and fly in and out of the area on year-round cheap flights from the international airport.
After being awarded a 2017 European City of Culture, the town’s infrastructure has seen significant investment, and the future looks bright. Improvements to public spaces, archaeological sites, the historic business centre, and highways have cost more than €25 million. This is fantastic news for real property values and rental attractiveness.
Peyia is located in the Paphos area and is roughly a 30-minute drive north along the coast. Property owners may enjoy the sun on Coral Bay, tee off on one of the four championship golf courses, or simply relax with a cup of coffee in the town’s cobbled plaza with its charming fountains. Its ancient whitewashed homes are strewn throughout the mountain, providing breathtaking vistas of the glistening waters below. Because Paphos airport is only a 40-minute drive away, you may make the most of a long weekend getaway to your vacation property here.
Limassol provides inhabitants with the best of both worlds: a historic centre and a buzzing modern atmosphere. The centre old town’s winding cobblestone alleys exude charm and character, while the Old Fisherman’s Harbour provides as a reminder of the city’s former appearance.
Limassol’s prominence as the island’s worldwide commercial centre, along with the city’s tourism development, has ensured that the city keeps up with the changes. This is a city that is looking to the future while not forgetting its past, from the state-of-the-art marina construction finished in 2014 to Limassol Del Mar, a €350 million landmark building comprised of luxury apartments.
If you’ve always wanted to live in a Mediterranean coastal town, Cyprus has plenty to offer. We’ve previously mentioned how beautiful and popular Paphos and Limassol are in this regard, but Larnaca may be the place for you if you like a somewhat more traditional slice of island life. While strolling down the palm-lined promenade of its city centre beach or seeing the historic structures, you’ll wonder why it’s not crowded with tourists — but you won’t be complaining. From Manchester, you may travel to the city’s international airport.
In a list like this, we couldn’t leave out the island’s capital city. Take a viewing trip to Nicosia if you’re content living 50 kilometres from the shore and thrive in the hustle and bustle of city life.
Most visitors to Cyprus just stay for a day since they don’t want to be away from their sun loungers for too long. But why not have the interesting old town’s Venetian walls, a modern café and bar scene, a Debenhams, and a Mark & Spencer right on your doorstep?
Apartment living dominates the property market in Nicosia, therefore anybody looking for one will be delighted to learn that prices have increased by 2.8 percent yearly in the city.
The finest spots in Cyprus to retire
Imagine your ideal retirement in Cyprus: year-round sunshine, delectable cuisine, and easy access to the beaches and mountains. It only gets better when you add cheap housing to the mix. But where in Cyprus are the finest spots to retire?
In Limassol, you may have a very busy retirement. In the town, there are an increasing number of fitness and workout groups. Of course, there’s also the fantastic beach and sea for swimming and water sports. There are several cross-country running groups for people of all ages, or you can simply go for a daily run along the coastline.
One of the advantages of Limassol is the variety of property available. A detached two-bedroom villa type home costs between €150,000 and €200,000, a two-bedroom apartment costs between €230,000 and €240,000, and a bungalow with a swimming pool costs between €220,000 and €240,000. It will be more expensive to purchase a property with a pool. Bungalows appear to be quite common on the island of Cyprus.
Swimming is one of Paphos’ most popular retirement sports. The sea is near by, as it is in Limassol, but there are other swimming clubs, such as the Nautical Club, where retirees are urged to join small restricted groups for “exercise-the-joints swimming.” These sessions are held twice or three times a week at the gyms. Alternatively, you can use the pools at your leisure to practise swimming. Then there’s the Aphrodite Hills Hotel’s 18-hole golf course. This was a brand-new initiative for Cyprus, and it has proven to be highly popular with British retirees.
There is also a large selection of property to choose from. Prices start at €150,000 and go up to around €270,000 for a detached two-bedroom villa style property with a pool. A two-bedroom apartment costs between €75,000 and €100,000, while a house costs between €130,000 and €280,000.
If you wish to retire to Cyprus and live in a hamlet with easy access to the city, Paraklissa and neighbouring Agios Trychonas are ideal options.
Paraklissa, sometimes known as Pareklisia, is a big village around ten or fifteen minutes from Limassol that is popular with British retirees, primarily because of the tranquilly! But there’s still something going on here. The village’s British residents frequently establish workout clubs in the local town hall and organise running races and other group activities.
A two-bedroom house costs between €150,000 and €200,000, a two-bedroom apartment costs €250,000, and a two-bedroom bungalow costs €280,000.
Pyrgos is very near to Limassol, so you may participate in a variety of activities by going into town. You may also enrol in various classes in the village to learn a new language or a new skill (gardening is a popular choice!). These are frequently free and provide an excellent opportunity to meet new people and establish friends. Pyrgos is also a fantastic place to go trekking, with stunning views from every direction. Group walks are regularly organised, and they usually take place on weekends.
A two-bedroom detached house will cost between €210,000 and €220,000 in this area, while an apartment will cost between €100,000 and €150,000 and a bungalow would cost around €200,000.
Lania, in the Troödos Mountains, is ideal for people who want a somewhat colder temperature. You get bright weather in the summer, with temperatures ranging from 25 to 280 degrees Celsius, but you can escape to the colder weather up in the mountains whenever you choose.
You could believe that retirement activities aren’t available in mountain communities like Lania. They do, but on a much smaller and quieter scale. Because Limassol is only 20 minutes away, many retired British people keep active in Lania and also drive to Limassol to participate in various sport-related events. You can engage in leisure activities in the village, such as studying a craft like lacemaking or cooking.
In Lania, two-bedroom residences cost between €100,000 and €200,000.
The most affordable areas to live in Cyprus
Have you taken the major choice to buy a property in Cyprus but aren’t sure where your money would go the farthest on the island? Let’s have a look at some of Cyprus’s more cheap cities, where you may get more property for your money.
Limassol, on Cyprus’ southern coast, is between Larnaca and Paphos and provides an unusual mix of ancient old town and modern bustle. Limassol offers something for everyone, whether you wish to stroll the city’s meandering cobblestone streets or rest in the state-of-the-art marina. While Limassol is becoming known for its contemporary high-rise projects that dominate the skyline, the surrounding countryside is full with cheap houses in a peaceful rural setting that are nevertheless close to the city’s facilities.
Limassol’s affordability is evident when compared to other European island resorts, while being costly by Cypriot standards at €2,400 per square metre. In Palma de Mallorca, for example, the average price of a city centre apartment is presently €3,700 per square metre.
Nicosia should be at the top of your sightseeing list if you want all the advantages of a major city at a reasonable price. Residents appreciate the contemporary, global city’s metropolitan elegance. All of this is just a short drive from the glistening Mediterranean Sea and the magnificent wooded highlands. Around here, apartment living is the name of the game. An apartment in downtown Nicosia costs approximately €1,800 per square metre on average.
Despite being the most popular region in Cyprus for British purchasers, downtown Paphos apartment rates (€1,475 per square metre) remain cheaper than Limassol and Nicosia. The attractiveness of living in the midst of an established expat community, with Blue Flag beaches and an international airport right on your doorstep, is enhanced. It’s worth mentioning that the Paphos area is popular with young families and retirees seeking for large properties to accommodate their children and grandchildren. This tendency decreases apartment demand while driving up home prices.
The cheapest average apartment price is €1,280 per square metre in the port city of Larnaca. Outside of the city centre, the average price is less than €1,000. Perhaps this is due to the fact that Larnaca is more historically Cypriot than some of the other destinations on the list. If you want to escape expat communities and their usual lifestyle while yet having access to a local international airport, this is the place to be. So, travel to Larnaca to get a good deal and take advantage of rising prices, which might increase the value of your house.
The most affluent neighbourhoods in Cyprus
Cyprus is a great place to buy a home regardless of your budget. Luxury villas in various forms and sizes may be found all across the island, from Paphos to Ayia Napa, for those at the top of the scale. If you’re searching for a luxurious property in Cyprus, these are the finest areas to look.
Hills of Aphrodite
The award-winning Aphrodite Hills resort is located in the hills above Paphos, overlooking the Mediterranean Sea’s crystal clear seas. The resort offers it all, whether you’re looking for exquisite accommodations, world-class sports facilities, great food, relaxation, entertainment, or all of the above. There’s even a town square to assist give the event a sense of community. Luxury six-bedroom homes may cost up to €5.5 million in this area.
Marina Ayia Napa
The hedonistic nightlife that made Ayia Napa renowned at the turn of the millennium has faded away. While it still has a bustling social life, this old fishing hamlet, along with Limassol, is now a significant participant in the stylish new waterfront projects that are luring affluent international property buyers to the island.
The historic Ayia Napa Marina project, which will cost £109 million and be completed in 2021, will include 190 premium apartments and 29 luxury villas, 18 of which will have access to secure docks. It will also include a large mooring capacity and world-class facilities for 600 boats, as well as a shipyard and a series of chosen stores and restaurants that will provide top-notch services to individuals who live in and visit the marina.
If you buy one of the €5.5 million four-bed new construction villas in Ayia Napa Marina, you’re almost assured a long-term investment. Each plot has an infinity plunge pool, views of the sea, a roof garden, and underfloor heating – not that you’ll need it on this sun-drenched Mediterranean island.
Because of its ever-increasing high-end, high-rise skyline, Limassol is quickly becoming regarded as the “Dubai of Cyprus.” While some sections of the island are desperately trying to hold on to their heritage, Limassol is openly adopting a more modern approach. As a result, there are plenty of high-end apartments in the area. And if one tower is snatched up by eager purchasers, it appears that another is already in the works to satisfy the demand, with several more massive constructions on the way.
For just €3 million, you might own a two-bedroom apartment in Europe’s highest seaside residential tower, complete with an enormous balcony, breathtaking sea views, and access to a pool, bar, spa, games area, and wine cellar.
The finest views of the sea in Cyprus
Whether it’s the steamy heat of summer or a beautiful winter day, the sea vistas in Cyprus never get old. The nicest part about Cyprus is that, as a hilly island, it offers breathtaking vistas even while travelling interior. Sunsets and sunrises are breathtaking. So, if you’re searching for a place to purchase in this area, check out my top five sea view towns.
Pachyammos is a lovely seaside hamlet located between Paphos and Nicosia. The scenery is just stunning here. The tiny mountains descend into the ocean bay first, followed by the beach directly underneath them. You can practically gaze down on your own private beach from a property in the community! The sunsets are spectacular here. Pachyammos is around 60 kilometres from Paphos. A four-bedroom detached house (villa) with a pool costs over €400,000, while a three-bedroom flat costs around €167,000.
This town is 3 kilometres from Larnaca, and Larnaca Airport is easily accessible. This one is encircled by cliffs and has its own beach and sea, like as Pachyammos. If you’re feeling lonely, a trail goes to Aldiana Zypern, a recently developed tourism resort. A small dock is also located in the town, and a beach kiosk offers refreshments at non-tourist pricing. A new three-bedroom apartment costs over €340,000, while a three-bedroom villa with a pool costs around €293,000.
Peyia is a big seaside town around 17 kilometres from Paphos. Restaurants, a big supermarket, and a fresh seafood market are among the facilities available. The town also has one or two bars, and many British residents dwell here. The community also has a traditional feel about it. Peyia is located on the slope of a hill, thus the residences offer beautiful views of the sea.
A three-bedroom apartment (with pool) costs between €100,000 and €344,000, while a three-bedroom villa costs around €199,000.
Pomos is a lovely seaside hamlet 56 kilometres from Paphos. It is very undeveloped, and there are great nature trails and trekking opportunities here, all of which are surrounded by miles of sea vistas. The hills descend to the sea, with pine and fruit trees growing in between. This region is noted for its natural fauna and sea caves, as well as a tiny harbour where traditional Cypriot fishing boats may be found. Here you may expect to find a typical village with all of the necessary facilities. A three-bedroom apartment costs over €287,500, while a four-bedroom house with a pool costs around €261,000.
Last but not least, Pissouri village is a lovely place to visit. Limassol is 36 kilometres away from the hamlet, which is perched high on the cliffs above the sea bay. It’s a huge community that’s popular with both locals and visitors from the United Kingdom. A variety of coffee shops, one or two small supermarkets, pubs, and tavernas are all available. There are plenty of things to keep you occupied, including nature walks, cycling, and hiking. Don’t forget that, like many of these seaside communities, the sea offers water activities as well. A three-bedroom apartment costs around €145,000, while a three-bedroom villa with pool costs over €400,000.
What kind of property should you invest in?
Whether you’re looking for a large budget villa with sea views or a one-bedroom apartment near the beach, Cyprus offers the right property for you. If you’ve already decided on a city or area of the island, the next step is to set a reasonable budget and then decide on the sort of property you wish to buy. The latter is determined by the amount of money you have available, the size requirements, the frequency of usage, and the area of the island where you wish to reside.
In its towns, resorts, and countryside, the Cypriot property market provides a diverse range of styles. We’ll go through some of your alternatives below to help you narrow down your search.
While there are many Mediterranean style villas of all sizes and forms available on the island, it’s worth remembering that an average sized villa in Cyprus is roughly equivalent to a detached house in the United Kingdom. These local real property staples often have three to four bedrooms, a yard, a private or communal pool (depending on whether it’s part of a complex), private parking, a barbecue area, and, if you’re lucky, a breathtaking view.
Families who want a large amount of room both inside and out prefer villas. Couples who acquire a villa can utilise the extra space to set up a home office and entertain guests. The expense of keeping a private pool, particularly if it’s a vacation property, is an essential factor to consider. Whether you do the maintenance yourself or hire a professional, bear in mind that heating, water, and cleaning bills may mount up quickly.
Apartments appeal to couples and retirees looking for a permanent or vacation home because of their affordability and accessibility to amenities and the beach. Apartments frequently come with a balcony with fantastic views and space for alfresco parties, despite sacrificing outside area for a premium location.
If you’re looking for an apartment in Cyprus, make a viewing trip to Limassol, the harbour city. You’ll find yourself craning your neck to take in the city’s ever-expanding vertical skyline, which is dominated by high-rise residential complexes. While comparisons to Dubai are premature, new projects such as Limassol One, Europe’s highest residential seaside skyscraper at 37 stories, are placing the city on the map.
Because the tourism sector in Cyprus is expanding — up to 3.5 million tourists visit each year — easy to clean, maintain, and rent flats are a popular choice among investment buyers in tourist hubs like Paphos.
While a maisonette conjures up images of a typical two-story flat, the duplex is its hipper younger sibling, appealing to people seeking something a little more modern. Limassol, with its modern Manhattan-style cityscape, is a hub for this sort of modern construction, which is fitting given that they originate in New York City.
A complex’s properties
Living in a resort complex, whether in an apartment or a villa, may be a highly social environment. Gardening, bars, a swimming pool, and a gym are just a few of the communal amenities that make meeting friends in your new home a breeze. However, this sense of community comes at a price, so be prepared to pay common upkeep costs. If you completely immerse yourself in complicated life when you arrive, you may find yourself on the committee in charge of caring after your little town – a type of sun-drenched parish council.
Stone houses in the countryside
If you want to get away from the tourists and enjoy a slower pace of life, travel to the island’s inner highlands and woods. Traditional stone buildings with high walls that keep the heat out during the summer and a lot of potential may be found in these peaceful communities. Renovating a rural wreck may be a highly gratifying experience since you get to put your personal stamp on the property and possess a home with true character in a beautiful environment.
Using a professional team to assist you with your relocation to Cyprus
Buying a property is stressful no matter where you go, but it’s 10 times more so when you’re doing so internationally. That’s why you should hire a team of experts that can guide you through the market using their local expertise and talents.
We propose that you seek for an estate agent, lawyer, currency specialist, and, if necessary, an independent financial adviser as you put together your team.
Using the services of a real estate agent in Cyprus
From Peyla and Paphos in the east to Larnaca and Limassol in the west, as well as Ayia Napa and the capital Nicosia, Cyprus has hundreds of estate agencies. Many will cater to British consumers and know the language. Estate agents are paid a fee of 3–5% of the sale price, which is far greater than most British estate agents, although it is paid by the seller.
Estate agents will show you a mind-boggling array of houses. With that in mind, it’s critical to concentrate on your true desires. This includes keeping to your budget and the place you’ve picked. However, there should be some room for spontaneity in your property viewing.
Check that your selected estate agent is licenced and regulated for peace of mind. Are they members of the Cyprus Real Estate Agents Association (CREAA) or the International Real Estate Federation (FIABCI)? They should be registered with the Council of Cyprus Real Estate Agents, which is controlled by Cypriot law, and licenced as a real estate agency.
The CREAA is home to the majority of legitimate and regulated agents. This organisation is one of the most vigilant on the island when it comes to monitoring people who work illegally as “consultants” or “property finders.” Estate agents who are members of the CREAA are required to carry indemnity insurance. You may verify an estate agent’s registration by simply asking for their registration number and looking it up on the internet.
You might also go with an agent who belongs to the Association of International Property Professionals (AIPP). The organisation, which is based in London, aims to promote ethical standards for worldwide estate brokers.
Using the services of a lawyer in Cyprus
Finding an independent English-speaking lawyer who is also a member of the Cyprus Bar Association should be high on your priority list. Your lawyer may end up saving you a lot of money in the long run. They will undoubtedly assist you in navigating the legal issues of purchasing and selling property in Cyprus, as well as ensuring that you do it securely. A list of English-speaking attorneys in Cyprus is available on GOV.UK.
We usually advocate hiring a Cypriot who is fluent in English and is well-versed in the local language and legislation. They will frequently be able to provide you with advice on inheritance and personal tax, which is crucial in ensuring that your time here is trouble-free. For advice and direction, be sure they’re registered with the Cyprus Bar Association and specialise in Immovable Property Law.
Using the services of a currency expert
A currency specialist will work with you, together with the rest of your professional team, to ensure that your money is not exposed to currency risk when it is moved to euros prior to your property purchase. As a result, it’s critical to locate the proper person for the position.
If you’re unfamiliar with this danger, it happens when a big sum of money must be paid in another currency, which necessitates converting money at a fluctuating rate. With the rate fluctuating, there’s a chance your money could decline in value and be worth less, making it more expensive to buy a property. A 1% decline in the value of the British pound, for example, can boost the price of a €150,000 property by more than £1,000. If the percentage is multiple percent, you may wind up spending much more.
Your currency expert will offset this by getting a forward contract, which is a contract that locks in an exchange rate for a specific length of time. You may get the most out of your money if the exchange rate is favourable. For many years, we’ve worked with our trusted partner Smart Currency Exchange to create forward contracts for purchasers – check out their Property Buyer’s Guide to Currency for additional information on how to safeguard your cash.
Using the services of a financial advisor who isn’t affiliated with a company
As you move forward with your property acquisition, you’ll need to make a financial plan. It may be essential to seek the advice of an independent financial consultant in these instances. An adviser will walk you through your options in order to determine the best financing solution for you, as well as make product suggestions and assist you in budgeting for the costs of purchasing in Cyprus.
At Property Guides, we’ve partnered with a number of reputable financial advisors that specialise in assisting clients who are considering relocating overseas. They can assist you with not only your purchase, but also other financial concerns such as pensions, succession planning, and tax. We can put you in touch with them if you contact us at email@example.com or call 020 7898 0549.
If you aren’t buying your home outright with cash, you will almost certainly need to see a mortgage consultant. They can also assist with essential goods such as life insurance. To learn more about the financial aspects of your relocation to Cyprus, read our financial guidelines.
Make a budget when buying a property in Cyprus.
If you want to finalise your property acquisition, you’ll need to make sure you’ve thought about how you’ll pay for it. You’ll need to think about the big financial issues, budget for the unexpected expenditures of buying, and figure out how you’ll pay for your property.
Before purchasing in Cyprus, we also recommend reading our guide to financial preparation for all the advice and information you’ll need.
What are the most important financial considerations?
To begin, you must determine what your primary sources of financing for your Cypriot house purchase will be. Consider the following:
There are funds available.
Calculate the total amount of cash you have available to buy a property. This is critical information for understanding how to purchase in Cyprus. Cash, savings, assets you can sell, pension drawdown, and investments you can cash in are all possibilities. If possible, consider purchasing with friends or family.
Is it possible to buy a house with a mortgage? To evaluate your alternatives, speak with an estate agent, an independent financial consultant, a bank, or another lender. If that’s the case, how much of a down payment would you need, and how will you handle the monthly payments? What would you do if you found yourself unemployed or ill?
After you’ve purchased the property, you’ll have to pay for local property taxes, upkeep, and transport fees to get there. What plan do you have in place to address these issues? Remember that currency rates fluctuate, and a pension or investment paid in pounds does not guarantee a return in euros.
If you’re relocating to Cyprus permanently, you might want to consider transferring your pension to a self-invested personal pension (SIPP) or a Qualifying Recognised Overseas Pension Scheme (QROPS). There are certain restrictions, but you should be able to gain more control over your pension and lower your tax cost.
Please note that the UK authorities will only allow you to transfer your pension into one of these plans if you fulfil the following criteria: you must be living, or planning to reside, outside of the UK, and you must continue to live there. It’s vital to note that a QROPS can only demonstrate meaningful benefits after 10 years of being a non-resident and shifting the pension, so it’s critical to think about your choices now rather than later.
How much does it cost to buy anything in Cyprus?
You must include the hidden extra costs of buying in Cyprus in your budget in addition to the property’s sale price. To cover all of the fees and taxes associated with the transaction, you should budget up to 15% of the buying price. These are the following:
Land Registry fees: These are usually handled by your lawyer and are usually quite low.
Legal fees: You should budget around 1% of the property price to hire a lawyer to handle the property conveyancing and paperwork with local authorities.
Municipalities and localities must pay a local property tax. The tax is based on the valuation of the property as determined by the Land Register in 2013.
Fees for transferring property: If the property was purchased with VAT, there are no property fees to pay. If no VAT was paid on the property, the transfer fees are cut to 50%. However, if the Land Register office determines that the contract price is low and not in accordance with the property’s market worth, the entire property transfer fee may be charged.
Stamp Duty: This is based on the purchase agreement’s worth and is presently fixed at the following rates: €0 to €5,000 — zero; €5,001 to €170,000 — 0.15 percent more than €170,000 — 0.2 percent.
VAT (Value Added Tax) is paid at 19 percent on the first property transaction as of 2018. The first 200 square metres of the property to be used as the buyer’s primary and permanent dwelling for 10 years are taxed at a reduced rate of 5%. The remaining square metreage is subject to a 19% VAT charge.
Fees paid to a sales agent are usually shared equally between the buyer and the seller. These might range from 2% to 5% of the total sales price.
Inheritance and Immovable Property Taxes: In Cyprus, there is no inheritance tax on property, and the Tax Department’s Immovable Property Tax was abolished in 2017.
Property insurance is required if you wish to get credit from a Cypriot bank. Nonetheless, it is one of the “hidden costs” that buyers overlook after the property is transferred to their name. You may shop around for property insurance in the same way that you would in the United Kingdom.
How do you pay for your Cyprus property?
You may pay for your property in Cyprus in a couple of different methods. To begin, you can use your own funds. This might be a wage, savings, or even the sale of heirlooms that are no longer needed. Alternatively, you might be able to fund your project by renting out an existing property or selling one.
Second, you have a wide range of alternatives for borrowing money. You could, for example, utilise a type of lifetime mortgage that allows you to maintain your property while borrowing against it. You may also get a standard mortgage from a UK or Cyprus-based lender depending on your salary and capacity to pay each month. Around one in every four Britons who purchase a house overseas takes out a loan, so there’s no reason why you shouldn’t do the same for your property in Cyprus.
How can you get financing for a property in Cyprus?
If you want to maintain a residence in the UK and don’t want to sell your British home to pay for your Cyprus property, borrowing money may be the best option.
The following are some of your options:
Mortgages for retirement
A retirement mortgage resembles a typical capital payback mortgage, but with a lower loan-to-value ratio. You will almost always be required to repay before reaching a particular age (depending on your lender’s requirements). There is often no minimum age to obtain one, and the amount you may borrow is determined by the value of your house. When you don’t satisfy the lender’s requirements, an equity release plan may be a better option.
Release of equity
If you’re over 55, you can take use of the equity in your property as a tax-free cash alternative rather of selling or downsizing. The difference between the value of your house and the sum of any mortgage, secured loan, and levies on it is referred to as equity. This can amount to hundreds of thousands of pounds for someone who purchased their UK property many years ago. And it’s money that isn’t doing anything for you. Because the equity is yours, you can release it in one of three ways:
Roll-up lifetime mortgage: This type of loan allows you to get a lump sum payment and keep 100% ownership of your property without having to make monthly payments.
You may accept a large sum of money and keep 100% ownership of your home with a flexible lifetime mortgage. There are no early payment penalties for voluntary payments.
Drawdown lifetime mortgage: You can use the money as and when you need it while still owning 100% of the property. Money can be saved in a reserve account until it is needed.
Depending on the age of the youngest applicant, the value of your property, and its location in the UK, you can unlock anything from £10,000 to virtually the full worth of your home. For as long as it is your primary residence, you are not at danger of losing your house if you have a lifetime mortgage from an Equity Release Council-approved lender. You can also set aside a portion of your equity to be passed down to your children as an inheritance.
A viewing trip will be critical to your move’s success. One of the often underestimated advantages of purchasing property in Cyprus is that the island is not so big that you are overwhelmed by choices. This implies that a thorough viewing vacation may be planned in as little as a week or two.
Most buyers look on the 150-kilometer stretch of the south coast between Larnaca and Paphos, as well as communities in the north-west, but it’s critical to narrow down your search to the places you want to purchase in. Within a couple of relaxed weeks of watching, you may have a good understanding of the key locations. Many purchasers choose to travel during the off-season, when the weather is cooler and the prices are lower, which is made feasible by the fact that Cyprus has year-round budget flights from the United Kingdom.
Agents’ trips are subsidised.
During the early 2000s property boom, cyprus developers offered subsidised property viewing tours to potential purchasers, which are still available on occasion. They’re frequently used to hammer house-hunters with persistent hard-sell tactics, so be wary if you’re given a “free” trip.
It’s increasingly usual these days for an agent to just offer you subsidised housing if you agree to visit their homes. If you’ve been made a slave to someone who stands to gain a lot of money if you buy, you should still be wary!
It may be preferable to plan your own vacation, as there will be no pressure to buy, and you will be able to speak with locals, expats, and craftsmen. Viewing at different times of the year is a wonderful idea.
Making the most of your viewing excursion
When you just have a limited amount of time to see numerous homes, it’s critical to make the most of your time. In light of this, we urge that you attempt to:
Take a peek around and talk to some of the folks who may soon be your neighbours.
To get a flavour of the area’s possibilities, eat at local restaurants, cafés, and pubs.
Make a list of any local amenities that you will undoubtedly want – is there a gym nearby, for example? What are the distances between the local schools? Do you have a hospital nearby?
Have a few quiet days when you try to live as if you were relocating to the region to get a sense of what life is like there.
When it comes to viewing trips, how long should they last?
Rather than scheduling just a week and attempting to pack everything in, try to tailor the duration of your viewing vacation depending on what you need to see and see. You’re more likely to achieve more if you take a more deliberate approach. Given the small size of Cyprus, a couple of weeks will be plenty to see the sights and get a taste of island life.
When is the best time for me to travel on my viewing trip?
Visit a potential new place at different seasons of the year if feasible. Visit in the winter, when the weather may be less pleasant, to get a sense of what to anticipate all year.
On my vacation, where should I stay?
To get a genuine feel of what the location has to offer, try to remain as near to the area as possible to the houses you’re looking at. You can have firsthand experience of shopping, dining and drinking, and just moseying around the neighbourhood without having to drive far.
What is the greatest way to make the most of a viewing trip?
When going on a viewing trip, keep the following in mind to ensure that you obtain all of the necessary information:
Make sure that any estate agent you use for your viewing trip has a good understanding of the places you want to see, and that his or her portfolio includes properties that meet your requirements in terms of budget, amenities, and location.
Take the time to provide a list of your requirements to your selected requirements, along with any deal breakers, and discuss them. This should ideally guarantee that they understand what you want and that no time is wasted.
If you’re thinking of renovating, find out what the estate agent thinks about the extra expense. They should, without a doubt, be able to recommend trustworthy local contractors.
Take a few photographs and detailed notes when you visit a property to help you recall the highs and lows of each place you see.
Don’t be scared to ask as many questions as you want when viewing properties. In Cyprus, this may include questions such as: how severe are water shortages throughout the summer? Is there a steady supply of electricity at the property? Is the property encumbered by any loans or debts? What are the rental limitations on the property?
Use the time you have in the car with your agent to ask them several questions and obtain information. As you travel through the region, ask them to point out any local amenities or describe what’s there.
Making a proposal
You might have found your ideal house in Cyprus after a successful viewing trip or two. If this is the case, you must be willing to make an offer in order to close the sale. Rather of diving right in, it’s a good idea to examine your strategy to ensure you’re on the correct track. Here are our top seven suggestions for doing so.
- Understand the market
Your agent will be able to advise you on an acceptable range for making an offer on a home in Cyprus, but keep in mind that they work for the seller in the end. The higher the payment, the larger the commission. As a result, perform your own market research and read our Cyprus property news to double-check what they claim. You’ll feel more certain – and demonstrate that you’re serious about your work.
- Put on your game face.
Strike a balance between being overly eager and being too laid-back. You should be serious yet courteous, and don’t be afraid to show that you know what you’re talking about. Recognize how your seller operates. Some individuals will respond better if you exhibit more excitement, while others will respond better if you keep your calm.
- Make a lasting impression
Keep in mind that when you make an offer on a house in Cyprus, you’re putting an offer on something the owner adores. Excessively hostile behaviour might be off-putting. Instead, make an effort to stand out by demonstrating how much you value the property. You should always negotiate through your agent, especially if you have a contract, but you can introduce yourself and explain your interest in writing to the vendor.
- Take control of the conversation
Keep in mind that you’re the one with the cash at the end of the day. You’re in a strong position since the seller wants and needs to sell. When making an offer on a home in Cyprus, knowing this is a significant benefit. You are free to leave; they require your assistance. Don’t be a passive participant in the conversation; use the opportunity to steer it yourself.
- Make a financial plan
Plan your finances before placing an offer on a home in Cyprus, including getting a forward contract so you can pay a deposit in euros. Organizing your money can also ensure that you are prepared to make rapid counteroffers, which are sometimes required to acquire a property.
- Make fast counter-proposals
Any time you delay, the seller has more time to examine other possibilities. Before you start negotiating, decide on a price range. That way, if a counteroffer is required, you can respond swiftly and decisively.
- Don’t panic if it doesn’t work out.
If a deal goes through, don’t be too hard on yourself. In many situations, purchasers discover that the sale that went through was not exactly what they were looking for, and they go on to locate their dream house down the road. They finally glance back, relieved!
Do you require a building inspection in Cyprus?
During the overseas purchase process, choose a respected building inspector in the same way you would an estate agent, lawyer, or currency specialist. You might save a lot of money by doing so.
Let’s begin by setting the scenario. You started your foreign property purchasing odyssey after falling in love with a villa outside of Paphos all those months ago. You finally got the keys to your ideal house after what seemed like an infinite amount of meticulous planning and hard work, only to discover a short time later that it has subsidence and has to be fully rewired.
Your realtor had urged you to get a building study done to avoid such a situation, but everything appeared to be in order on the surface, so you dismissed the suggestion as a waste of money. You now have a considerably greater cost to deal with.
Before you part with your money, get a building inspector to go over the property with a professional eye.
The building inspection
Don’t allow your fantasy vacation house in the sun turn into an expensive nightmare with hidden charges. Before parting with your money, hire a building inspector to run a professional eye over the property, just as you would if you were purchasing in the UK.
A structural inspection lowers the danger of overpaying for a mediocre property or one that may require expensive repairs in the future. The foundations, roof, walls, floors, electrics, and plumbing will all be inspected for signs of deterioration and decay by the building inspector. Any issues they uncover will be outlined in their report, allowing you to make well-informed decisions. You may opt to cancel the purchase, decrease your offer, or include a provision in the contract specifying the work that the seller must do prior to the sale based on the results.
Finding a building inspector is difficult.
In Cyprus, look for a building inspector who is a member of the Royal Institute of Chartered Surveyors and is registered with the Cyprus Scientific and Technical Chamber. Choose someone who is not suggested or introduced to you by the estate agency selling the property. You can be sure that your survey will be objective this way.
How much does it cost to conduct a survey?
The typical cost of a building survey in Cyprus is about €500 (£450), however this can vary depending on the value of your property and the complexity of the report you want. Remember that the cost of a building survey is likely to be far cheaper than the expense of having to pay to fix the problem and have the entire property rewired.
After you’ve made an offer, what happens next?
Concluding the transaction
It’s time to make a bid once you’ve seen the property and are certain you want to buy it. When the offer is accepted, the agent will remove the property from the market for a month. You could be required to sign a reservation agreement, which demonstrates your intent to purchase the property. You may also be required to pay a modest deposit.
Before signing anything or paying any money, consult with a lawyer. Typically, the deposit will not exceed 1% of the purchase price, or €3,000, whichever is greater. This establishes the price and eliminates gazumping. You’ll need to know how and when you’ll be reimbursed if the sale falls through. This money should ideally be kept in a neutral account.
During this time, your lawyer will review all pertinent documents and do different searches. One of the most crucial topics will be ownership and title documents, which has been a contentious subject in Cyprus. You must be certain that the vendor is the legitimate owner of the property.
They’ll check to see whether the property has any liens or loans attached to it, as well as any exemptions that may stymie the sale. In recent years, this has also become a prevalent issue. If you’re buying a new property, your lawyer will double-check that the appropriate planning approvals have been acquired from the local government.
As a matter of course, any respectable independent lawyer will insist on doing due diligence on the property. Your lawyer should do the following as part of the due diligence process:
Examine whether the land has been encumbered by a mortgage or other encumbrances in the form of memoranda.
Make sure the title deeds accurately represent the property you’re buying. And that no changes to the property have been done that would necessitate new approvals.
You should also conduct some searches on your own. You can check with the local municipal planning department about the possibility of additional roads or flying paths. There are additional concerns such as noise pollution to consider. For example, on any vacation island, be sure there isn’t a nightclub next door that opens at midnight.
Creating the sales agreement
Your lawyer will write a property sales contract if no difficulties arise from the legal searches. The sale of contract should indicate that the property is protected until a separate title deed is produced in the event of a new development where deeds will not be issued until the property is finished.
They’ll next double-check that it’s been approved by all parties involved in the transaction. The Lands Office will stamp and register this document. There are two reasons for this. To begin with, it precludes the seller from selling the property to a third party. Second, it precludes them from using the property as security for a loan or mortgage. The buyer is likewise protected by the Specific Performance Law before the deeds are formalised in their name.
At the same time, you’ll have to transfer a percentage of the agreed-upon property price, which is typically 10% of the sales price for a resale property and 20% to 30% for new construction. If required, you can also pay for the utilities to be connected at this time. It is critical to safeguard your budget against currency fluctuations at this period. If you don’t, you might end yourself paying thousands extra when the property is finished due to exchange rate fluctuations.
Your lawyer will also submit a request for the whole property acquisition to the Council of Ministers of Cyprus. This is in connection to character references, in order to assure that you will not face any legal difficulties or be placed on Interpol’s wanted list. They will also submit an application for the 5% VAT rate reduction. You will transfer the full balance of the sales price after this has been approved. All of this takes around a month to finish.
Getting your hands on the title deeds
The title deeds are obtained from the Regional Land Chamber in the presence of the seller and buyer in the final stage. You must receive a receipt indicating that the registration fee and property tax registration have been paid.
The title deeds transfer fee must be paid at this final stage. You are the owner of the property after you get them. You may now apply to the water and power authorities to have your utilities transferred into your name.
If you are unable to be there, you may be able to arrange for power of attorney. Your lawyer will arrange for your power of attorney to sign on your behalf. It’s crucial to limit your power of attorney to property transactions and not to all of your legal matters in Cyprus.
You must provide a valid passport and your tax register number whether you utilize power of attorney or are there yourself.