Buying Property

A summary if you are considering buying

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2016 is a great year to buy a property in Cyprus. The Government has just slashed Transfer Tax (similar to stamp duty in the UK) by 50% and this discount will remain until 31st December 2016. Also, if you buy before 31st December 2016, you will not hae to pay Capital Gains Tax in Cyprus (currently 20%) whenever you sell in the future. These two mesures are designed to stimulate the property market and current statistics are proving that they are doing just that. Add the fact that house prices have dropped significantly since the 2008 crash and that makes this one of the best times to buy in Cyprus.

Advice                                                                                                                               Buying your dream property in Cyprus can be a simple process but it is important to work with a reputable property company. Look for a registered estate agent and one with the AIPP logo (Association of International Property Professionals). This means that the agent abides by a code of conduct set by this professional body and it will help to ensure that you receive an honest, fair and professional service. We can advise here, and if you wish can arrange an informal chat over coffee to talk through your options. Always appoint a lawyer to act on your behalf. The Cyprus land registry system, which was set up by the British, includes safeguards to protect you and your purchase.

The property contract will be in English and if you have any queries, ask your lawyer for clarification, lawyers tend not to work on an hourly rate here so feel free to ask questions if you need to!

When it comes to location, there is nowhere in Cyprus like Aphrodite Hills 8509, which is attracting purchasers from countries as far afield as Russia, Australia, China, America and Scandinavia. The properties available range from cosy one bedroom apartments to grandiose six bedroom villas.

DSC_0943Resort Costs                                                                                                                       All property owners on the Resort pay a small annual ‘resort charge’ which includes the security cover and maintenance of the sewerage system. The ‘village charge’ is only for properties set within the villages of the resort, and covers things like pool maintenance, external decoration and gardening of common areas etc. The ‘Kouklia council charge’ is for refuse collection, lighting, resort cleaning and other municipal costs. Finally, there is an Immovable Property Tax which is paid annually to central government. All these charges are surprisingly inexpensive.

Mortgages                                                                                                                     Cyprus banks are now beginning to recover after the financial crisis. However it is still difficult to achieve a Loan to Value of more than 70%. Your lawyer or agent may be able to advise.

Title Deeds                                                                                                                       Title Deeds are available for nearly all resale properties on the resort. Check with your agent before proceeding to purchase.

aphroditerentals.com                                                                                       Rentals on the Resort depend on the size, location and specification of the property. Holiday rentals can be achieved throughout the year, with the busiest time being during European school holidays and from July – August in high summer. These are exciting times for Cyprus, and if you enjoy your stay here on the resort, why not buy a property and become a part of the adventure!

Contact us if you wish to discuss any of your property needs. We are happy to put you in touch with a property promoter who can point you towards the best buys and give you the low down of the property market on the resort.

Resort Costs

Property - RatesAll property owners on the Resort pay a small annual ‘resort charge’ which includes the security cover and maintenance of the sewage system. The ‘village charge’ is only for properties set within the villages of the resort, and covers things like pool maintenance, external decoration and gardening of common areas etc. The ‘Kouklia council charge’ is for refuse collection, lighting, resort cleaning and other municipal costs. Finally, there is an Immovable Property Tax which is paid annually to central Government. All these charges are surprisingly inexpensive.

Mortgages

Following the difficulties for Cyprus in 2013, approval rates for mortgages are currently very low.

Images - Rates 2

Transfer Tax

Transfer tax is similar to the British stamp duty and is a one-off tax payable when you receive your title deeds. Unlike some other locations in Cyprus, the Resort has issued title deeds to owners on an organised

and sustained basis and by early 2014 most villas and three of the villages are receiving or have already received them.

Aphrodite Rentals

Rentals on the resort depend on the size, location and specification of the property. Holiday rentals can be achieved throughout the year, with the busiest time being during European school holidays and from July – August in high summer.

Contact us if you wish to discuss any of your property needs. We are happy to put you in touch with a property promoter who can point you towards the best buys and give you the low down of
the property market on the resort.

Property - Rentals

 

Buying Property

Cyprus Economy & The Property Market

The Cypriot economy has experienced positive growth rates in 2016 and the expectations are that this trend will continue in 2017 which is excellent news for the property market here. Services including tourism, professional services, shipping and real estate, considered as the backbone of the Cypriot economy, are growing, all contributing significantly to the country’s GDP.

One of the Largest increases of the decade (43%) was noted in the total property sales contracts submitted at the Land Registry in 2016, with December 2016 exhibiting an increase of 121% compared to December 2015. This is an important indicator that confidence in the real estate market is improving.

TH02 buying property

The interest of foreign investors in Cyprus’ real estate market keeps growing, since over one quarter of the deeds of sale submitted in 2016 involve overseas buyers. This is primarily due to the Cypriot government’s initiative regarding the Cypriot Citizenship Program, the permanent residency program as well as the various tax incentives offered.

Government Incentives and Title Deeds

Government incentives means that there will be no transfer fees for property purchases subject to VAT, while for other purchases, transfer fees will be reduced to 50%, as estimated based on the provisions of the current legislation. Moreover, improvements in developers issuing title deeds in the name of purchasers who have paid the amount due in full to the land developer, has enhanced the credibility of the Cypriot real estate market. Title deeds are available for most properties for sale here on Aphrodite Hills.

Advice

Buying your dream property in Cyprus can be a simple process but it is important to work with a reputable, licensed property company that have good local knowledge. The Cyprus land registry system, which was set up by the British, includes safeguards to protect you and your purchase. The property contract will be in English and if you have any queries, ask your lawyer for clarification, lawyers tend not to work on an hourly rate here so feel free to ask questions if you need to!

Aphrodite Hills

When it comes to location, there is nowhere in Cyprus like Aphrodite Hills, which is attracting purchasers from countries as far afield as Russia, Australia, China, America, The Middle Ease and Scandinavia. The properties available range from cosy one bedroom apartments to grandiose six bedroom villas.

V16 buying property

Local Property Prices

The average house prices in Cyprus for the first three quarters in 2016 when compared with the 2015 yearly average, indicates a 2% increase, reaching a value of €332,155.

Resort Costs

All property owners on the Resort pay a small annual ‘resort charge’ which includes the security cover and maintenance of the sewerage system. The ‘village charge’ is only for properties set within the villages of the resort, and covers things like pool maintenance, external decoration and gardening of common areas etc. The ‘Kouklia council charge’ is for refuse collection, lighting, resort cleaning and other municipal costs. finally, there is an Immovable Property Tax which is paid annually to central government. All these charges are surprisingly inexpensive.

Mortgages

The Cyprus banking system has gone through a period of transformation and most high street banks are offering mortgages and loans once again. However, it is still difficult to achieve a Loan to Value of more than 70%. Your lawyer or agent may be able to advise.

aphroditerentals.com

Holiday rentals on the Resort depend on the size, location and specification of the property. Holiday rentals can be achieved throughout the year, with the busiest time being during European school holidays and peak from July – August in high summer. These are exciting times for the Cyprus property market, specifically on Aphrodite Hills with good investment opportunities coming up all of the time. If you enjoy the lifestyle here on the resort, why not invest in a property and become part of the adventure.

We recommend Fonterra Estates Ltd as they have their own, in house legal team, have excellent knowledge of the resort and have over 30 years’ experience in real estate.

Contact them or us if you wish to discuss any of your property needs. We can point you towards the best buys and give you the low down of the property market on the resort.

Fonterra JPEG

 

 

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