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.
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 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.