With 3,500 hours of sunshine every year, 50 Blue Flag beaches and a laidback lifestyle, Cyprus is one of the most desirable locations in Europe. Combine this with low property taxes, a large international English-speaking community and excellent transport links to the rest of Europe, and it isn’t hard to see why it’s one of the most popular choices for those seeking a holiday home or property investment.
With its pretty old town and proximity to beautiful beaches, Limassol is a popular expat destination (Photo: Christos Vassiliou via Flick/CC BY-NC 2.0)
Cyprus is divided into two distinct parts – North and South. It’s currently unadvisable to purchase property in Northern Cyprus, due to contentions around property ownership and the right to sell. Most people are drawn to four main cities in Southern Cyprus: Nicosia, Larnaca, Limassol and Paphos. Nicosia is a vibrant, colourful capital city boasting excellent long-term rental opportunities given its inland location. Limassol is the most expensive of the three main beach cities, with excellent international schools, restaurants and beaches. It’s easier to find a more affordable property in Paphos and Larnaca, which both offer pristine beaches, easy access to international airports and the promise of a laid-back lifestyle.
For EU citizens, the good news is that there are no restrictions on buying a property in Southern Cyprus. Non-EU nationals are limited to purchasing one property or one acre of land. It’s not all plain sailing though. In order to purchase a property, buyers must apply to the Council of Ministers for permission to purchase a property. There are rarely any issues here, but the paperwork can take a long time. Since your title deeds won’t be granted until you’ve been granted permission, it’s highly recommended to get a real estate lawyer to help speed the process along. Buyers are also subject to transfer fees, stamp duties and legal fees that usually amount to around 15% of the buying price. Other tips include getting a broker or an independent buyers’ agency to inspect and ensure there are no existing mortgages associated with the property. Below are three recommended companies for helping you to find houses and villas for sale in Cyprus.
Island Homes
With over 20 years of experience, Island Homes has grown to become a leading estate agency for properties in South East Cyprus. Their enormous property portfolio includes a range of apartments and villas, as well as commercial properties such as restaurants and retail spaces. The leadership team is largely made up of British and European ex-pats who have made the move themselves, which is reassuring for those looking to do the same. You can also book onto a viewing trip, which includes 3 – 7 nights accommodation free of charge, with airport transfers and free legal consultation with independent lawyers.
More info at Island Homes
M Residence
M Residence is a relative newcomer to the real estate scene in Cyprus, but it’s already gained an impressive reputation for its groundbreaking approach. Offering sales, valuations and marketing services, the firm has a wide range of high-end properties and plots on its books in some of the most desired locations across Cyprus. What sets the company apart from the norm is its contemporary approach to real estate, which includes market data, 360° Virtual tours and aerial photographs. The team includes licensed estate agents, chartered surveyors and marketing specialists, the latter being particularly useful if you’re dipping into the short-term rental market.
More info at M Residence
Pafilia
Pafillia is a market-leading real estate agent and developer, dealing with some of the most exclusive properties in the country. They’re dedicated to making the whole process of buying and selling property in Cyprus as easy as possible, with a comprehensive range of pre and post-sale services such as Cyprus citizenship and residency programs. Their vast property portfolio covers a range of locations including Limassol and Paphos, as well as two of Cyprus’ most ground-breaking developments: ONE and Minthis. The brand has a reputation for excellence, evidenced by its gushing testimonials and over 39 international awards.
More info at Pafilia