Buying Guide Details

Buying Property in Famagusta

Where to buy property in Famagusta

Since Turkish forces occupied the northern part of Cyprus in 1974, most of the Famagusta region has been located north of the UN Buffer Zone. In fact, Famagusta town, once a thriving resort, now lies as a ghost town as negotiations continue between the Greeks and Turks over the future of the north. However, the region situated south of the border has become a bustling tourist destination, popular for its active nightlife, golden beaches and excellent watersports facilities. A number of foreign property buyers, mainly from the UK and Scandinavia, have already boiught properties in Famagusta.

Rental opportunities for properties in Famagusta are good, as tourism attracts large numbers of visitors to this southeastern corner of the island, though there are quieter nooks to be found for those who prefer a less hectic pace of life. The main administrative town of Paralimni has expanded greatly since the Turkish occupation in 1974 and it now combines modern facilities, shops and homes with the tradition of its gardens and churches, attracting interest from foreign property buyers. Kapparis is not only an increasingly desirable location for foreigners, there’s also demand for weekend homes with domestic buyers from Nicosia.

In recent years, resorts such as Ayia Napa and Protaras have been transformed from sleepy harbour towns into some of the Mediterranean’s most lively holiday spots, with superb beaches and clear seas and a vast choice of bars and nightclubs. Though perhaps most renowned for its nightspots, Ayia Napa has been cleaning up its act and now boasts some excellent family-friendly areas and facilities away from its busy centre including a large and popular waterpark.

Protaras is a modern resort that stretches over 16 kilometres of coastline and also offers splendid Blue Flag beaches as well as watersport and scuba diving facilities. There’s a tranquil side to the region, too. Cape Greko has a rugged coastline and some beautiful coves. The area adjoins a National Forest Park, an area of great natural beauty a world away from the busy resorts.

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The Process of Buying Property in Famagusta

When a property in Famagusta has been chosen, a buyer puts down a deposit of between £1,000 and £2,000. This represents a legally binding purchase agreement
Contracts are then drawn up, outlining the conditions of the sale, and at this point a further deposit of between 10 and 30% is payable (10% is usually paid for a resale property, and between 20 and 30% for a new-build)
At this point the contracts are sent to the land registry and the buyer must make a written application to the Council of Ministers in Cyprus for approval to transfer ownership of the property in Famagusta into the buyer’s name. This is really only a formality (no-one from the UK has ever been denied approval), and you can live in your property in Famagusta while waiting for the approval to come through. Buyers need to present bank and character references with the application
The balance of the money is generally paid on completion for resale properties in Famagusta and in stages agreed by the developer for new-build properties in Famagusta
All taxes are payable when approval is granted

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Health

The standard of Cypriot healthcare is generally very good, and English is widely spoken in hospitals and clinics. Visiting Brits will be given emergency treatment, but subsequent treatment will need to be paid for. Private healthcare is very reasonable and is probably the best choice for anyone spending a considerable amount of time there
visa/residency issues.
Any EU citizen can stay for up to 90 days in Cyprus without a visa. Those wishing to spend longer will need a residence permit, which can be obtained from the local Cypriot authorities. This is a fairly straightforward process for anyone coming from an EU member state. That said, anyone wanting to stay permanently will need something called an Alien Registration Certificate. Proof of residence, funds and identity are required for this

Fees and taxes

Transfer tax in Cyprus varies between 3 and 8%, with additional stamp duty payable of up to 0.2% of the property’s purchase price
You will also need to budget for annual property taxes. These can be as much as up to 3.5% of the value of your property in Famagusta
In addition, allow between 1 and 2% for legal fees and anywhere between 3 and 10% for estate agents’ fees, although the norm is around 5%
Notarisation should cost around £1,350

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