Buying Guide Details

Buying Property in Larnaca (Larnaka)

Where to buy property in Larnaca (Larnaka)

Larnaca is many visitors’ point of entry to Cyprus due to its international airport and its popularity as a cruise stop-off, and it has a solid reputation as a holiday destination. Buying property in Larnaca has not been popular with overseas investors, despite some good facilities including its large marina and an array of historic treasures that befits one of the world’s oldest cities. Property prices in Larnaca reflect this, being around 20% less than the national average at present.

Perhaps its lack of natural beauty, compared to Limassol and Paphos, accounts for Larnaca’s underachievement as a buyer’s destination to date? The area is set to undergo some major improvements, however, with a golf development and leisure facilities planned for nearby Tersefanou and a couple of the region’s eyesores, an oil refinery and cement works, may be removed in an effort to attract more residential investment to the area. Improvements to roads in the area in recent years have brought the city within convenient reach of rest of Cyprus.

Outside of the city itself, there are a number of inland villages and smaller coastal resorts in the region to tempt property buyers. Oroklini and Pyla have great views of the mountains and the sea and have, unsurprisingly, already caught the eye of foreign buyers from the UK and northern Europe.

Kalavassos, around 35 kilometres to the west of Larnaca, is a picturesque hillside village where some understated new development is taking place and that will be within just half an hour of the proposed golf course. The village of Kiti and the nearby beach resort of Pervolia are gaining in popularity with tourists and locals alike.

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The Process of Buying Property in Larnaca

When a property in Larnaca 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 property in Larnaca)
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 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 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 resales and in stages agreed by the developer for new-builds
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 home
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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