Buying Guide Details

Buying Property in Limassol

Where to buy property in Limassol

Overseas property buyers have long been aware of Limassol, Cyprus’s second-largest city, with around 200,000 inhabitants. It’s a highly developed and cosmopolitan city with all the modern trappings one would expect, as well as a number of archaeological sites and historical places of interest. As well as a range of shops, bars and restaurants, there’s a choice of beaches to enjoy along 32 kilometres of seafront. There’s a significant foreign population here already due to the city’s importance as a commercial centre as well as the lure of its marina and nearby golf courses.

Buyers looking for rural property in Limassol will also be interested, as it’s possible to find secluded property in Limassol in the villages around the city yet still be within easy striking distance of the city’s amenities. Homes will tend to be in the traditional local style or purpose-built villas, as opposed to apartment complexes. Laneia and Souni have attracted discerning foreign buyers due to their beautiful surroundings and views, but there are numerous other villages offering tranquil living hereabouts.

West of Limassol lies the Akrotiri Peninsula, with one of the island’s best beaches, Lady’s Mile Beach, and the Akrotiri Salt Lake, where flocks of migrating flamingos come to roost in winter. Some 20 kilometres east of Limassol is Pissouri Bay, another popular destination for overseas buyers thanks to a combination of tasteful development and great views and beaches.

Just inland from Limassol lie the Troodos Mountains, the highest point of the island and a fantastic scenic area whatever the season, renowned for its monastries, hiking trails and wealth of flora and fauna. There are vineyards and olive groves scattered around the foothills and there’s even skiing in the winter when the highest peak, Mount Olympus, becomes snowcapped. All this, just an hour from the beach!

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The buying process

When a property in Limassol 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 Limassol)
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 Limassol 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 Limassol 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 property in Limassol
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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