Buying Guide Details

Buying Property in Paphos

Where to buy property in Paphos

The southwestern part of Cyprus has a heritage dating back into ancient history – the goddess Aphrodite was reputedly born in the warm, blue waters around modern-day Paphos. It is, however, a relative newcomer to tourism and the overseas property market, only gaining popularity when its international airport opened in 1983. Consequently, property development in Paphos has been subject to strict guidelines and the resulting mix of modern properties in some unspoilt settings means property prices in the region are among the highest on the island

The town of Paphos has an appealing mixture of old charm and modern amenities. The harbour of Kato Paphos is the main holidaymaker’s area, with diverse international bars and restaurants, designer shops and high-quality accommodation. Ktim Paphos is the old town on the hill. For those looking for a more rural setting, there are a number of coastal and inland suburbs and villages located within just a few kilometres of Paphos that offer tranquil living but are still only minutes from the urban conveniences offered in the main town.

Further afield, Coral Bay lacks the antiquities and cultural attractions of its neighbour but it provides excellent modern facilities, a great beach and is a watersports fanatic’s haven. It’s a family-friendly resort, already popular with British property buyers. It’s also a great base for exploring some of the stunning and little-used coves further up the coast. Polis is a resort around 37 kilometres from Paphos itself and is a historic town now growing in popularity with holidaymakers, while retaining a tranquil and unspoilt air. It boasts some beautiful traditional properties as well as a Blue Flag beach.

The surrounding area is little known to visitors, its inland olive groves, vineyards and mountains providing a beautiful setting for the town itself, while small, undeveloped fishing villages dot the coastline. Paphos boasts three main golf developments at present, including the award-winning Aphrodite Hills project, one of the most exclusive addresses on the island.

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The Process of Buying Property in Paphos

When a property in Paphos has been chosen, a property 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 property buyer must make a written application to the Council of Ministers in Cyprus for approval to transfer ownership of the property into the property 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 Paphos while waiting for the approval to come through. Property 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 Paphos
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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