Buying Paphos Property
The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full and inexpensive lifestyle. Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish, and Cyprus’ modern supermarkets are fully stocked with a large range of local and imported goods. The local population is Greek speaking. Cyprus was once a British colony resulting in over 80% of the population speaking English. Street signs, direction signs, and shop signs are written in English. Knowledge of German, French, Russian is increasing with the Island tourist trade.
Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. There are, of course, cases where the purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.
If you are purchasing a property on a new development, it will have been set by the developers/management company. Regardless of agent’s commissions, you should still pay the same price whoever you purchase through whether you go direct or through a third party. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent’s fees agreed before the property is marketed.
Non-Cypriot citizens requires permission from the Council of Ministers to purchase property in Cyprus. If this has not been yet obtained then the purchaser should now apply to the council for the permission. This normally takes between 8 and 14 months to be granted, and without this the Title Deeds of the property cannot be made available to the purchaser. The final contract is only entered into when the searches have proved satisfactory.
The annual immovable property tax imposed by the government is approximately CY60-120 per year. The municipal authorities also levy an annual property tax of CY20-30 per year and other authorities may also require CY20-40 sewage tax. Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property.They cover an owner’s share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs. The estimated total is in the region of CY150 to CY300 per year.
