Cyprus, an island in the eastern Mediterranean, has rich, turbulent history stretching back to antiquity. Known for its beaches, it has a rugged interior with wine-growing regions. It’s separated into a Greek south and Turkish north, with the capital Nicosia also divided.
Coastal Paphos is famed for its archaeological sites relating to the cult of Aphrodite, including ruins of palaces, tombs and mosaic-adorned villas.
Cyprus has a subtopical climate – Mediterranean and semi- arid type (in the north-eastern part of the island), with very mild winters (on the coast) and warm to hot summers.
Snow is possible only in the Troodos Mountains in the central part of island. Rain occurs mainly in winter, with summer being generally dry.
Under Cyprus Law, Cypriots or persons of Cypriot origin as well as E.U citizens who have their permanent residence in Cyprus are allowed to acquire any property without any restrictions.
The residential status is ascertained by the District offices and is obtained when a person resides in Cyprus for a total period of 185 days per year or more.
All non E.U citizens are only given permission to acquire one of the following:
One apartment, or
One house, or
A building plot or land up to 4,014 square meters
(the equivalent of three donums).
Interest from overseas property purchasers has traditionally been divided between Pathos on the western end of the south coast, Limassol on the central south coast, and Larnaca on the eastern outpost of the south coast. In more recent years, the relative outposts of Polis in the far west and Ayia Napa in the island's far east have drawn widely differing crowds to their shores.
Polis and the surrounding area, owing to their rural location, appeal to the more environmentally-minded individual, while Asia Napa has earned itself a reputation for the rowdy behaviour of a small number of largely British summertime party-goers. Naturally, the truth lies somewhere between the reported extremes. Out of season, Ayia Napa, for example, is a quiet fishing village.
Paphos - Paphos is arguably the most popular town in Cyprus with British buyers of second homes. Thanks to the prevailing westerly winds, it tends to get the best and worst of the island's weather, but fortunately conditions are hot and pleasant for nine months of the year. Centred around a harbour with a pedestrianised area, Paphos is popular with families and a more retiring crowd than other parts of the island. Access is quick and easy at all times, as there is an international airport only 20 minutes' drive from the town centre.
Paphos is an archaeological treasure trove, being home to several tombs of ancient kings and a number of important mosaics from Ancient Greek times. Contemporary life revolves around a bustling restaurant and beach scene, particularly in the popular Coral Bay area, 10 minutes' drive from the town centre.
Apartments in the area cost from £120,000, while a villa overlooking the sea could set you back £500,000 or more. Prices are on an upward curve, and have been so for several years. Plans for a new marina development opposite Coral Bay look set to see them rise higher yet.
Limassol - Cyprus's largest city, though not its capital (Nicosia is the official and administrative heartbeat), Limassol is the pulse of the island and the measure by which all others are judged. Cyprus is at its most urban in Limassol. The most fashionable shops, restaurants and bars are located there, especially in the old town area that lies behind a section of the several-mile-long drive and promenade that runs from downtown eastwards, hugging the shoreline.
Limassol is also home to Cyprus's largest docks, a working area located to the west of the city centre. Nearby, plans to build a new marina to entice wealthy yacht owners to moor locally are afoot, as part of a government initiative to position Cyprus as a more upmarket destination. Similar thinking is behind plans to develop several golf courses dotted around the island, including one on Limassol's outskirts.
Naturally, property for sale will be a feature of the new golf course developments - modelled on the hugely successful and prestigious Aphrodite Hills Golf and Spa resort, located between Limassol and Paphos. This hilltop development is the island's property benchmark.
Larnaca - Cyprus's third town and the location of its main scheduled airline airport, Larnaca, on the southeast coast, is a waterfront town that has its supporters. It is somewhat slower in pace than Limassol, and less seasonally affected than Paphos, and proportionately fewer Britons live in this area than in the west of the island - probably because most people fly into Larnaca and drive straight out to the resort at which they are staying.
The nearby beaches are amongst the island's best. Because the east coast is sheltered, the sea is calmer than elsewhere and picture-postcard blue, with golden sand beaches, particularly around Paralimni and up towards Famagusta. Truly an area of great contrasts, the region is home to a national park, Cape Greco, as well as Ayia Napa.
Second homeowners in the area tend to be Cypriot - obviously keeping a secret to themselves. Property prices are a little higher than on the west coast, primarily because there is less land and new build development taking place here than elsewhere on the island.
The process of buying a property in Cyprus is similar to that in the UK, with a few differences of which to be mindful. Therefore it is imperative that, as you would in the UK when buying a property, you engage the services of a reputable, independent solicitor.
Permission to buy a property must be obtained from the Council of Ministers by written application. This permission is granted more or less as a matter of course for British citizens. Should you be buying a new property from a developer, they will generally apply for permission on your behalf if requested.
On finding a property you wish to purchase, it is usual to pay a deposit (of up to around £2,500) to reserve it. A contract is then drawn up. On signing it, the buyer pays a further deposit of 10 per cent of the agreed price, or 20-30 per cent in the case of a new build home.
Transfer of ownership should be accomplished by your legal representative on your behalf. In order for new properties to be legally allowed for habitation, an independent inspection must be carried out by the authorities, upon which a Final Completion Certificate is issued. Only when this is in place can the title deeds for the property be issued, and it is strongly recommended that you insist on holding the title deeds for the property yourself.
infomation from wikihow.com
Several fees and taxes are payable when buying property in Cyprus. These generally amount to between 6 and 7 per cent of the purchase price and include:
Long-term rent conditions
After choosing your property – signing a one year or more contract is the next step. Each contract may differ according to owner’s and property’s specification.
Upon signing – a deposit shall be paid and stays until the expiration of the contract, refundable if the tenant has completed all the terms and conditions during the tenancy period and has lived until the expiration of the contract. The amount of deposit-can vary from one to three monthly rent amounts.
At some cases, several monthly rent amounts can be required to be prepaid in advance depending on the discount and property type. Standard terms are that the monthly rent payable is to prepay each upcoming month.
An agent’s commission is usually paid by the vendor (although he will obviously ‘include’ this in the asking price).
The commission charged is normally at least 3 per cent of the selling price (plus VAT at 15 per cent) but the usual fee is 5 per cent (plus VAT).