When the choice is wide...
The choice of real estate in Cyprus is extremely wide. Construction and real estate companies are ready to offer options that will meet the expectations of the buyer as accurately as possible. These are traditional seaside apartments and villas, houses in golf resorts, rural, urban and even mountain offers.
The secondary market in Cyprus is not very active right now, but new buildings in popular coastal towns or their surroundings, which are at the design stage, are still in high demand. Both long-established areas of Cyprus and relative newcomers to the real estate market are in demand.
Among the well-known destinations, we note the city of Limassol, which is now especially popular with property buyers. It is often called the unofficial capital of Cyprus, it has a cosmopolitan atmosphere and a good location. Firstly, it is located between the airports of Larnaca and Paphos, and thanks to the well-established road connections, you can reach any of them in just over an hour. Secondly, it is easy to reach both the Troodos Mountains covered with evergreen forests and the capital of Cyprus, Nicosia.
The list of promising destinations is headed by the resort town of Ayia Napa. Thanks to pristine beaches and a well-developed network of nightclubs, it has long been a favorite vacation spot for young people. But recently, the image of the city has changed somewhat, and it is increasingly being chosen by family real estate buyers. Ayia Napa is also very attractive for tourists due to its proximity to Larnaca Airport.
How is this done
European buyers of real estate in Cyprus tend to make purchases using a mortgage loan. The Russians have not yet fully tasted all the delights of third-party financing. Usually in Cyprus, you can apply for a loan in the amount of up to 70% or 80% of the value of the property for a period of 15 to 25 years, depending on the currency of the loan.
In the Cyprus primary market, most of the objects are sold at the design stage. In order for the buyer to be sure that the construction will be completed successfully and on time, the developer must provide the buyer with bank guarantees of financing. After choosing a suitable purchase option, the buyer pays a deposit in the amount of 1800 to 5200 euros, after which the object is withdrawn from sale. Subsequently, the deposit amount is deducted from the purchase price. The initial payment in the amount of 20-30% is made within 30 days from the date of signing the purchase agreement. Then, buyers are offered a flexible payment scheme for the purchase in installments until the end of construction, with the last payment being made after completion of work.
For those who purchase housing in Cyprus on the secondary market, it is important to take into account a subtle legal point. The previous owner of the property may not have a certificate of registration of the Title Deed. The fact is that, according to Cypriot laws, a Title Deed can be obtained within 33 years after purchase – and not everyone is in a hurry to register their ownership, as this is associated with additional costs. The absence of a Title Deed, in principle, is not an obstacle to making a deal, but it is impossible to get a mortgage loan for the purchase of such housing. In addition, it is recommended to conclude a contract in such a way that the seller will receive a certain part of the cost only after the documents are fully processed and the buyer receives the Title Deed.
For all tastes
It is easier to buy housing in new buildings than in the secondary market, besides, the buyer has a much wider choice. For example, the development company Cybarco is building a residential complex Hesperides Mansions, located in the heart of Limassol, where apartments with one, two and three bedrooms are for sale. This complex has a very good location: it is just a few minutes walk from the sea and at the same time it is close to the city center. Its other advantage is the availability of an underground parking space, which is already included in the price of the apartment. Note that the complex does not have a developed infrastructure, for example, it does not have a communal swimming pool, so housing in Hesperides Mansions will be a bargain primarily for those who are going to rent it out to local residents.
For those who intend to purchase housing for their own use, another complex from Cybarco - Amathusa Coastal Heights, located in the vicinity of Limassol, in close proximity to the beach, is more suitable. The complex consists of three-bedroom villas, townhouses in a traditional style and apartments with one, two and three bedrooms. The cost of townhouses starts from 334,000 euros. In addition, it includes two communal pools.
The facilities offered by Cybarco differ from each other in their location and size, but they are all distinguished by high quality finishes. In particular, magnificent Italian kitchens with granite work surfaces are unlikely to leave customers indifferent. In addition, the opportunity to purchase a fully furnished house is very attractive for investors.
If you are looking for luxury real estate, you should be interested in the Sunrise Beach Villas and Aphrodite Hills resorts in the vicinity of Paphos. The Sunrise Beach Villas Resort, located in close proximity to the famous Coral Bay, offers three-bedroom villas with a private pool. Built as close to the shore as possible, they have stunning sea views. The minimum cost of the villa is 589,000 euros.
Aphrodite Hills Resort is located a little further from the sea, but has equally impressive views and is formed around the chic five-star Intercontinental Hotel. Villas, townhouses and apartments are for sale. Buyers will appreciate the high-class service and excellent leisure facilities - a premium golf course, spa, bars, restaurants and a tennis school. Two-bedroom apartments in the Adonis Village complex, which is part of the Aphrodite Hills resort, cost from 421,000 euros.
Reconstruction of antiquity
A good real estate agent will definitely draw the buyer's attention to the possibility of buying a plot of land for further development. This gives you the opportunity to fully realize your desires - choose a project, hire a contractor yourself and get your dream product as a result. However, being carried away by picturesque views and local flavor, buyers often do not pay due attention to exploring the possibilities of bringing engineering communications. The cost of the work may be high, in addition, the project must be coordinated with the local municipality.
Lovers of antiquity probably paid attention to the colorful old Cypriot houses built of stone. It should be noted that the purchase of such houses in Cyprus is not too common. This is due to the fact that their reconstruction with the preservation of the external and internal appearance is a rather specific and expensive process, and a complete restructuring may not be approved by the local authorities.
So, the British David and Linda Stokes, who decided to buy an old house in the village of Agios Tichonas, located near Limassol, fully felt the pros and cons of such a purchase. The cost of the house was 110,000 euros, which is generally inexpensive, but the couple had to spend about the same amount on its reconstruction. We can say that they were able to buy this house and equip it for the same amount that they would have spent on purchasing housing in a new building.
Before buying a house in need of renovation, you should study building codes and regulations, arrange with a design engineer to inspect the building and hire qualified workers to carry out repairs. It also makes sense to find out beforehand which facilities are covered by government grants to assist in carrying out repairs, as this may affect the choice.
In addition, old houses may have problems with ownership. In general, buyers of real estate in the secondary market of Cyprus should be careful when purchasing housing, if the ownership documents were received by the owners after 1974. Recall that it was then that the island was divided into southern, Greek, and northern, Turkish parts. Many Turkish Cypriots have left their homes in the southern part of the island and moved to the northern part - their former homes may be subject to restitution in the future – similar to houses and lands abandoned by Greek Cypriots in the northern part of the island.
An almost unique opportunity for an investor is the purchase of a new house built in the traditional Cypriot style typical of ancient buildings. Such houses are offered by Pafilia Traditional Homes, which is part of the Pafilia Group Corporation. According to the company's managing director GeorgeAccording to Cassis, the obligatory design elements of these houses include a traditional stone fireplace, internal stone arches and typical wooden beams for Cyprus. The demand for such offers is growing, especially considering that they are equipped in full compliance with modern requirements for high-quality housing. Such houses are being built in the vicinity of Paphos, prices start from 350,000 euros, and this amount includes the cost of both the land and the house.
Regardless of what type of property you are interested in - a new building, a villa on the secondary market or an old stone house - before making a transaction, you should consult with an independent lawyer, whose services cost an average of 1.5% of the value of the property. However, this money is not wasted - cooperation with a professional guarantees that the purchase will be made safely and the buyer's ownership will be indisputable.
