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Our team are available at any time for questions you may have but for ease some of the most commonly asked questions are below:
Answer: In addition to the purchase price of the property you will also pay the following:
Detailed costs will be calculated individually.
Answer: Typical rental returns can be expected between 5-7% per annum gross.
Answer: It depends on which area you buy, and whether a villa or an apartment. The taxes are also determined by the size of the property so below you will find a rough guide. Electricity bills are payable bi-monthly and according to usage with a standing charge of 2.50 euro per period.
Water bills are payable quarterly with a standing charge of 21 euro per quarter.
If you are buying an apartment communal fees to cover the costs of maintaining lifts, pools, gardens and cleaning of communal areas will also be required and will vary complex to complex.
Property taxes Villa:
Council (refuse) tax between 155 euro and 350 euro per annum depending on the area.
Sewage tax (only in Paralimni and Ayia Napa) approximately 200 euro per annum.
Municipal property tax approximately 50 euro per annum.
Property taxes Apartment:
Council (refuse) tax between 115 euro and 200 euro per annum depending on the area.
Sewage tax (only in Paralimni and Ayia Napa) approximately 100 euro per annum.
Municipal property tax approximately 30 euro per annum.
VAT is only payable on brand new properties and on land. If it is your first purchase of a property in Cyprus and it will not be used for commercial purposes then a special VAT rate of 5% is awarded. If it is a second property or will be rented then VAT is payable at 19% on the purchase price.
All re-sale properties are NOT subject to VAT.
A typical timescale is 2- 3 months although it can be faster if you are a cash purchaser. Once a verbal offer is accepted a reservation agreement is signed by both parties and a holding deposit paid of between 2-5,000 euro depending on the value of the property.
A lawyer is usually retained to undertake searches and, upon receipt of satisfactory due diligence, contracts are drafted and approved by all parties. Once signed and stamp duty is paid a tax clearance certificate is obtained to confirm that there are no outstanding amounts on the property. Finally completion will take place with all parties or their representatives at the land registry where the contracts are deposited/title deeds transferred and the purchase price is paid.
Answer: No, it is not necessary, you can appoint an independent lawyer (or any other person you choose) to act as your power of attorney to appear for you to sign contracts on your behalf at the land registry. The power of attorney will be limited and specific and each step must be approved by you.
You should bring your passport, a recent utility bill and proof of available funds.
Answer: Yes, it is possible, but not on all properties. A minimum deposit of 30% of the purchase price is advisable and proof of income, credit checks etc are undertaken. It takes about 2-3 months for a mortgage to be approved.
You must pay for a valuation which costs around 300 euro and administration fees and mortgage registration tax will be equivalent to about 1.5% of the mortgage amount in total.
In the Famagusta region in particular there is still a severe backlog of properties without Title Deeds issued, these are slowly being released and the situation is improving all the time. Your agent will advise you which properties will achieve a title deed in the short term and those that will take longer.
There is no charge for clients purchasing property in Cyprus.
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