Contact Details:
Cypriot Real Estate
PO Box 64207
8073
Paphos
Cyprus
Tel: 00357 2622 2110
Fax: 00357 2691 2026
Mobile: 00357 9977 1532
Email: info@cypriotrealestate.com
'Kalosorisate'
- (Welcome)!
If you are thinking of buying or renting a holiday or retirement home in Cyprus,
then you have come to the right place!
At Cypriot Real Estate, we try to do all the hard work for you!
We are there for you to give you advice and guidance - right from the early
stages to when you move in! *We only develop our own land - we are not
estate agents*
If you want to view the properties or settings before buying, we can organise
all of your travel arrangements, show you the sites and even book your hotel!
Why buy property in Cyprus?
The Cyprus property market is one of the fastest growing in Europe.
Its well known tax benefits, high standards of living and imminent move into
the EU will only serve to make Cyprus one of the most attractive choices to
build a holiday or retirement home.
Cyprus has great air links to all destinations within Europe, the UK
and the region, making it easy to travel back home to see loved ones whenever
you want to.
Buying property in Cyprus is excellent value for money when compared
to other countries. The cost of living is low, the standard of living
is high and there are 340 days of sunshine a year thrown into the bargain!
Cyprus is a truly 'multi-cultural'
society, with many Britons already enjoying the benefits of the kind of life
that only Cyprus can offer - a real 'home from home'.
The property you buy through us will be of the highest possible standards
in terms of construction, fittings and appearance.
Beautiful views, a fascinating mythological history and friendly
locals. People return to Cyprus again and again and again - there is
so much to see and do!
Geography & Population: Cyprus is the third largest island in the Mediterranean having an area of sq.kms and a population of 700,000. The capital is Nicosia (inland) and other towns (seaside) are Limassol, Larnaca, Paphos and Paralimni (Famagusta and Kyrenia towns are under Turkish occupation).
Arriving: The island has two airports and two ports. Daily connections to both airports by scheduled and chartered flights. Flight times from London 4.30 hours, Dublin 5.00 hours, Amsterdam 4.00 hours, Berlin 4.00 hours, Moscow 4.30 hours, Brussels 4.00 hours.
Standard & Cost of Living: High living standard reaching that of 70% of the E. U. average (per capita income around US$15,000). Official language is Greek, but English is widely spoken. There are numerous foreign and local language schools, including Universities and collages.
Telecommunications: All electronic forms of communication available in Cyprus is considered as being the third most advanced country in the world. Telephone charges are the lowest in Europe
Recreation & Nightlife: Numerous sports clubs and events, local and foreign languages. Three golf courses of international standard, plus another two golf clubs, yachting clubs, marinas, five English speaking T. V. channels, numerous radio stations, three English newspapers etc. Eating out for two persons with a bottle of wine in tavernas costs approximately £15.00 and for the European cuisine restaurants £30.00.
Climate: Mediterranean climate - Dry periods from June - October. Rainy days 30/year on average.
Legal System: Based on the British legal system.
Car Driving: On the left hand side of the road. £20.00 - £25.00 per day for a family car, including insurance. All towns and airports are connected with 4-lane motorways. Other roads of good quality.
Bringing Pets: No quarantine is required (subject to certain typical formalities) if country of importation is clean of diseases.
Crime: Extremely low, reaching approximately 6% of that in the UK, 8% of that in Germany and 30% of that in Spain and Ireland.
Health Care: Numerous private clinics and hospitals. Health insurance starting from £300.00 p.a. available. Doctors visit approximately £10.00 to £20.00.
Buying Property: One of the most popular for holiday and retirement home destination in Mediterranean. Property prices have been increasing at a rate of 10% p.a. over the last 5 years, a trend, which is expected to continue. Governmental approval is needed for foreigners wishing to buy property, which is given as a routine if the following are met:
Capital Gains: Subject to numerous exemptions and indexation, a 20% charge is levied on profit. A £50,000 tax free allowance is made for own house and £10,000 for other property.
Importation of Goods & Cars: Households and cars can be imported with no import duty.
Annual income of £12,000 for a couple.
No criminal record.
Building plot not to exceed 4,000 sq/m.
Letting allowed for periods over 28 days.
Unlimited office space for international Business
Units (offshore).
For E. U. members, these limitations will be lifted by the year 2009.
Property Rights of Non-Cypriots and other useful information
In order to obtain a permit for permanent residence in Cyprus, a non-Cypriot should apply to the Migration Department in Nicosia.
All properties are freehold, with the exception of Coral Bay Estate in Paphos, which is leasehold for 99 years.
A non-Cypriot may acquire property in Cyprus only with authorization of the Council of Ministers. Such authorization is, however, given as matter of course to bona-fide purchasers and permission is usually granted within 1 year.
Non-Cypriots are allowed to buy one flat or one building plot or one house on a piece of land not exceeding two donums. One donum is 14,400 square feet or 1,332.50 square meters.
Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a Title Deed after completion and delivery. This can be done either by the buyer personally or by a Power of Attorney to any third party. Transfer fees from 1 to 50,000 3%, from 50,000 to 100,000 5%, from 100,000 8%.
Local rates are up to CY£40 per annum, garbage collection up to CY£30 and the cost of water and electricity do not exceed CY£150 per annum. The installation of solar heaters is compulsory.