Cyprus is a beautiful island in the Mediterranean Sea, known for its rich history, culture, and natural beauty. But Cyprus is also an excellent destination for investors who want to take advantage of its booming real estate market, especially in Paphos. Paphos is located on the southwest coast of Cyprus and offers a variety of properties for sale, from luxury villas and apartments to cozy townhouses and bungalows.
Property in Paphos is precious for busy people who travel frequently, as it provides them with a comfortable and convenient base to explore the island and a profitable asset that can generate income from rentals or resale. In this article, we will examine the benefits of investing in Paphos real estate, the best areas and types of properties to buy, and the legal and financial aspects of the process.
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Why Paphos is a Great Choice for Investors
Paphos is one of Cyprus’s most popular tourist destinations, attracting millions of visitors every year. But Paphos is not only a place for holidays; it is also a place for business and investment. Buying real estate in Paphos for investment has many advantages, such as:
High Demand and Rental Income
Paphos has a solid rental market, especially in the areas near the sea, the city center, and the golf courses. Many tourists and expats prefer to rent properties in Paphos rather than staying in hotels or resorts. It means that investors can enjoy a steady and lucrative income from their properties and capital appreciation over time.
Diverse and Affordable Options
Paphos offers many properties, from luxury villas and apartments to cozy townhouses and bungalows. The prices of properties in Paphos are also relatively lower than in other parts of Cyprus, such as Limassol or Nicosia. Investors can find properties that suit their budget and preferences and benefit from the high quality of life and amenities that Paphos provides.
Golden Visa and Citizenship by Investment Programs
Cyprus is one of the few countries in the European Union that offers residency and citizenship to foreign investors who buy real estate there. The Golden Visa program offers permanent residency to investors who purchase property valued at a minimum of €300,000, while the Citizenship by Investment program grants citizenship to investors who invest in property worth at least €2 million. These programs allow investors to enjoy the benefits of living and working in Cyprus and traveling visa-free to more than 170 countries in the world.
Strategic Location and Accessibility
Paphos is located on the southwest coast of Cyprus and has an international airport that connects it to many destinations in Europe, Asia, and Africa. Paphos is also near the Akamas Peninsula, a natural reserve offering stunning scenery and wildlife. Paphos is an ideal base for investors who want to explore the island and the neighboring countries of Greece, Turkey, Egypt, and Israel.
Steps to Follow for Buying a Property in Paphos
- Find a reputable and experienced real estate agent to help you find the best property for your needs and budget. You can use online platforms to search for properties and agents in Paphos.
You can also use Cyprus-real.estate, a website that offers real estate services in Cyprus and allows buyers and sellers to list and search for properties in different regions of Cyprus, such as Nicosia, Larnaca, Limassol, Paphos, and Famagusta. It also provides information and advice on the legal and financial aspects of buying and selling property in Cyprus.
- Arrange a viewing trip to inspect the property or the location if you buy an off-plan property. Your agent will arrange a viewing tour and present you with properties that meet your requirements. This is also a chance for you to familiarize yourself with the surrounding area and the amenities available in Paphos.
- Once you have found a property you are interested in, you can make an offer to the seller through your agent. Your agent will then negotiate on your behalf to secure the most favorable price and terms. You may also need to pay a reservation fee to secure the property and take it off the market for a certain period.
- Consider retaining the services of a lawyer in Cyprus to act on your behalf and provide support with the legal, technical, and financial aspects involved in purchasing property in the country. Your lawyer will do all the necessary searches and checks to ensure the property is free of encumbrances, debts, or legal issues. Your lawyer will also prepare and exchange the contracts of sale with the seller’s lawyer and register them with the relevant District Lands Office within two months of signing.
- When signing the contracts, pay the stamp duty and the lawyer’s fees, which are usually around 1% of the purchase price. You will also need to pay the first stage payment, around 40% of the purchase price, depending on whether you are buying a resale or an off-plan property.
- Apply for a permit from the Council of Ministers, which is required for non-EU citizens to buy property in Cyprus. It is a formality that usually takes a few weeks to obtain. If you buy a plot of land or a field, you do not need this permit.
- Pay the remaining stage payments, according to the construction progress or the delivery date, if you are buying an off-plan property. If you buy a resale property, you will pay the final payment when the property is ready to be transferred to your name.
- You need to register the property in your name after it gets its title deed. The title deed depends on the project’s completion and the Lands Office’s subdivision. The transfer fees are based on the purchase price and how many names are on the property. You have to pay these fees when you register the property. You can use a currency specialist to transfer the funds to Cyprus and get the best exchange rates and fees.
Congratulations, you are now the proud owner of a property in Paphos, one of the most prestigious resorts in Cyprus! Enjoy your investment and the benefits that come with it!
