Cyprus Property Dreams
You do not part with a single penny for using our service
tophotmovie.com

Property for sale in Cyprus

The RIGHT time to buy a Cyprus Property

The RIGHT time to buy a Cyprus Property

The new Law

As of 14 July 2016, the Lands and Surveys Department (Fees and Rights) (as amended) (No 2) Law, the reduction of transfer fees of immovable property is now permanent. Buyers can obtain title deeds for their properties in Cyprus and pay:
• no transfer fees; or
• reduced transfer fees; and
• zero capital gains tax for properties purchased up to 31/12/2016

The new Law is applicable

a) when a contract of sale to purchase a property was deposited at the relevant District Land Registry Office on or before 31st December 2014;

b) even if buyers who failed to deposit their contract of sale can obtain a court order in order to deposit it at the relevant District Office;

c) where a title deed for the property has already been issued and the purchaser has fully paid the purchase price and has duly conformed with every other obligation under the contract of sale then the Land Registry Office shall transfer the title deed of the property in the name of such a purchaser albeit the existence of any mortgage or charge due to the seller;

d) where a title deed has not been issued yet, and the purchaser has duly paid the purchase price and conformed with all of his obligations under the sale of contract, then he can proceed to the transfer of the title deeds of his property in his name along with the filing of another application for the update of the title deeds that will make the issuing of separate transfer deeds even faster. This is so, irrespective of the existence any mortgage or other charge on the property.

Transfer Fees

• no transfer fees impose if VAT is paid on the purchase price of the property till 31 December 2016;

• 50% reduction in the payment of transfer fees apply for new purchases until 31 December 2016;

• additional 10% reduction, over and above of the reduction of the 50%, if the purchaser pays the transfer fees within 60 days and before 31st December 2016; and

• a payment scheme of 12 monthly instalments available.

The transfer fees are calculated on the basis, of the market value of the property as at the date of the transfer and are payable at the time of the transfer.

The rates are:
Property value

Example: a property is valued at €200.000, the transfer fees are:
• first €85.430 = €2.563
• next €85.429 = €4.271
• next €29.140 = €2.331
Total: €9.165 less 50% exemption: €4.582

Capital Gains Tax
The sale of immovable property situated in Cyprus till 31 December 2016 will incur 0% capital gains tax.
Blog

  Let us assist you to buy your dream home in Cyprus contact us today click here

The RIGHT time to buy a Cyprus Property

Cyprus Property Prices at lowest levelsCyprus Property Rises 2016

Cyprus Property Rises 2016 sales in Cyprus seem to be showing signs of recovery, after March saw a significant increase, up 19% in sales compared to March 2015.

According to the island’s Land Registry data, which looked at the total number of property sale contracts submitted to the Registry, the sale contracts reached 539 in March this year, compared to 452 in March 2015.

Meanwhile, the first quarter of 2016 recorded 1367 of sale contracts compared to 1098 in the corresponding quarter of 2015, recording an increase of 24%.

Significant growth in Cyprus Property Rises 2016 was also recorded in sales from foreign buyers with an almost four-fold increase in sales by foreign buyers at 157 sales this March compared to just 41 in March last year.

In Nicosia, March sale contracts recorded a small decrease of 1% reaching 82, compared to 83 in March 2015.

In Limassol, sales increased in March by an impressive 23% to 197 compared to 160 in March last year.

Larnaca also recorded a 23% rise – with 121 sales compared to 98 in March 2015.

Meanwhile, Famagusta recorded an impressive 94% spike in sales recorded in March compared to last year, although the number of sales compared to other towns was significantly less – at 33 sales in March compared to 17 in 2015 of the same month.

There was also some respite for Cyprus Property Rises 2016 in Paphos with a 13% rise, with 106 sales recorded compared to 94 in 2015.

 

Courtesy The Cyprus Weekly

Reasons buy Cyprus property

Logo

 Over the years, Cyprus has become an appealing tourist and holiday resort in terms of the international market.

Foreign visitors are on the rise, comprising primarily of Europeans, with the British market dominating (accounting for approximately 40% of tourists), trailed nowadays by the Russian market at 20%, with other European markets in pursuit.

As the Mediterranean’s third largest island, it is particularly attractive for vacationing families, though there are hot-spots for younger and unattached tourists as well — limited to certain towns and localities. And, being a former British colony, Cyprus has adopted many of the UK’s customs, as well as legal and other procedures.

The island thus offers numerous advantages & Reasons buy Cyprus property when compared to its real estate competitors, chief of which are as follows:

• The overwhelming majority of the population speaks English as well as Greek, though given the increasing numbers of arrivals from other countries, around 15% of the population also speak additional languages, such as German and Russian
• Motorists drive on the left (a concern for un-accustomed drivers)
• The legal system is akin to the UK’s
• The island is the EU’s second safest country and eighth most secure in the world. Serious crime is limited, even though it seems thefts might be on the rise • As an EU member, public health, domestic worker assistance for the elderly and other EU benefits and obligations apply in Cyprus
• The island claims six of the Mediterranean’s top blue flag beaches and is likely to add to this number as part of ongoing infrastructure upgrades
• Two top-quality marinas are already operating in Limassol, with another under construction in Ayia Napa, expected to be completed in 2018. A fourth is planned for Paphos and a fifth for Protaras. Small fishing harbours are also placed all along the coast
• There are two international airports (Larnaca and Paphos) offering ease of access to all cities via a highway network. Travel time is 30-45 minutes from airport to urban centres
• In addition to an array of sports facilities, the island boasts five international golf courses, plus various sporting clubs of all kinds
• Cyprus enjoys 300 days of sunshine a year and, depending on weather conditions, snow over the Troodos range, with facilities for skiers
• There are several schools and universities where tuition takes place in a major European language in all towns
• For those seeking a business destination, Cyprus offers the lowest tax rate in the EU, and holds double taxation agreements with key commercial partners, including the UK, Russia and Egypt. Perks such as special tax incentives for foreign managers of offshore companies are an additional attraction.
• Distances are comparatively short, with travel between coast and mountains taking about an hour. The island also offers an attractive countryside that combines history with natural beauty.
• Citizens of non-EU states can secure a permanent residency visa by acquiring a home worth over €300,000. Non-EU residents can also acquire a Cypriot passport with an investment of €5 million and a €500,000 house purchase. Such visas and passports also cover family members, whereas in the case of group investments (i.e. a number of buyers getting together or operating through a developer), the investment amount is reduced to €2.5 million per person. This scheme compares favourably with similar schemes in other European countries, and offers a one- to two-month response period from application date. Meanwhile, after a six-year recession, local real estate is showing signs of recovery with prices rising, so it is a suitable time to invest for personal use/buy-to-let/capital gains. It’s important to note that, under the prevailing incentives, the ownership transfer fee (stamp duty) is charged at 50% of the normal rate if transfer takes place in 2016 although we anticipate this may be extended.
Additionally, no capital gains tax is incurred for real estate acquired (if not necessarily transferred) within 2016, and sold at any time in the future.

Prices are dependent on a property’s location, quality, proximity to the beach, size and plot extent. As a frame of reference, the following are price guides for primarily new properties (prices for re-sales would be lower): Villas with pool – 100m2, two-bedroom villa with a pool: €150,000-€250,000 – 125m2, three-bedroom villa with a pool: €250,000-€400,000 Apartments with facilities – 90m2, two-bedroom flat: €180,000 – 110m2, three-bedroom flat: €220,000 Offices – Newer, high-tech at €3,000 a month (rental at €15 per m2.) Older at €2,000 a month (rental at €10 per m2) The above prices do not reflect those of properties in Nicosia, where prices are between 10%-15% lower than elsewhere. Luxury/beach accommodation Beach villas: €5,000-€10,000 per m2 Beach apartments – €3,000-€4,000 per m2 Less popular/non-beach tourist areas are estimated at 25%-35% less

Finally Reasons buy Cyprus property the growing number of airlines connecting to Cyprus, together with the government’s new open skies policy are also boosting the island’s popularity. Meanwhile, deflation has brought down the island’s cost of living index, to rank it 12th in the EU. So, for those on the hunt, it’s definitely worth paying a visit to a variety of local properties, to get a first-hand look at what the island’s real estate market can offer.

 Courtesy Cyprus Weekly
We offer you free and factual advice from personal experiences,
we have property bargains and the latest news about the island
and its developing future with new marina's and other infrastructure projects creating high demand for property. Sign up now for Cypruspropertydreams.com Newsletter
Add Your Email here For
The FREE Buyers Guide
* = required field

powered by MailChimp!
Buyers Guide Everything you need to know about buying property in Cyprus. Click the button to get your free copy.
Request a Callback Prefer to discuss your requirements? Click the button, add your details to the form and we will call you. We are very friendly people and there is zero obligation!
Subscribe to our Newsletter To receive regular property updates by email click the button and add your email address in the form.
Property Search
Location
Category
From (€)
To (€)
Bedrooms
Ref

Add this

Share |
RSS Feed

Currency Convertor

About us

Our Unique Service

 

First, each member of our team originates from the UK so there are no communication barriers.

Second, each of us has bought property in Cyprus and understands the the processes from first-hand experience. This has enabled us to help many other people buy property in Cyprus with confidence.

Testimonial

Testimonials


Joanne Shiel wrote
Living-Cyprus.com have given the highest level of assistance to me in my search for a property in Cyprus. From the beginning all my questions were answered promptly, the information given was relevant to my enquiries and...

» Read More