Real estate can be a great investment although you need to factor in the running costs of owning a property. You should also do some research to get a sense of the best locations. No one has a crystal ball though so it’s important that you also invest in a property that you can picture yourself living in. Either way, the real estate process takes a certain amount of planning. Whilst there are similarities in processes across the world, here are some starting tips for searching for property for sale in Paphos Cyprus.
The Process for Searching for Property for Sale in Paphos
- Research
- Property Developers
- Paperwork
- Costs
Research
The first step is obviously to do some research so that you have at least some idea of what’s available. Clearly, you don’t need to have completely finalized your criteria but having a general goal can be useful.
There are many real estate websites that specialize in Paphos Cyprus and the surrounding villages. If you’re fortunate enough to already be in Cyprus then you can drive around to get a feel for the place. You’ll also be able to spot which properties are advertised for sale. Alternatively, you can read through the numerous travel blogs on Cyprus. These give you details about what it’s like to live there and how Paphos compares to the other cities of Limassol, Larnaca, and Nicosia.
Property Developers
Once you have a general sense of the area you want to focus on then you can start thinking about who to work with. When appointing a property developer, make sure you interview at least 2 or 3 in order to gauge their style and approach. It’s also important that you ask for their license and registration details. Whilst scams are now less common, it’s still worth playing it safe.
Paperwork
No real estate project goes without paperwork. Of course, your agent will guide you when searching for properties for sale. Nevertheless, sometimes it’s handy to have an overview of how things work. For instance, you’ll first need permission from the Council of Ministers and then a reservation document once you’ve found your ideal house.
At this stage, it can be useful to also appoint a lawyer, especially if your agent doesn’t have an in-house legal team. A lawyer can then draw up the contract of sale for you. They’ll also do all the background checks such as confirming the title deeds. Finally, you’ll need to register with the Land Registry Office. Overall though, the process takes about 2 to 3 months.
Costs
Taxes and fees are a key component of any real estate project. All the details should be included in the agreement you sign with your property developer. Although, you should expect to pay around 0.2% stamp duty, VAT, 3 to 8% transfer tax, and Land Registry fees. On top of that, you’ll have your legal and agent fees and commission to pay.
Key Decisions when Searching for Property for Sale in Paphos
Overall, your fees and taxes are calculated according to what property type you buy. So you might want to consider the following questions before you launch into your project:
- Where do you want to be located?
- What kind of property type do you want?
- Do you want the residency fast track approach?
Location
Paphos Cyprus is a popular choice because it’s more relaxed than the bigger towns such as Limassol. Nevertheless, Paphos District is quite large with many options including being in Kato Paphos town center or in the surrounding villages.
For example, you might prefer being located away from town in the picturesque villages of Chloraka, Tremithouse, Kissonerga, or even in the Aphrodite Hills. On the other hand, if you’ve always dreamt of the sea then you might want to focus on Coral Bay and the village, Peyia.
Property Type
Depending on your goals, you might want to move your family to your new house. Therefore, how many bedrooms and bathrooms do you need? Also, how close do you want to be to restaurants and shops? That will then help determine whether you should view townhouses, villas, or bungalow properties. Having said that, demand is now rising for apartment buildings and you can find some luxurious ones dotted around Paphos Cyprus.
Investment Budget
It goes without saying that you’ll need to know your budget. Nevertheless, it’s worth knowing that a 300k euro investment into real estate can fast-track you for the residency process. This will give you free access to Europe as well as being able to stay in Cyprus for life.
Final Thoughts on Searching for Property for Sale in Paphos
Looking for properties for sale can be fun and exciting. Of course, you can’t forget the paperwork that goes with it. However, if you have a great property developer then you’ll be supported throughout the process. Make sure you interview a few to find the one that works for you. You’ll then be able to be in your perfect house within only a few months. Now there’s an opportunity for that life change you’ve been dreaming of.