Cyprus, nicknamed “Jewel of the Mediterranean” attracts investors of all nationalities interested in purchasing an affordably priced new build home in exceptionally beautiful surroundings.
Close to the city centre in cosmopolitan Limassol are smart apartments. Limassol Marina, a breathtaking waterfront development, with elegant residences and a variety of leisure activities, gives new meaning to the phrase ‘living on the sea’.
Culturally rich Paphos boasts several newly constructed properties. Choose from villas offering spectacular sea views, apartments with communal pools and two bedroom maisonettes. The beachfront plots amidst banana plantations in prestigious Sea Caves are also worth checking out.
Those looking to invest in Nicosia, The capital of Cyprus are spoilt for choice. Situated on a bluff above the sea is a fabulous newly built complex, selling luxury residences with private gardens.
New homes in Cyprus, can also be purchased in the quaint ‘wine villages’, like Omodos, which has parcels of land just the right size for a charming village house. On the outskirts of Lania, one of the prettiest villages in Cyprus, is an impressive new site offering eight and ten bedroom customizable mansions.
For the ultimate in luxury living, visit Aphrodite Hills resort, close to a championship standard golf course, you will find some of the most beautiful new build homes in Cyprus.
Cyprus property prices
Purchasing one of the gorgeous new homes in Cyprus can cost anything between three hundred thousand euros and three million euros depending on its location.
Costs of buying new build homes in Cyprus
Costs incurred when you buy a new build in Cyprus include:
- Stamp duty charges calculated on the value of the sale price.
- Property transfer fees, paid upon completion.
- Solicitor’s fees.
- Estate agent’s fees.
Process of buying a new build home in Cyprus
Once you have settled on a new build, make a formal offer of purchase (reservation contract) and pay a non-refundable deposit of 1% of the sale price.
Following the developer’s acceptance of your offer and your Cypriot solicitor’s satisfactory investigation of the property’s title, buying permissions etc, sign the sale contract drawn up by the solicitor and pay a 20% or 30% deposit.
Note: If you are a non-Cypriot, ensure your sale contract has relevant clauses which won't impede your property transactions, as the process of receiving your purchase permit could take time.
Your next set of payments are stamp duty fees and the balance of the sale price, or final instalment (if you have been paying at different stages of the construction) payable when your solicitor registers the signed sale contract at the district land registry office.
After the Title Deeds are drawn up, pay the land registration transfer fees to complete the transfer of title making you the legal owner.
For any assistance you may require in purchasing or selling your dream new build in Cyprus, contact Winkworth International.
Winkworth International markets select Cyprus new builds near the airport and in secure housing communities and we would be delighted to share our portfolio, arrange a property visit, introduce you to solicitors and tax accountants and provide you with any other assistance needed when investing in new developments in Cyprus.
This information is for guidance purposes only and is subject to change. Winkworth recommend that prospective buyers or sellers of foreign property obtain professional legal advice.