A villa in Cyprus on the seaside is an elite and expensive housing. Most often it has 2 or 3 floors. A villa on the seashore in Cyprus can be with or without a large adjacent territory. There are options for old mansions that are in need of cosmetic repairs. They are sold at a fairly reasonable price. There are also many real estate offers at a high cost. These are comfortable villas with a beautiful landscaping of the local area and a swimming pool.
Buying a villa in Cyprus by the sea: the specifics of the real estate market
The prices for buying and renting real estate in 2022 continue to rise. According to experts, this is not yet the limit. The cost of a villa in Cyprus by the sea will increase at an accelerated pace. This is primarily due to an increase in the influx of immigrants, the availability of mortgages, as well as buying interest.
The high demand for real estate is associated with the transition to online transactions, as well as the intensive development of large cities with retail and office buildings. In this article, we will talk more specifically about this type of property as a villa.
Buying a Villa in Cyprus by the Sea: Real Estate Acquisition Costs
When buying a villa by the sea in Cyprus, a potential buyer must take into account a number of additional costs that must be kept in mind:
- Stamp duty. This is a government tax. It is levied on any document that relates to assets or property. It must be paid no later than 30 days after signing the contract of sale.
- Transfer fee. When re-registration of ownership, the future owner of the property must pay the amount of the fee.This point should be taken into account if a villa is purchased in Cyprus by the sea in the secondary market. When buying real estate in the primary market, the buyer is exempt from paying tax. Please note that the amount of tax can be reduced if you register the property for two or more persons.
- VAT. This type of tax should be taken into account by future owners of new buildings. The amount of tax is 19% of the value of the property.
- Mortgage. If you decide to buy a house by the sea in Cyprus with a mortgage, then keep in mind that for attracting a mortgage loan, you still need to allocate 1.5-3% of the property value.
Prices for villas in Cyprus by the sea
Buying a villa in Cyprus by the sea is the acquisition of original and comfortable real estate. This property is most often located in the area of popular resorts with developed infrastructure.
A potential buyer, regardless of whether he is a resident of the country or not, can own any type of real estate: a villa in Cyprus by the sea, a house, an apartment or an apartment. But, speaking specifically about the villa, this property is a great option not only for personal living, but also for investment. During the tourist season, renting a villa in Cyprus by the sea is in great demand and averages 5-9 thousand euros per month.
It should be noted that the closer the property to the sea, the more expensive it is. Please note that the most expensive villas in Cyprus by the sea are located in Limassol, and the cheaper ones are in Paphos.
For example, in Limassol you can buy a villa of 300 sq.m. with a swimming pool, covered parking and a garden for €1,250,000. The villa is located within walking distance from the sea.Shops and restaurants are nearby.
In Paphos, in the Kissonerga area, a villa with a sea view will cost the future owner € 330,000. The total area of the object is 130 sq.m.
The cost of a villa in Larnaca near the sea is €445,000. It is part of a unique complex of three villas. Shops, cafes and restaurants are within walking distance.
Also, when buying real estate, you should pay attention to the type of development. Some developers build single villas. Others prefer complexes of 4-20 villas with a common fenced area. And in some cases, you can find real gated complexes, which, in addition to private villas, include their own closed infrastructure with various amenities only for the owners of this housing – spas, fitness rooms, playgrounds, etc.