Even in this world of uncertainty, there are opportunities and good things that can happen. One of these could be relocating to somewhere like Paphos in Cyprus, for example. Perhaps you’re foreign and you’re looking for a warmer and more laidback climate? Alternatively, you could be viewing a property for sale in Paphos to escape the more chaotic, larger city of Limassol. Either way, don’t give up dreaming and visit this site to give you an idea of what kind of property type could be yours one day.
What Everyone Should Know About Property for Sale in Paphos
Entering the real estate market can be a daunting experience. Nevertheless, with prices currently lower than normal, it’s a good time to invest before they go back up again by 2022. Also, you can do so much remotely these days such that it’s easy to find your dream property for sale in Paphos. Nevertheless, here are some key points you should be aware of:
- Check your title deeds
- Appoint a certified property developer
- The Citizenship by Investment Programme (CIP) has been stopped
- Wide range of property types across Paphos District
- Update your will
- Limassol is only a commute away
Many people don’t realize that there were many problems with property owners in the past. You should therefore know that it’s very easy to go to the Land Registry Office and check the title deeds for any property.
The law in Cyprus refers to ‘trapped buyers’. This means that it’s impossible to transfer the title deeds because of existing mortgages, developer debts, or other financial issues. There are legal ways to solve this problem but you’ll need to appoint a property lawyer to help you. Of course, this takes time so it’s worth bearing in mind if you’re on a time limit.
Certified Property Developers
The Cyprus Real Estate Agents Association (CREAA) governs all property agents and ensures that processes are ethical. To give you an idea, in 2012, Cyprus cracked down on illegal real estate agents and stopped their operations. Therefore, to make sure that you’re as protected as you can be, you should check your agent’s certification with the CREAA. The more people follow this rule we also play our part in keeping the industry safe.
Residency by Investment Only
It’s important to note that the Citizenship by Investment Programme (CIP) was stopped in November 2020. Nevertheless, the residency by investment process is still in place and expected to continue. Whilst this doesn’t give you a European passport, it still has its advantages. For instance, you won’t have to renew your visa papers every year to stay in Paphos Cyprus. You’ll also get access to public healthcare which is very good.
To apply for the fast-track residency process, there are a few options. Although, the investment amount is around 250 to 300 thousand euros. Again though, a property lawyer can advise on the most current and up-to-date process.
Different Property Types across Paphos District
Interestingly, apartment buildings are in greater demand simply because they are more convenient and often at lower prices. Having said that, the high-end luxury ones can still be up to a million euros with up to 4 or even 6 bedrooms and several bathrooms.
People often forget how much choice there really is in Paphos District. You, therefore, don’t need to limit your search for properties for sale to Kato Paphos town center. There are some stunning properties across the surrounding villages such as Kissonerga, Talla, Chloraka, Tremithousa, and Universal, as well as Peyia with its Coral Bay and Sea Caves. Furthermore, you can easily drive into the Aphrodite Hills where you’ll find slightly more secluded stunning properties. You’re bound to find something you like, regardless of whether you want to live in a villa, bungalow, or detached house.
European law is different when it comes to your final will. Most people don’t realize that there is a process that dictates where your assets go after you die. It’s therefore important to review your will and check if you want to change any assumptions about your assets in Paphos Cyprus.
Whilst about half of the property sales go to foreigners, of course, there are also domestic buyers. This could be helpful information if you’re considering searching properties for sale so that you can then let them out for some rental income. For example, people often work in Limassol and commute from Paphos which is a smaller town. It’s all relative of course with Limassol’s population at around 100,000 and Paphos with about 36,000 people. Then again, it’s amazing how quickly you get used to slower and calmer island life. A city like Limassol will soon look far too chaotic.
What’s Next for Searching Property for Sale in Paphos?
Hopefully, you’re now ready to launch into your search for properties for sale in Paphos Cyprus. Your main next step is to interview a few certified property developers and research the area you want to focus on. Then, your decisions about property type will follow naturally as you’re guided through the process by your agent. You can now enjoy the ride.