What type of Cypriot property is available

Part of the appeal of buying a property in Cyprus is that the houses are totally different in style, and considerably more affordable, than what you would be looking for in the UK. Many foreign buyers dream of a sun-drenched villa when they envision a new life abroad. And, the good news is that you will find them everywhere in Cyprus. Generally, a Cypriot villa will come with a swimming pool, terraces, and gardens and tends to be located on the outskirts of the city or within smaller developments.

Price-wise, a three-bedroom pool villa in an exclusive gated development in Pervolia will cost around € 550,000. A similarly sized villa in Peyia will be closer to € 250,000.

Townhomes are a great alternative to villas and offer good living space with less land to worry about. The outdoor space generally incorporates a decent terrace and rooftop. For a 2 bedroom townhouse with a communal pool close to amenities, expect to pay around € 120,000. Single-story bungalows are a popular choice among ex-pats who are retiring. A detached three-bedroom bungalow in Pissouri with a private pool has an average price of € 200,000.

In the more rural center of Cyprus, you are more likely to find stone houses and farms. Those that need a renewal will cost between 15,000 and 70,000 euros. But for a habitable home that has been renovated or needs minimal renovation, expect to pay between € 60,000 and € 180,000.

Most of the developments will offer apartments of different sizes, specially designed for the vacation market. With common facilities like swimming pools and gardens and shared maintenance costs, they are extremely popular with the British. The downsides are mainly "other people", crowded during the holiday seasons, and the proximity to neighbors, but on the other hand, they offer a community ready to go.

Apartment prices will vary by location, but as a guide, a brand new two-bedroom apartment in Coral Bay with sea and mountain views can be found for just € 65,000. However, the same apartment in a popular Paphos resort will be closer to € 310,000.

Resort property in a leisure complex, such as golf, is another thing to consider. But you don't have to play sports to enjoy the stunning views and great facilities associated with these high-end developments. And they also represent good investment potential. A two-bedroom "junior" villa in a prime position in a resort-like Aphrodite Hills will cost around € 550,000.

What other costs are involved?

Charges for buying a home vary in Cyprus, depending on whether you are buying a new or resale property. As a general rule of thumb, you should allow up to 10% of the purchase price. These charges are broken down as follows:

• VAT Tax: For newly built properties, it is paid at the standard rate of 19%. It is usually included in the price of the property.
• Stamp duty: between 0.15% and 0.20%
• Bank charges: This includes the mortgage appraisal fee that you will pay even if the loan is not approved.

• Property Registration Fee: A transfer fee is paid at the time the deeds are transferred. It is charged on a sliding scale of 3% to 8% of the purchase price, depending on the value of the property. 
• Legal fees: These will vary based on the value of the property, but a good attorney is worth paying more for.

Follow these steps and you would be soon getting affordable property in Cyprus and enjoying your new life in Cyprus.