With the pandemic and all the reduced travel, you might be wondering why you’d want to search for a property for sale in Paphos? Of course, you could be currently living in Cyprus already. Nevertheless, about 50% of buyers are foreign investors who are looking for a change in lifestyle. Furthermore, with lower prices and the proximity of the Mediterranean sea with a picturesque landscape, this could be the perfect time to find all those hot deals.
Which Type of Property for Sale in Paphos?
One of the first things to consider is what property type you might be interested in. It’s perfectly ok if you don’t know of course because you can also use your search of properties to give you an idea of what’s available. The key options are as listed below:
- Apartment Building
- Townhouse
- Villa
- Semi-detached
- Commercial Unit
Apartment Building
These are now back in favour of the most likely property type to be in demand as we emerge from the covid crisis. You can expect to see prices at less than 100k euros. Although, the price will depend on the number of bedrooms and bathrooms available. These are available across Paphos District from Kato Paphos to the surrounding villages such as Tremithousa and Kissonerga.
Townhouse
Naturally, this property type is a larger investment. Having said that, you’ll soon find some deals. For example, there’s currently a 1 bedroom townhouse in Kato Paphos going for just less than 80k euros. This will quickly go up to several 100 thousands though as you start increasing the number of bedrooms and bathrooms that you want.
Semi-detached
This property type is similar to a townhouse with prices at around 100k euros. Again, this depends on the number of bedrooms and bathrooms. Nevertheless, if you’re looking for reduced prices then you can find some interesting deals on various websites. These include, for example, Purple International Real Estate, Holprop.com and Cyprus101.com to name but a few.
Commercial Unit
If you’re an entrepreneur looking for hot deals then the commercial sector could be a good place to start. This obviously depends on what kind of business you’re in. However, it’s worth looking at retail if that’s something you do. Not only have several shopping centres been recently built but also the government is reviewing how to boost this sector to support tourism.
What to Expect When Searching for Property for Sale In Paphos
- Property developers
- Lawyers
- The buying process
- Paying
Property developers
When looking for a property developer, you should interview at least 2 or 3 to get a sense of their style and approach. Make sure you also ask for their license details to avoid being scammed. Then again, real estate in Cyprus is fully regulated and had a major turnaround in the last few decades. It’s therefore unlikely you’ll find scams but you should still check track record and references.
Lawyers
Even if you have a great property developer who knows their way around the law, it’s still a good idea to get an independent lawyer. You’ll sleep better at night knowing that you’re covered. Also, it’s reassuring to know that any contracts that are drawn up are unbiased without favouring your agent. Then again, some property developers have independent legal teams who can also support you.
The buying process
As you might expect, there are a few processes when it comes to buying properties in Paphos, Cyprus. These include reserving your property to doing background checks on things like title deeds. You’ll also have to make sure that you transfer your money to a local bank account because you won’t be allowed to pay for your property from abroad. Finally, once you’ve bought your dream house, make sure you review your will and the local inheritance laws. There are some automatic assumptions in Europe that you might not wish to follow.
Paying
Naturally, buying a property involves paying taxes and fees. You’ll need to make sure that you can cover the Land Registry fees, stamp duty, bank charges, taxes and any fees for support services such as legal, surveying as well as property management. It’s worth noting that all these details should be clearly laid out in the agreement you sign with your agent, as well as their commission rates.
Final Thoughts on Hot Properties for Sale in Paphos
It’s a good time to search for property for sale in Paphos as we emerge from the covid crisis. Prices are low and expected to start going up again although this could take a year or so. In addition, the government will be supporting the economy which remains a safe and well-structured place to live and to do business. In fact, you can’t go too wrong with Paphos, Cyprus. You’ll have the added benefit of being able to enjoy a Mediterranean lifestyle.
