House hunting anywhere in the world involves a certain amount of project management. You need to think about legal paperwork, financing logistics, property research and how to find your ideal agent to work with. When it comes to searching for property for sale in Paphos, you might also want to do some extra research to get to know the area. Whilst Cyprus is a safe country to operate in with some good laws and rules in place, there are bound to be a few quirks.
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How to Search for Property for Sale in Paphos
Where do you even start your research? Here are a few tips to get you started:
- Property developers
Like everywhere, you can do a lot of your research online through various websites. One of the more famous sites is Zyprus.com but you can also search on specific property developer websites. This is more helpful if you have specific criteria in mind because each property developer offers a slightly different portfolio in terms of property type and price.
If you?re already in Cyprus, then there?s no better way to get a feel for the place than by driving around. Then, it?s very easy to simply walk into an agent?s offices as you walk past. Of course, this takes more time and effort but sometimes it?s a fun way to get your bearings and work out your preferences. As a bonus, you?ll get to know the area, including the difference between Ktima and Kato Paphos, and everything it has to offer from great food to beautiful landscapes.
Finding your perfect agent is a mix of data gathering and gut instinct. Obviously, you have to feel comfortable dealing with that person. Nevertheless, there are data points you can compare across agents. For example, what?s their speciality area and what kind of properties for sale do they have? Some even also offer legal and financial advice.
How to Choose a Property Developer when Searching for Property for Sale in Paphos
- License and track record
- Know your needs
- Partner with a Lawyer
License and Track Record
An important part of your hiring process should be to go through reviews and any references you can get. A great property developer will allow you to talk to past clients so that you can get a feel for how they approach things. Whatever you do though, don?t forget to ask for their license and registration details. There are still unfortunately some scams around so make sure you don?t fall prey to one of them
Of course, a property developer will guide you according to what?s available, especially when it comes to property type, or even floor apartment and location. Nevertheless, you most likely know how many bedrooms and bathrooms you need, for instance. Also, you might want to be near the sea, perhaps even the sea caves or Coral Bay, or then again, you might not have a preference. Either way, make sure you communicate everything to your agent, including where you?re not sure of something, and they?ll come up with a plan and options for you to find your perfect home.
It?s worth noting that however good your property developer is, you might still want to hire a lawyer. There have been issues in the past with title deeds, for example, and whilst a property developer has a good handle of the law, a lawyer can really go into the details. Depending on your risk appetite, you might appreciate the extra guidance, especially in a new country.
The Purchasing Process
- Deposit and reserve property
- Contract of Purchase
- Council of Ministers and VAT
- Certificate of Ownership
Deposit and reserve property
The first thing to do when you?ve found your property is to give your deposit to reserve it. This then launches the various processes including all the taxes, property checks and documents required.
Contract of Purchase
For those buying from abroad, this is the phase when you would go to Paphos to sign your contract of purchase. Clearly, a lawyer can help make sure everything is securely in place for things to run smoothly when you arrive. You would also want to make sure that you?ve transferred the purchase price to a local bank account at this point, according to the local regulations.
Council of Ministers and VAT
Once the certificate is signed then the application for ownership can be made to the Council of Ministers. This also sets off the process for the VAT invoice.
Certificate of Ownership
Finally, once everything has gone through then you?ll get your certificate of ownership. At this point, you can call yourself a proud owner of a property in Paphos, Cyprus.
Final Thoughts on Searching for Property for Sale in Paphos
When buying in Paphos, make sure you do as much research as you can beforehand. Having said that, don?t over-worry either because your property developer will be able to guide you. Moreover, don?t forget that you don?t have to say yes to anything straight away. So, take your time, be patient and use this opportunity to explore Pathos. Be curious and enjoy the ride.