No one wants nasty surprises, especially not when investing in real estate. You’re basically dealing with large sums of money so it’s worth planning ahead as much as possible to avoid taking on too much risk. Having said that, searching for property for sale in Paphos should also be a fun project. After all, if you’re looking to buy property on a beautiful island on the Mediterranean Sea. There’s a chance that this is either for a second home or a lifestyle change. Regardless, you’ll want to work with a reputable property developer, such as this one, who can guide you and support you throughout the process.
5 Things I’d Wish I’d Known Before Searching for Property for Sale in Paphos
Making mistakes is part of life although it’s clearly useful to learn from them. Then again it’s even better if we can help each other with our lessons learned, in this case, as detailed below:
1- Residency application
The great news about investing in Cyprus property is that this gets you on the fast track for the residency application process. If you’re a foreigner coming into Cyprus then you’ll definitely appreciate not having to renew your visa papers every year. Instead, invest 300,000 euros into real estate property and you’ll be a permanent resident within about 2 months. Of course though, part of the application process means proving that you have an annual income of at least 30,000 euros per year.
2- Appoint a property lawyer
Some people try to get away with not hiring a lawyer. This is because they assume that their real estate agent can do everything for them. Naturally, any good agent will be familiar with the legal process. Regardless, it’s not the same as working with an actual lawyer. Also, there have been known issues around, for example, title deeds and ownership of properties in the past. Overall, Cyrpus is a good country to operate in that has clear laws and regulations. However, if you’re foreign then there are still some nuances that only a lawyer can truly advise you on.
3- Seasonal crowds in Paphos town center
This might sound obvious but it’s easy to forget the seasons if you happen to be searching for property for sale in Paphos during the quiet time. It’s worth bearing in mind that Kato Paphos town center has large differences in buzz and energy levels depending on the seasons. Don’t let that put you off though. This is because of course there are plenty of quieter areas, for example, in the Aphrodite Hills. In fact, that whole area holds stunning luxury properties that are secluded all year round.
4- You’ll need a car
You’ll appreciate hiring or owning a car once you’re on the ground. There is actually a very good bus service and you’ll easily find taxis for hire. Nevertheless, the best way to explore an area and get to know it before you invest is by driving around. Also, Paphos District includes many villages that are worth checking out because each one has a slightly different style. All have their particular charm whether you’re in Chloraka, Talla, Kissonerga, or the popular Universal. You’ll also be able to find breath-taking views in Peyia that overlooks Coral Bay and the Sea Caves. There really is something for everyone and you’ll be able to find your ideal property type in any of these areas. Whether this means deciding on your perfect floor apartment or ideal detached house with just the right bedroom style depends entirely on you and your needs.
5- Amend your will
European inheritance law works differently in a lot of countries. Many people don’t realize that they can, and should, update their will after they’ve bought a property in Paphos Cyprus. Essentially, the law follows an automatic process when it comes to deciding who your assets get passed onto. Many people might be happy with this but just in case, it’s worth reviewing the details with a lawyer.
6- It’s not just about the lifestyle
Most people focus on the laidback lifestyle that Paphos Cyprus offers, along with its stunning views and water sports. Don’t forget though that many entrepreneurs also move there. This is because of the reliable infrastructure and key services that work well, such as legal, consulting, and banking. This can be useful for some extra revenue. Then again, this could be the opportunity to explore becoming an investor yourself.
Final Thoughts on Searching for Property for Sale in Paphos
A little bit of research and planning goes a long way when investing in properties in Paphos or anywhere in the world. Luckily, you can easily find reputable property developers across Cyprus who can guide you and support you. Then, along with the points mentioned above, you can’t go too wrong and you’ll be in your dream home before you know it.