Prior to the commencement of construction of your own home, at least the plot should be, or nearly be paid. This will certainly give you an advantage with the financing of the building cost for the house and it is a prerequisite for all financiers. For the transfer of ownership of the plot a Governmental transfer fee of 7%-8% (on average) is required on the market value (not necessarily what you paid for) of the plot.

To register a mortgage, a fee will be paid to the Land Registry Office of about 1% on the Mortgage amount. Normally the mortgage amount is the actual loan %2B 20% on top. You will have to pay the stamp duties and other Bank expenses, which could take the form of once and for all Bank charge (say, on average CYP1000). If you borrow from a bank there is an additional charge of approximately 1.5%-2.0% p.a. on top of the legal base rate of 4.5%. There are now many alternative housing schemes including Life Insurance finance, Co-Op financing etc which extend for 25-40 years and own contribution approximately 20% (usually through term life insurance).

It is imperative to use a qualified Architectural Office which will have the responsibility for the work done. You should not compromise on this, since the Architect is the most important person in the whole process of building your house. Yes, go to different offices and do discuss fee levels and then make your decision, but always use a qualified architect. Rates are normally around 5% on the total cost of the building and includes the design and supervision. Some architects go up to around 6%-8%.

You will also need to employ a Civil Engineer to carry out the structural design. This cost, with supervision is approximately 1% on the cost of the building.

The cost of the building referred to, includes all items, but not the fees paid to the Authorities and decorative items. So please clear the matter with the Architect, Engineer, etc., what is included is the total building cost.

The Town Planning Department charges for the issue of the licence will cost you around £300 and for the building licence an added amount of £150-£200.

If you wish to engage a Quantity Surveyor for the building, a fee of 1% of the total building cost is required. The cost for a mechanical engineer (for large buildings) is approximately 3%-5% on the cost of the Electrical and Mechanical Budget. Although the use of the above is optional, it is recommended for large and complicated buildings.

Below you will find a guide of the building costs:

Normal quality house

* CYP500 per sq. meter for the covered area
* CYP150 per sq. meter for the uncovered veranda
* CYP250 per sq. meter for the basement

Good quality house

* CYP550-CYP650 per sq. meter for covered area (depending on quality/facilities)
* CYP180 per sq. meter for uncovered area

Plus the cost of a garage (£3000), water borehole (£1500), fencing and garden (£3500-£4500) for normal plots sizes.

Extra costs have to be paid for connection to the Water Board, Electricity, Telephone and Land registry Office (demarcation, issue of title etc) estimated at about £1000 in total.

-Total cost/sq.m. for a (250 sq.m.) house
-House 250 sq.m. @ £550/sq.m. £138.500
-Fees and Licences £9.000
-Interest on Loan (say) £6.000
-Other Authorities £1.500
-Garden etc. £3.000
-Sundry other expenses £4.000
-Total cost £162.000 or (£745/sq.m.)
-on top add 15% V.A.T.

The purchase of equipment and installation cost of central heating is an addition and costs approximately £20/sq.m. and for the airconditioning system, an additional amount of approximately £40/sq.m.

A large number of people act as their own contractors for the building and subcontract all the various jobs and supplies of the work. Where the owner is able and with sufficient knowledge and has the time to carry out the supply and coordinating function, there could be a possible saving of 8-10% on total cost. Going further, if “weekend housing” is put into effect (whereby all the family and friends offer themselves as labourers, skilled and unskilled) then the cost can be reduced by 12%-15%. Obviously, in both cases there is the strong danger that the quality will suffer and the time of completion extended.

In recent years, with the introduction of VAT and the increase in labour costs, we have experienced an increase of 7-10% per year, in building cost, a level which is higher than inflation. This has made the building of a house that much more difficult. A house can take approximately 18 months to be completed.

A last item that can cost between 5%-8% in addition, is the right of the Contractor to ask for increase in labour costs and materials prices during the period of construction. Therefore a certain amount for unforeseen costs should be included in the final costing.

Unfortunately in Cyprus we have not reached any stage of prefabrication, whereby sections of the house, windows, doors, kitchens, etc., are prefabricated so that there is a reduction in costs. Also the shortage of skilled labour has created a certain indifference to the quality produced and should always be watched.

The problems related to the building of a house and the related delays have caused the market to direct its interest towards ready houses (a circumstance which did not exist 7-9 years ago). We expect this trend to continue with a positive effect on the value of ready homes.

Cyprus has quite a low cost of living, which would translate to your income possibly being enough to buy yourself a place among the villas in Paphos, Cyprus. It’s one place where you can still feel that you’re in an untouched portion of Cyprus. You’ll still be able to cash in on the uptrend of the Cyprus real property trend, because while you can still find some of the cheaper properties in Europe here, more and more people are getting the same idea and the prices are increasing by the year! What would it be like to have a home in paradise? For one, you won’t be stuck with a cookie-cutter home built by the thousands in the suburban areas of most bigger metropolises.

These are beautiful homes that are made predominantly of stone with accents of wood, designed to make the most of the tropical season while giving comfort to the occupants. It is suggested that any features in the home be based on this type of architecture. While perfect for contemporary life, these touches would give the owners the ability to do so much more with their homes. For example, window shutters were employed in order to keep the harsh sun and strong winds out but these are also a means of passive temperature control throughout the home.

The spacious balconies and open terraces which are popular to many Cypriot homes normally serve as an outdoor room for the house. While commonly used by the extended families, it would be a perfect place for anyone to have small outdoor gatherings or even a big cocktail party! What a way to make full use of your home. And with the perfect weather cooperating, you’ll be sure to make your garden the star of your get-together. Why not spend your retirement in Cyprus?

Most of the homes in Cyprus overlook the sea, yet are within walking distance of town. The town in Cyprus are small and appear crowded to the outside observer, however this is because the roads and walkways have not been changed much from when they were originally built during

Grecian times. The style of most of the homes has a Tuscan feel since most of the homes are built of materials which withstand the environmental conditions of the country.

The language used most in Cyprus is English and because of the extended British influence in the country the banking system is structured on that framework. You therefore will not have to get an interpreter to understand the loan documents that your bank presents you. In addition, the taxes and levies are clearly explained both by the bank and the broker prior to your commitment to purchase property for sale in Cyprus.

While the economy has drastically affected sales of property in other countries in the world, Cyprus has enjoyed a fairly steady growth of property sales over the last ten years. They experienced a small decline which has created a good opportunity for investors who are looking at property for sale in Cyprus, however it is still the ideal destination and residential haven for older citizens from all over the world. The relaxed atmosphere, friendly people, and consistently beautiful weather make this an ideal home to individuals who may have spent a lifetime in a country that did not offer year-round sunshine.

When viewing property for sale in Cyprus it is most important to find the home that will best meet your needs. The homes in Cyprus are built with a sense of tradition and therefore many offer the same floor plans and layout that one would see in an ancient home. Most of the homes being sold at this time contain all of the amenities that one would expect and are designed so that when windows are opened the sea breeze flows through the home easily

Cyprus real estate is an investment buyers should not miss. Having Cyprus real estate gives you the chance to see and enjoy archaeological and historic treasures brought about by Venetians, Romans and Greeks when they came about to the place. Cyprus real estate also invites you to have fun activities such as hiking in Troodos Mountain or in Akamas Peninsula. If you love the waters, Cyprus is the obvious choice for you. Diving, snorkeling, boating and windsurfing are just some of the things you can do in the waters of Cyprus.

Investors go for Cyprus real estate and analysts predict that the trend will rise for the next years. You may wonder why. Here is an example- If an investor bought a property from Cyprus five years ago for two hundred euro, the amount of the property now will be around four thousand euro. Is it not a wise investment?

The good news is that banks in Cyprus can make loans available to buyers and investors provided the conditions are all fulfilled. The needed capital for acquiring property such as Cyprus real estate is now made easier. Think of the people who are getting tired of the monotony in their lives. The vacation that they need is one of the ways for you to earn money. Cyprus real estate can be in the form of rented properties. The properties that you can get in Cyprus serve as an opportunity that buyers should not miss.

Cyprus now is among the frequently visited place of the people all over the world. It means that there is a large scale investment for the place and it is stable in economy. The prices for properties and Cyprus real estate are realistic aside from the fact that the islands in the place are very popular. Property in Cyprus entitles owner of C£ 10,000 each year during the initial 5 years of investment. Another good thing about properties in Cyprus is there is a tax break. There is also a double taxation agreement with UK and with other countries too. Investors can also avail of tax rebate for properties which are purchased for a certain period. Information about taxation system and mortgages are available for all buyers who wish to have investments in the country of Cyprus.

The warm climate, countryside, beautiful beaches, sedate lifestyle and great tax benefits make Cyprus an ideal choice for investment. There is no doubt that there is a promise of huge returns on investment on the purchased Cyprus real estate. The government of Cyprus has given the signal that the property market will not be endangered by whole scale taxes and even legislation. The support of the government is for the benefit of the region and it also jives with their plan in promoting infrastructure and tourism for the coming years.