The change, which last for six months only, allows those who pay VAT when buying a property to avoid transfer tax, saving up to 8% on its value. Those who do not pay VAT on their property will save 50% on the transfer fee.
Traditionally Cypriot law requires a buyer to pay a property transfer fee at completion but, in a bid to stimulate growth in the island’s property market, the fees have been waived until June 2012.
Jonathan Salsbury, UK sales manager for Cybarco, a leading luxury developer in Cyprus, said it means a golden window of opportunity for buyers.
‘This six month elimination of transfer fees significantly reduces the cost of buying your dream home in Cyprus, making now the ideal time to buy. It can save the buyer of a luxury villa at our latest Akamas Bay Villas development, for example, anywhere between €64,000 and €317,000,’ he explained.
Akamas Bay Villas are on the north west coast of the island. The development comprises of 40 highly individually designed three and four bedroom villas, each with a stylish pool set in its own secluded landscaped garden.
They have been designed with privacy in mind and several of the villas have already been sold to buyers from around the world, all of whom have been looking for a stylish, discreet retreat where they can relax and unwind.
There are also exclusive services including an on-call concierge for arranging golf days and private parties to provision of household staff and chauffeurs, collecting deliveries and keeping the landscape gardening in pristine condition. Sailing, water sports, golf, fishing, and riding are just some of the leisure pursuits to be enjoyed in the area which is 25 miles from the new Paphos International airport.
