World of Property World of Property

Holiday Homes

Case study: Aphrodite Hills Cyprus

David and Susan Bowden recently bought a property in the Cypriot resort of Aphrodite Hills

Case study: Aphrodite Hills Cyprus

They had been disappointed by a previous purchase in Majorca because it had lacked that essential 'community feel', so they were looking for a place where the family would all feel at home. "What made us buy at Aphrodite Hills was the fact that it was an integrated development," they explain. "We were not only buying a villa, but something with different facilities where our children could grow up in a safe and secure environment.

In Cyprus, and particularly in Aphrodite Hills, children can be more independent and enjoy the various facilities." The Bowdens are now the proud owners of a three bedroom
single-storey villa, which features a large central area, covered veranda, entry piazza and views over the Mediterranean. For those who wish to follow in their footsteps, similar properties are still available at the resort.

David and Susan try to spend as much time in their Cypriot property as possible. They have enjoyed a number of holidays out there, and are often joined by their friends and family. "The whole family visits frequently and during all seasons. We were here last Christmas, and had a great time. We bring our family and friends as well as our children's friends very often and spend many holidays here."

The Bowden family have found that there is plenty to do for everybody in Cyprus. The resort in which their property is located has a number of restaurants and bars, as well as organised activities, and they regularly go out for meals. "We usually eat in the village square, and find the atmosphere very relaxing – informal, with very reasonable prices. We also really enjoy the breakfast at the IC Hotel. We have tried the sushi and the new restaurant, The Asian Corner, and found it delicious!"

Their two sons, Harry and Edward, have also enjoyed spending time in Cyprus. Both have taken full advantages of the activities on offer, and are now particularly keen on horse riding. They also play mini golf, and spend time at the Aphrodite Hills' Kids Club. David and Susan are clearly very happy with their Cypriot property. They enjoy the weather, the community, and most of all the beautiful surroundings, which they describe as "very peaceful, and very wonderful!"

A five point guide to buying property in Cyprus
Due to the bureaucratic land registry, it is inadvisable to buy directly from a seller in Cyprus. Developers and agents will charge a commission of approximately 5 per cent.
Obtaining a mortgage is relatively easy, and most Cypriot banks will lend you between 60 and 80 per cent of the value of the property.
British property buyers will have to pay a Transfer Tax of up to 8 per cent, as well as stamp duty. Residents of Cyprus will also have to pay a Property Tax.
If you decide to rent out your property, you can expect a return of around 8 per cent gross.
When selling your property, expect to pay capital gains tax. The first CYP10,000 of a gain is exempt.

Article published 1 April 2008