Spotlight on houses for sale in Paphos, Coral Bay
Paphos is one of the popular cities for investors, tourists, and locals in Cyprus. One of its major attractions is the long stretch of beach along the island and its significant proximity to the sea. Coral Bay Beach is a beautiful and highly popular beach for anyone visiting Cyprus and seeking relaxation by the sea.
It’s very easy to reach Coral Bay from Paphos, either by convenient public transportation (buses) or by taxi or private car (about a 15-minute drive). Many also choose to bike and enjoy the beautiful scenery.
The high demand created around Coral Bay has led to the development of a variety of services, water sports activities, taverns, lively bars, and other entertainment venues in the area, including real estate.
Click Here For More Information
Houses for sale in Paphos – Properties around Coral Bay
Real estate opportunities in the Coral Bay beach area in Cyprus are diverse and include a wide range of property types:
- Villas and houses: This area is known for its luxury villas and houses overlooking the stunning coastline adorned with cliffs and coves. Houses come in modern or traditional styles, many boasting private swimming pools and spacious yards with various entertaining areas, suitable for a seaside lifestyle.
- Apartments: Coral Bay offers numerous apartment complexes and shared houses. Apartments provide diverse investment options, ranging from studio apartments or small two-bedroom units to fully equipped luxury apartments for short-term stays.
- Land: Opportunities still exist to purchase plots for future development and construction.
Many property buyers in Coral Bay choose to rent out their homes to tourists and vacationers (short-term rentals), making it an ideal area for those looking for a lucrative investment with high demand.
Real estate taxation for foreign investors in Cyprus
Cyprus is considered investor-friendly in terms of taxation, maximizing returns on property through purchase, sale, and rental:
- Purchase tax: Recently, there has been a reduction of around 50% on the graded purchase tax. Currently, the purchase tax for an average property range from 3-4%.
- VAT: VAT on the purchase of new property or land for construction is divided into two types – 5% for personal use and 19% for investment.
- Capital gains tax: When selling a property, the seller pays 20% on the profit made during the sale, calculated as the difference between the purchase and selling prices.
- Rental income tax: Rental income up to €19,500 per year (approximately €1,625 per month) is tax-free. For any income above this threshold, property owners are subject to a 20% tax on the amount exceeding €19,500 per year per person holding the property.
When exploring real estate opportunities in Cyprus (as in any foreign country), it is crucial to work with a recommended local real estate agent who can provide up-to-date information on available properties, market trends, legal requirements, and ways to minimize various transaction costs.
If you are considering purchasing a home in Coral Bay or any Paphos area, “Keynote Assets,” a real estate company founded by Israelis living in Cyprus, can provide the expertise needed to secure the best possible deal.
They specialize in real estate in the Paphos area and its surroundings, having assisted dozens of Israeli investors in realizing their dream of owning property in Cyprus.
For further information on their projects, services, and real estate investments, visit their website or contact them through WhatsApp at +357-99-982500 or via email at info@keynote-assets.com
