The Stradlings searched Europe to find their family a dream home in the sun.
Meet The Buyers
Names: Mark and Kim Stradling
Ages: 40
Job: Mark is Vice-President of Sales for VW Ware
Bought: Aphrodite Hills, Paphos
Budget: CY£575,000 (£685,000)
Agent: Cybarco, www.cybarco.com, 020 8371 9700
Typical Fees
Deposit: 20%
Stamp duty: (Paid in Cyprus on registration of contract of sale) CY£1.50 per CY£1,000 (£1.76 per £1,174) on the purchase price up to the value of CY£100,000 (£117,416), and thereafter at CY£2 per every additional CY£1,000 (£2.35 per £1,174).
Transfer fees: (Payable three to five years after delivery when actual title deeds are issued) 3% on the first CY£50,000 (£58,716); 5% on CY£50,001 to 100,000 (£58,718 to £117,416); and 8% on CY£100,001 (£117,372) and over cumulatively.
Capital Gains Tax: 20% of the gain (profit). The first CY£10,000 (£11,743) is exempt if it is the first transaction/sale you are completing in Cyprus.
Annual property tax: Charged at 2 to 3.5% of the market value of the property. In the case of individuals, however, the first CY£100,000 (£117,416) of house value is tax exempt.
Agents’ fees: Usually 5% paid by the seller, but can be as much as 8%.
Legal fees: CY£800 to 1,200 (£939 to £1,409)
They say life begins at 40, and for Mark and Kim Stradling from Selborne, Hampshire, who both turned 40 last year, a whole new way of life has recently begun following their purchase of a five-bedroom villa at Aphrodite Hills, near Paphos. The couple, along with their two children, Mia and Sam, had long yearned for a holiday home that would match both their lifestyle requirements and be a sound investment for the future, but were beginning to despair of ever finding the ideal place, as Mark explains.
“We looked all over southern Europe: Spain, Portugal, Italy – even France – but largely we felt these places had been spoilt, were over-priced and, when looking at the houses themselves, we felt that they were not that good an investment,” he recalls. “We’d been to Cyprus before, on holiday, and really liked it. When we came across Aphrodite Hills we found that it offered everything we had been looking for in a holiday home: golf and spa facilities for myself and my wife, with tennis and golf academies for the children.”
A Long Expected Party
Developed in an elevated position along the side of a ravine that sweeps down to the Mediterranean Sea in which a rock sits where Aphrodite, the mythical goddess of love, is said to have been born, Aphrodite Hills is built around a central square that is home to boutiques and shops, a five-star intercontinental hotel, an 18-hole championship standard golf course, spa, tennis and golf academy. Unarguably, the island’s most upmarket residential resort, development on the site began in 2000 and is scheduled for completion by 2007.
The Stradling’s villa, sitting poised on the lip of the ravine with a breathtaking view of the sea from the rear patio and infinity swimming pool, was completed in March 2005 – one month earlier than expected – after an uncomplicated 18-month build programme, as Mark recalls: “Our house was delivered on schedule in time for my 40th birthday, in fact they finished it one month before and I was able to come out with my friends to celebrate, which was just perfect. In fact it could not have gone any smoother, and because of that I would consider buying another property out here.”
The family are quick to praise the developer, Cybarco, for making the process so straightforward, and for their assistance with the local planning authority when Mark and Kim decided that they wanted to change the floor plans to suit themselves. “Andreas Papamichael, for the company, was always very clear, and professional. He was upfront about everything, looked after us well, kept us informed through every stage and he followed through on every promise he made to us,” says Mark. “The main issue we faced was with the local planning authority,” recalls Mark, “and even then Cybarco fought hard on our behalf to get the plans passed as we wanted them.”
In fact, getting their own plans approved was the biggest obstacle the Stradlings had to face. To date they have experienced no unexpected surprises. “We have found the whole process surprisingly easy,” says Kim. “Everything has been very straightforward. If I had one piece of advice, I would say ‘take time to decide on the location, your exact requirements, and do not rush to buy anything. And choose a reputable company to buy from, who offer a good after-sale services’.”
Cybarco could not have been more helpful to the family, offering a range of services including an introduction to an interiors and landscaping company, as Kim recalls: “We were recommended a design company, called Agios, who did a great job furnishing the property on our behalf. Everything was bought in one weekend in January, which saved a lot of money as it was in the sales. We gave them a budget and they stuck to it. I’m sure if we’d tried to do it ourselves we’d still be at it – we felt very lucky to have the assistance! In the garden they did a wonderful job too, especially landscaping what was a very difficult corner plot. Andreas, of Agios, helped us to see what could be done with the plot when it seemed many people couldn’t see the potential. Now that it is finished I think it is one of the best on the whole site – it has an excellent view of the ravine and the ocean.”
In fact the Stradling’s villa overlooks Aphrodite Hills’ signature hole, number 7, which plays from one side of the ravine to the other. Held to be one of Europe’s most spectacular golf holes, it is one of the primary reasons why demand for property remains high at the resort. Cybarco, who is one of only two developers constructing at Aphrodite Hills, has sold 75% of the 200 villas, townhouses and apartments that it has been permitted to build. (A further 600 properties are, or have, been built on the 234-hectare sight by a Cybarco sister company, Lanitis Developments.)
“I have only three villa plots, from a total of 70, left for sale,” says sales manager Nicos Christoforou. “I wish I had more as they are such good value for money. Since the Stradlings bought three years ago their property has risen in value by 30 to 40%. It was valued in 2005 at CY£850,000 (£997,658) and they only paid CY£575,000 (£685,000) for it in total, including the pool, landscaping and furnishings.”
The remaining three villa plots are for sale at CY£495,000 (£580,658); two-bedroom townhouses are priced from CY£290,000 (£340,377); and spacious two-bedroom apartments with a communal pool cost from CY£230,000 (£269,954). Rental income on a villa, such as the Stradlings, varies from CY£700 (£821) per week off-season rising to CY£1,400 (£1,643) during the high season. The Stradlings are expecting to rent their property for about 15 weeks of the year. “We feel it is very positive from an investment point of view,” says Mark, “It offers five bedrooms and is situated on a great plot near to all the amenities and with the stunning view.”
Christoforou believes that a well-managed and marketed villa at Aphrodite Hills should be able to yield 3 to 5% net per year, based on a minimum 25 weeks annual rental. “In order to achieve this kind of return you will need to promote the property,” he advises. “ I am a believer that one should use the services of several agents – and not only rely on one to give you the return you are looking for. Also, undertake your own marketing: word of mouth is effective and set up a web site, one that you regularly update and promote to ensure it features high on the search engines. If you do all these things, you can make a reasonable income.”
Placing his money where his mouth is Christoforou owns two villas at Aphrodite Hills, which he markets through his own web site, www.golfingcy.com and through a network of agents based in Cyprus, the UK and in other European countries. Asked why anyone would buy or rent a villa at Aphrodite Hills, Christoforou says, “First, people must ‘buy’ into the feeling of Cyprus, after that they will fall for Aphrodite Hills’ charm – its facilities are the best on the island: the best golf course, spa and academies, and the properties are first class.”
Mark Stradling endorses Christoforou’s sentiments, noting that on his first visit to Aphrodite Hills “the quality of the build looked very, very good,” he says. “We looked around and there seemed nothing on the market that came close to the build quality being offered. And what else made it very attractive was the option to make alterations. We spent a lot of time at the planning stage choosing materials and finishes. The communication with the company was very good. I always felt I could call and make any request of them, no matter how large or small. Overall it felt like such an individual project, with a very special design.”
Ultimately, as important as the construction is, one buys a house not because of the bricks and mortar alone but because of personal factors that make the location feel special. “For us, safety was an important factor,” says Mark. “The fact that there is little crime in the country, and that economically it is sound is a big plus. Another big factor is the security that comes with Aphrodite Hills. Even the history of the island is intriguing, and it gives us lots to see. We’re also located very close to the beautiful Troodos Mountains. All things considered, as a family, we couldn’t be happier with our choice of Aphrodite Hills.”
Gordon Miller
Cybarco's Tips For Planning Permission In Cyprus
“As Mr Stradling has said, the only issue the family faced during the construction of their villa was with the local planning authority,” recalls Yiannis Kalyvites, Group Marketing Manager for Cybarco. “Naturally, in Cyprus, as elsewhere, there are parameters as to how a property may look to ensure it is in keeping with the local vernacular. For example, as local Cypriot stone is a cream colour, one would not be permitted to build an external wall in, say, burnt ochre at Aphrodite Hills, where the Stradlings have bought.”
“The family’s request, however, was far more modest – a slight readjustment of the floor plan that nevertheless necessitated planning approval – and it was one that we were happy to manage on their behalf. The upshot has been, thanks to Cybarco’s knowledge of procedures and processes within the planning authority, the plans were passed exactly as Mr Stradling requested – and as an added bonus it didn’t cost him a penny more that it would otherwise have done!”
Why Buy In Cyprus?
• English is spoken and/or understood by 90% of the Greek-Cypriot population and the island’s legal system is based on
English law
• Cyprus has a good year-round climate with a ‘summer’ that lasts from March to November, with approximately 340 days of sunshine annually
• Capital growth has been strong since 2002 – Cyprus joined the EU in 2004 – and looks set to continue as the nation prepares to adopt the euro in 2008
• A new international airport with the capability to handle 2.7 million passengers annually is being constructed near to Paphos. It will be completed by 2008
• Plans to develop two new marinas and create several golf courses have been ‘green lighted’ as the island aims to attract active wealthier visitors to its shores
Useful Websites
www.visitcyprus.org.cy - The official web site features tourist information and a ‘what’s on’ section.
www.cyprusweekly.com.cy - An online version of the weekly newspaper that has an international and local view.
www.Cybarco.com - The corporate site of the developers from whom the Stradling family bought their villa.
www.golfingcy.com - The official site of villa rentals at Aphrodite Hills with booking facility and golf information.
en.wikipedia.org/wiki/Cyprus - A hyperlinked encyclopaedia to Cyprus’ history, geography, economy and culture.
www.cyprus-mail.com - The website of the Sunday Mail, a Cypriot newspaper with all the latest local stories.
en.wikipedia.org/wiki/Aphrodite - Find out about the Greek goddess of love and beauty...