The percentage of VAT for first time buyers in Cyprus will be reduced down to 5% for new homes that have a 15% VAT levy

Now is a great time to buy a property in Cyprus as a new law passed in October 2011 provides for a reduction in VAT on new-build properties for those wishing to permanently swap the British winter gloom for Mediterranean sun.

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The timing is especially apt with the launch of the latest residential component at Eléa Estate. This is part of the first phase of the newly integrated family-friendly golf development. The mix of 2- and 3-bedroom Garden Villas (semi-detached) and luxurious detached 3- and 4-bedroom villas provide a new affordable entry price starting at €695,000, approximately £575,000 (excluding VAT).

The launch of a further 13 new villas in phase one follows hot on the heels of the seven exclusive golf fronted, 4- and 5-bedroom detached villas launched earlier in September 2011.


The new law passed by the government provides a reduction in VAT and benefits those considering a home at Eléa Estate as a main and permanent residence. The percentage of VAT for first time buyers in Cyprus will be reduced down to 5% for new homes that have a 15% VAT levy.

The legislation applies to homes of up 275m², although the reduction in VAT only applies to the first 200m². The normal rate of 15% VAT will therefore be chargeable on the other 75m² where the home measures 275m². This represents potential savings for buyers.

Eléa Estate’s centrepiece is a par-71 golf course which has been designed by the six-time Major winner, Sir Nick Faldo and 20 properties in phase one are close to the 13th & 14th tees

Golf membership is included with property ownership for immediate family and the annual dues are included for the first year.

The 2- to 3-bedroom Garden Villas also being launched are ‘linked’ (semi-detached) and provide a hassle-free ‘lock-up and leave’ option for holiday homeowners.

Pierrick Prillot, Real Estate Sales & Marketing Director at Eléa Estate says: “We are excited to be kick-starting the New Year with the launch of these new villas, especially as simultaneous steps have been taken by the Cypriot government to help boost property sales.

“This will simplify and speed-up the buying process in Cyprus. These new holiday homes at Eléa Estate offer a great lifestyle with an excellent level of service.”

These new homes will be set on a peaceful hillside and have been designed by Ergo7, under the guidelines of resort planers and lead architect Hart Howerton. There are currently eight types of villas to choose from which offer elegance combined with the best modern living and designs that can be modified to suit the individual buyers’ needs.

All designs take into account Cyprus’s climate and feature a similar amount of interior and exterior living areas. All properties consist of two levels with private pools, covered parking and have the added benefit of lower ground living space. Balconies, roof gardens and terraces have been a feature of Mediterranean homes for many years and these are incorporated to provide light and natural shade.

Each detached villa has a large infinity swimming pool, set in private landscaped gardens with indigenous species of plants. The property specifications include; a fireplace, under-floor heating, lift, en-suite bathrooms and walk-in wardrobes, optional sauna, pool heating and a room with flexible space suitable for a home cinema, study or playroom. Homes can be placed in the Eléa Estate rental pool and full home and garden maintenance will also be available.

Eléa Estate Club House

Eléa Estate will be a fully integrated five-star luxury development and amenities will include a boutique hotel supported by a range of dining options and a ‘village’ with shops and restaurants creating a friendly community feel. For those not keen on swinging a golf club on the signature golf course, an extensive spa is to open offering the ultimate pampering experience in the future.

The mix of 2- and 3-bedroom Garden Villas (semi-detached) and luxurious detached 3-4 bedroom villas provide a new affordable entry price starting at €695,000, approximately £575,000 (excluding VAT).

The launch of a further 13 new villas in phase one follows hot on the heels of the seven exclusive golf fronted, 4- and 5-bedroom detached villas launched earlier in September 2011.

Prices for the newly launched Villas in phase one start at €695,000 (approx. £575,000) for a 2-bedroom Garden Villa. Three bedroom Garden Villas start at €847,000 (approx. £700,000) and three bedroom detached villas are available from €1,521,000, (approx. £1,259,000). See: www.www.eleaestate.com for more information