Iskele - Tatlisu - Gypsou.

Nestled on the north coast of Cyprus, Bafra is a village steeped in rich history with notable landmarks such as the Vouni Palace and ancient city of Soli, offering a glimpse into its historical past. Magnificent geographic diversity characterizes the area, with the pristine beaches of the Mediterranean Sea to its north and the commanding Kyrenia mountain range to its south. A formerly thriving agricultural community, Bafra has developed into a destination offering high-end holiday facilities, attracting many who wish to embrace the luxury lifestyle. Its strategic location with easy access to major cities and airports makes it a desirable place to reside.

Luxury Real Estate Market in Bafra

The exclusive property market in Bafra is currently stable, with demand generally keeping pace with the supply of luxury homes and apartments. As a result of the stable political and economic situation in Cyprus, confidence in the local real estate market has increased, bolstered by the robust luxury property sector. On average, both buyers and sellers can expect to incur real estate commissions varying between 3-5% when conducting a transaction in Bafra. When purchasing a luxury home or apartment, buyers should also account for transfer tax, notary fees, and potential construction inspection or legal costs. The transfer tax on private property typically ranges from 3-8%, dependent on the property value. Taxation plays a significant role in property ownership. For wealth tax, homeowners are privy to a sliding scale system which currently caps at 2.5%. The sales of primary residences are exempted from capital gains tax under certain circumstances, while the profit from selling a second or vacation home is taxable. Meanwhile, corporate tax for registered companies stands at 12.5%. The income tax for registered residents in Bafra varies according to income level but can reach 35% for higher earners.

Mortgage Requirements and Availability

To secure a mortgage for buying a house in Bafra, the capital and income requirement typically function on the ratio of 30:70, with the purchaser providing 30% of the total cost. The remaining 70% can be financed through a mortgage, depending on the borrower's financial health.

Residential Areas and Accessibility

Lavish residences are primarily located in coastal regions offering panoramic views of the Mediterranean Sea. Bafra is highly accessible both by road and rail, connected by well-developed transportation infrastructure. It is approximately at an hour's drive from the bustling city of Nicosia. For airport accessibility, Bafra is situated within reachable distance from both Ercan International and Larnaca International Airports.

Amenities and Lifestyle

Residents of Bafra can avail themselves of top-quality educational institutions nearby, including Eastern Mediterranean University and Cyprus International University. Bafra belongs to the Famagusta district and is home to around 5,000 residents. The region boasts a vast expanse of natural beauty and a pleasant Mediterranean climate, offering a plethora of sports and outdoor activities. Luxury lifestyle shops adorn the local landscape, offering an array of luxurious brands. As a hub of entertainment, Bafra hosts several high-end hotels and restaurants, alongside stylish nightlife establishments. Annual cultural and sporting events add to the fabric of the community. Art and culture enthusiasts can explore several museums and theaters in and around Bafra. Moreover, the region is well-equipped with health facilities, including Tempo Private Hospital and Famagusta State Hospital. As an elite destination for luxury living, Bafra provides residents with comprehensive public infrastructure and an array of amenities. Its unique blend of history, natural beauty, and modern luxury stands as an unparalleled offering for those seeking an exclusive lifestyle.