Closing costs come first. Depending on the country, the costs typically include a property transfer tax, notary costs, registry costs, legal fees and broker fees. For budgeting purposes, set aside a meaningful percentage on top of the price, and confirm the exact rates locally.

Yearly taxes on the paphos property for rent come next. The rates vary enormously, and a number of markets levy a separate rate for non-residents. Where a unit is left unused for much of the year, additional levies may apply.

Community fees catch buyers out. A unit in a complex with a swimming pool, landscaping and shared parking comes with monthly costs that continue regardless of occupancy. Request the last two or three years of accounts before signing, and enquire about scheduled repairs.

Being far away introduces costs that local owners never see. A caretaker has to be available for emergencies, receive letters and bills, and arrange the work of contractors. Professional management usually takes a share of rental income, and going without it often becomes expensive in a different way.

Insurance, utility standing charges and ulcinj real estate for sale exit costs round out the picture. Capital gains tax often applies even to a non-resident owner, sometimes at a different rate. A good discipline is to build a five-year running-cost estimate at the offer stage — the total is usually higher than expected.