What You Need to Know

Buying property in Cyprus is an exciting venture, whether you’re looking for a vacation home, an investment property, or a permanent residence. However, it’s essential to be well-informed about the process to ensure a smooth transaction. This guide will walk you through the key steps and considerations when purchasing property on the island.

First, it’s crucial to understand the legal framework in Cyprus. Non-Cypriot EU citizens are allowed to purchase property without restrictions, while non-EU citizens are permitted to buy one property, subject to approval by the Council of Ministers. It’s advisable to work with a local real estate lawyer who can guide you through the legal process, including due diligence, title deed checks, and contract preparation.

Next, familiarize yourself with the buying process. Once you’ve selected a property, a reservation deposit is typically required to take it off the market. Following this, a purchase agreement is signed, and a down payment is made. The final step involves registering the sale with the Land Registry, transferring the title deed to your name.

It’s also important to consider additional costs associated with buying property in Cyprus, such as transfer fees, legal fees, stamp duty, and VAT (for new properties). These costs can add up, so budgeting for them in advance is essential.

Finally, consider the location and type of property that best suits your needs. Cyprus offers a variety of options, from modern apartments in bustling city centers to tranquil villas in picturesque rural areas. Whether you’re drawn to the vibrant lifestyle of Limassol or the serene beaches of Paphos, Cyprus has something for everyone.