Frequently asked Questions - Property in Cyprus

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Frequently Asked Questions to buying Property in Cyprus

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Q. As a non-Cypriot what I am allowed to buy?

A. Compared to many countries buying property in Cyprus is very easy. As a non-Cypriot you are entitled to buy a freehold property for your personal use either:

a) An apartment or a house or
b) A villa on a building site not exceeding 4000 sq.m or
c) A piece of land not exceeding 4000 sq.m for the purpose of erecting a house within a reasonable time frame.

Q. What are the prices and terms of payment?

A. Prices depend on size, location and specifications. To get more information you may contact our Sales Department.

Banks can offer mortgage facilities in connection with the purchase of the property. The maximum amount that can be borrowed is the equivalent of 70% of the purchase price. Facilities cannot be arranged in Cyprus Pounds.

A first mortgage will be required and the mortgage will be granted for 10 years maximum period. Normally the interest rate charged will be 2.5% above sterling rate or dollar prime rate. There is also an additional arrangement fee of 1% payable on the amount of the advance.

Q. Freehold or Leasehold?

A. It is freehold. The system of leasehold is almost unknown in Cyprus.

Q. How do I get transfer of the property purchased and what are the costs involved?

A. Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor.

A prerequisite for registration, in the case of non-Cypriots, is evidence that the property has been paid for with foreign exchange and approval by the Council of Ministers of Purchaser's application to buy property in Cyprus. These formalities can be taken up by our company on behalf of our clients, free of charge, as part of the agreement.

However, before the registration of the completed property the purchaser should pay the transfer fees, which are payable to the Land Registry office. The approximate transfer fees range is shown on the following table:
Property Value € Transfer Fees Accumulated Transfer Fees €
€ 0 - 85,430 3% €2562.90
€85,430 - €170,860 5% €6834.40
€170,860 and above 8%
Example: Property valued €85,430 the purchaser should pay €2562.90 and for €170,860 the amount of €6834.40

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