Buying property in Cyprus: Everything you need to know

Buying property in Cyprus: Everything you need to know

Beautiful beaches, a rich history and a pleasant climate. No wonder that most people want to move to Cyprus.

  • However, what paperwork is required?

  • How can you find the best deals?

  • Where in Cyprus is the best place to purchase real estate?

I am here to answer all of these questions and help you understand the property market in Cyprus better. Let’s get started and find the best properties for you to buy in Cyprus!

Understanding the Cypriot Real Estate Market

The first thing to do is to get a good understanding of the Real Estate Market in Cyprus. Since the EU accession in 2004, there has been a rising interest in properties in Cyprus. More and more foreigners are interested in purchasing their own house in Cyprus. That resulted in the property prices going up. That is no surprise, considering the stability and appeal the market has for international buyers.

Moving to Cyprus with me

Moving to Cyprus with me ensures a seamless transition to this Mediterranean gem. With expert guidance on legal, financial, and logistical matters, I simplify the complexities of relocation. From finding the perfect property to handling visas and registrations: every detail is managed expertly. Enjoy personalized settling-in services, including setting up utilities, banking, healthcare, and schooling. With ongoing support even after the move, I guarantee a stress-free relocation experience. Embrace your new life in Cyprus with confidence, knowing all aspects are professionally handled for you. Your journey to living and working in Cyprus begins effortlessly with me.

Legal Framework for Foreign Buyers

Both Cypriots and EU citizens are allowed to purchase property in Cyprus without any restrictions. This also includes commercial properties. However, no EU citizens have to get permission from the Council of Ministers. This permission is mostly granted without any issues, especially if you want to purchase the property for your own personal use or as an investment.

How can you get permission to acquire immovable property?

Non-EU buyers need to apply for that permission. To do so, you will need to submit an application to the District Administration Office. That includes:

After all of the documents are approved, you will get your permission to purchase real estate in Cyprus. Let me know if you need help.

How can you get permission to acquire immovable property?

Are you from the UK and want to purchase real estate in Cyprus? We have you covered. Here is our step-by-step guide for UK Foreigners.

To start, you will need to find properties that fit your interest. Websites and portals such as Cyrent Buy will offer you a good overview of the real estate market.

We also advise you to work with a lawyer. He will help you to ensure compliance with Cypriot laws and also help you to protect your interests.

To ensure that you get the property you want, you will have to sign a reservation agreement and pay the first deposit for the property purchase.

This report ensures that the property market value is accurate. It also helps in securing financing from a bank if you need it.

After that is done, your lawyer verifies that the property has clear title deeds. This also involves checking if there are any legal disputes or claims against the property. He will also need to check if the property has all necessary planning and building permits, especially if the property is a new build or renovation project.

Now it is time to sign the contract. Additionally, you will have to pay the remaining deposit to secure the property.

As spoken about in the previous chapter, non-EU citizens need permission from the Council of Ministers to buy properties in Cyprus.

This is the last step in your journey. Finalize the transfer of ownership at the Land Registry Office. Also pay the remaining transfer fees for the property (Savills).

Do You Need a Lawyer to purchase property in Cyprus?

It does not matter if you’re a UK Foreigner or an EU citizen, the buying process offers lots of pitfalls to fall in. So feel free to contact us for further help or in-depth questions! That is going to save you lots of time and energy in the long run.


Enjoy your life on an island

I'll help you to relocate to Cyprus and buy a property


26 Anthipolochagou Georgiou M.Savva, Shop 1-2, 8201 Paphos, Cyprus



+357 700 88988

I’ll help you relocate to Cyprus seamlessly and manage every detail from start to finish. From navigating legal and financial requirements to finding the perfect home, I ensure a stress-free transition. My services include visa assistance, property search, and settling-in support. That allows you to confidently embrace your new life in Cyprus. Let me handle the complexities for you.

Financial Considerations when buying property in Cyprus

Let us take a look at the costs of real estate in Cyprus. Here is what you will need to pay for the different apartments.

  • Apartments: €1,500 to €3,000 per m²

  • Villas: €2,000 to €4,000 per m²

  • Townhouses: €1,800 to €3,500 per m²

Of course, prices are higher in popular areas like Limassol, Ayia Napa or Limassol.

Taking out a Mortgage in Cyprus: What is the Process?

Document Submission

You cannot walk into a bank and apply for a mortgage without these documents.

  • Proof of Identity: Valid passport or national ID.

  • Proof of Income: Recent payslips, employment contract, or income statement.

  • Bank Statements: Recent bank statements to show financial stability.

  • Credit History: Credit report from your home country.

  • Property Details: Information about the property you wish to purchase, including a valuation report.

Approval Timeframe

  • Initial Review: Banks will review your documents to assess eligibility.

  • Approval Period: Typically, this review and approval process takes up to one month. During this time, the bank evaluates your financial status and the property’s value to determine loan terms and conditions.

Mortgage Process

This is what is going to happen once your mortgage is approved.

  • Loan Offer: You will get a formal loan offer from the bank. That contains the terms and conditions.

  • Signing Loan Agreement: You’ll also need to sign the mortgage agreement in the presence of a notary or legal representative.

  • Disbursement: Normally, the mortgage funds are disbursed to the seller’s account in order to complete the property purchase.

  • Repayment Schedule: You’ll receive a repayment schedule outlining monthly payments, interest rates, and the total loan duration.

Additional Considerations

  • Interest Rates: The interest rate varies depending on the bank and your financial profile.

  • Down Payment: That is needed to be able to buy the property. It typically ranges between 20 and 30% of the property value.

  • Insurance: Property insurance is required as part of the mortgage conditions.

  • Legal Fees: This ensures that all legal documentations are processed accurately to avoid delays for you and the seller.

Expert in Relocation to Cyprus

Meinhard Bundschuh

About me

I am an expert in relocation services to Cyprus. I provide comprehensive support for individuals and businesses looking to move to this Mediterranean paradise. My services include:

  1. Consultation and Planning: I offer tailored advice on the legal, financial, and logistical aspects of relocating to Cyprus. This includes understanding residency requirements, tax benefits, and local regulations.

  2. Property Search: I assist you in order to find the perfect home or office space, whether for purchase or rent. At the same time, I ensure that it meets your needs and preferences.

  3. Administrative Assistance: I handle the paperwork and bureaucratic processes involved in obtaining visas, work permits, and registrations.

  4. Settling-In Services: I help you with the setup of utilities, banking, healthcare, and schooling to ensure a smooth transition into Cypriot life.

  5. Ongoing Support: I provide continuous assistance even after the move. This service includes the integration into the local community and addressing any issues that may arise.

As an expert, I ensure a stress-free relocation experience. That allows you to enjoy the benefits of living and working in Cyprus without the usual hassles.

Taxes and Fees When Buying Property in Cyprus

When purchasing property in Cyprus, several taxes and fees apply:

  1. VAT: Since Cyprus‘ EU accession in 2004, you will have to pay a standard VAT rate of 19%. However, a reduced VAT rate starting from 5% is applicable for the purchase of the first residential property. (VAT Amendment Law as of June 26, 2023)

  2. Property Transfer Fees: The fees are calculated based on your property value.

  • Up to €85,000: 3%

  • €85,001 to €170,000: 5%

  • Over €170,000: 8%

  1. Stamp Duty: Stamp Duty has to be paid on the purchase contract, at rates of:

  • 0.15% for the first €170,000

  • 0.20% for amounts above €170,000

  1. Legal Fees: Typically 1% of the property price.

  2. Surveyor Fees: If a valuation report is required, expect additional costs.

  3. Other Costs: These costs include mortgage arrangement fees, notary fees, and administrative costs.

Advantages and Maintenance for Property Owners

Owning property in Cyprus offers several compelling benefits. Here are three.

The first thing you are going to experience is the warm and sunny climate. In Cyprus, there is no winter. You are going to enjoy beautiful beaches and amazing landscapes. Cyprus also offers a rich history. If you are interested in that, then you can discover different museums in the capital of Cyprus. Last but not least, the overall quality of life is just different. The locals are very friendly and open to meeting new people and making them part of their culture. Your life will only get better!

There is also the financial side of things. Your property investment will most likely increase in value in the future. That is what happened during the last 20 years and is going to keep on happening in the upcoming 20 years. If you decide to rent out your apartment, then you are going to increase your financial stability and have a regular rental income. It is always quite nice to get some passive income, right? Cyprus also offers some very beneficial tax benefits. The property taxes are low, and you will also get the opportunity to secure some other tax benefits as well. If you need any help, contact us!

Do you want to live in Cyprus in the future? Property investment is going to help you to qualify for residency permits. That allows you to hit two birds with one stone.

Property Maintenance Costs in Cyprus

New owners should anticipate ongoing maintenance expenses, which can vary based on property size, location, and type:

  1. Annual Maintenance

    Starting Costs: Typically begin at €1,500 per year, but can vary significantly by region and property type.

  2. Taxes

    Property Taxes are based on the property’s assessed value. That number is normally low compared to other EU countries.

    Municipal Taxes: These are fees for local services, such as garbage collection and street maintenance.

  3. Utilities

    Electricity: Costs depend on usage, with higher rates during peak seasons.

    Water: Generally affordable, but costs can increase with higher usage.

    Communication: Internet, telephone, and cable services.

  4. Insurance

    Property Insurance: This includes coverage for damage, theft, and natural disasters. The costs depend on the property’s value.

  5. Common Area Fees (for apartments and gated communities):

    Property Transfer Fees: Cover maintenance of shared spaces like gardens, pools, and security services. These fees can range from €50 to €200 per month, depending on the amenities provided.

  6. Costs for Reparation and Renovation

    Routine Repairs: Regular upkeep of the property, such as painting, plumbing, and electrical work.

    Renovations: Periodic updates to maintain or increase property value. Costs vary widely depending on the scope of work.


Guide to the Most Desirable Locations for UK Foreigners Buying Property

Paphos offers you a rich history. Additionally, Paphos is a UNESCO World Heritage famous for its archaeological sites and beautiful coastline. So if that is something you are interested, then Paphos is for you.

  • Property Types: The property types are:
    • Villas, townhouses
    • Apartments with sea views

Do you like peace and quiet places, where you can relax? Do you want to be part of a big expat community? Then Paphos is the best choice for you.

Limassol combines its historical charm with modern attractions. But there is more to discover. You can also walk through the beautiful marina and enjoy the lively nightlife together with your friends.

Property Types

  • High-rise apartments

  • Luxury villas

  • Seafront properties

Limassol fits your lifestyle if you are someone who likes contact with other people and also does not mind being entertained.

Larnaca is known for its relaxed atmosphere, historic sites, and beautiful beachfront. The city also has a growing marina and promenade. Pretty promising, right? Larnaca has far more affordable apartments to offer. Those include beachfront homes and modern developments. This place is perfect for families that are in need of good schools and amenities. It offers a great mix of urban living and beach life.

As the capital city of Cyprus, Nicosia is located in northern Cyprus. That includes a blend of modern and traditional influences, with a vibrant cultural scene and historical landmarks. Here you can get luxury homes and more importantly townhouses as well as normal Apartments. This city is pretty much suitable for everyone, More so if you are a professional or planning on having a family.

Do you fancy the mountains more? Then the Troodos Mountains are a place you should visit. This place is known for its scenic mountain views and traditional villages. Here you get apartments most regions cannot offer. Find:

  • Traditional stone houses

  • Modern villas

  • Holiday homes

Troodos Mountains is perfect for nature lovers and hikers. There is no better place where you can live a peaceful life away from the hustle and bustle of city life.

Comparative Analysis of Property Values Across Various Cypriot Cities


Average Property Price (€/m²)











Frequently Asked Questions

Can Foreigners Obtain a Bank Loan in Cyprus?
Yes, foreigners can get a bank loan in Cyprus. You’ll need proof of income. A good credit history is essential. Proper documentation is also required to meet the bank’s criteria.

How Do I Avoid Potential Risks When Buying Property in Cyprus?
To avoid risks, conduct thorough due diligence. Have all legal documents checked by a lawyer. Working with a professional can help you spot potential issues.

Should I Buy Real Estate in Cyprus with a Lawyer? Absolutely. Hiring a lawyer is highly recommended. They’ll help navigate legal requirements. They ensure the property has clear title deeds and also protect your interests.

How Do I Obtain a Cyprus Residency Permit through Property Purchase?
To get a residency permit, invest at least €300,000 in real estate. Submit the application. Include the property purchase agreement and proof of funds. Other required documents must go to the Civil Registry and Migration Department.