Frequently Asked Questions

Buying property in Cyprus as a foreigner

Cyprus real estate market is divided into two – the urban areas and the costal resort areas. In these two areas, the price of apartment are stable. So, investors can really be sure of earning returns on their investment in any of those two areas.

Yes, a foreigner can buy property in Cyprus. UK nationals may be able to purchase a property in Cyprus.

UK nationals may buy one property in Cyprus and are entitled to hold the freehold. The property can be either an apartment, house, villa on a building site or plot of land limited to no more than 4,014 sq. m.

In some instances the purchase of a second property (such as a holiday home) may be allowed. UK nationals looking to buy property in Cyprus also need to be aware that following Brexit they can only stay for a total of 90 days in any 180 day period. If you wish to stay for longer then you’ll need to apply for a visa.

Importantly, the process⁴ to purchase is now different for post-Brexit buyers. When entering into a sale, you’ll need to apply to the Council of Ministers for permission to purchase a property and title deeds won’t be passed to you until permission is granted. While it’s a formality and highly unlikely your application will be refused, you’ll also need a clause included in the contract to outline what should happen if permission isn’t granted.

It’s not uncommon for the application to take several months to a year to finalise. You also won’t be permitted to rent or lease property, acquire a share in a property and unmarried couples can’t buy a property in joint names.

Properties in Cyprus are valued based on different locations. Their price varies from region to region. Take for example, properties at Nicosia will be pricier than the ones in other cities.

To help gain insights into the approximate value of property is in some of the most popular destinations, we’ve prepared a price list for you.

LocationPrice per sq.m – apartment in city centrePrice per sq.m – apartment outside city centre
Limassol⁵€2762.50€1872.22
Nicosia⁶€1771.43€1262.50
Paphos⁷€1700€1466.67
Larnaca⁸€1575€1066.67
Famagusta⁹€864.33€720.27

There are several places in Cyprus with good properties. Where you should buy a property depends on your budget. It also depends on your lifestyle. To ensure you get what you’re looking for, we’ve made some quick analysis on each area below :

Paphos – This is a popular region that has an established expat community. It’s distinct for several reasons namely ;
1. An attractive harbour
2. A historical old town
3. Beaches.
4. Local international airport.

Famagusta – This area is located on the east coast. It’s perfect for those who enjoy recreational activities like sunbathing, swimming and watersports.  Ayia Napa is also found in the area.

Limassol – On the southern coast, Limassol is Cyprus’ second largest city and the capital of Limassol district. The Limassol region is famed for being at the heart of the winemaking industry in Cyprus.

Larnaca – This oldest city in Cyprus combines culture with beach-life. It have the best offering for tourists. It’s also a home to a major international airport in the country.

Nicosia – This is the capital city of Cyprus. It’s located 50 kilometres from the coast. Its historic centre, splendid Venetian walls, as well as museums and art galleries makes it a functioning city. It’s awesome for those who intend to live city life.

The following are some steps you can take to purchase property in Cyprus :

1. Organize your mortgage – If you can’t afford the cost of a property, kindly look for mortgages and loans that can help you fund the acquisition.
2. Hire a local lawyer – You need to involved an experienced lawyer in the deal. This ensures that your interests are not jeopardized.
3. Start your property search – You can visit websites like Rightmove Overseas to find a property available for sale.
4. Visit the listed property in person to check that the promoted condition meets your expectations.
5. Make your offer
6. Apply in writing to the Council of Ministers for permission to purchase the property.
7. Sign the sale contract, which will also be signed by the vendor.
8. Transfer the funds.
9. Complete the sale process

Below are some caution you can take to avoid issues when buying a property in Cyprus :

1. Appoint an independent lawyer to check no mortgages have been placed on the land prior to purchase.
2. Tell your lawyer to secure a Land Search Certificate from the Land Registry.
3. If you will be buying property in the north of the island, rent first and get to know the local market.

To get a bank loan in Cyprus , you will need to prove you’re a low risk borrower. Also, you are expected to proof your identity. There is also a need for you to provide a proof of income in your via your recent payslip ,bank statement or audited account if you’re a self-employed person. The lender will thereafter need to prepare a property valuation report. If the report comes out positive, you will be eligible for a loan.

Some cost associated with your transactions include :

Transfer fees – 3-8%
Stamp duty – This is based on property’s price. It ranges from 0.15% to 0.20%
VAT – 19%
Legal fee – 0.10-1%

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