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With its beautiful sandy beaches and sunny climate all year round, Cyprus is the ideal place for people looking to build a second home or relocate altogether. Buying property in Cyprus is an attractive option for those who want to enjoy the perfect Mediterranean lifestyle under the sun for prices that don't put a dent in your pocket.
From apartments and villas by the coastline to modern houses with pools or antique stone houses in rural villages, Cyprus offers multiple types of properties for sale. It's totally up to you whether you want to buy a used house and renovate it to your liking or opt for a newly built bungalow ready to move into. Aside from residential properties, Cyprus has a wide range of holiday homes for sale, perfect for island life and long term real estate investments. It all depends on what your objective for buying a property in Cyprus is.
Cyprus is divided into Northern and Southern factions, which are considered to be Turkish and Greek, respectively.
Buying property in Northern Cyprus is risky because of the potential arguments that could stem from the subject of ownership of disputed properties and the permission to sell them. It's a much better option to buy property in Southern Cyprus since it falls under the EU.
While on the expensive side, buying a house in Limassol is good for families with kids due to the abundance of good schools here, as well as amenities like restaurants and shops. Rentals are in high demand in Limassol so if you wish to buy-to-let, now's your chance.
You can find cheaper real estate in Paphos and an airport with convenient transportation links nearby. If you want to buy a house in Cyprus for even cheaper than Paphos but still close to the airport, Larnaca is the perfect place for you.
In Nicosia, the capital city, you can find great long-term rental opportunities but it isn't suitable for short-term holiday home rentals due to its inland location. Famagusta is perfect for buying a house in Cyprus with gorgeous beaches nearby.
Buying property in Cyprus is a simple process, but it’s highly advisable to hire a competent, independent lawyer after deciding on a property, who has no connections with the property's seller or developer. The lawyer will confirm that there's no mortgage claim on the property, and ensure that there are no problems with the Title Deed and that the Sale Agreement is legally binding.
Once the agreement is signed and the payment is final, the agreement should be taken to the local tax office where the stamp duty payment will take place. A fine is applicable on the stamp duty if it isn’t paid within 1 month of signing the agreement and within 2 months of it, the agreement has to be submitted to the District Land Office where the purchase will be officially registered and buyer’s rightful ownership of the property will be confirmed.
Documents including Property details, Current owner’s information, property contract, the buyer’s current residence and income statement have to be submitted when buying property in Cyprus. It's important to factor in 15% above the buying price to cover additional legal costs. Transfer fees can range from 3% to 8% while stamp duty can be between 0.15% and 0.20%. Legal fee is mostly 0.10-1% and estate agent fees are handled by the vendor.
EU nationals are allowed to buy real estate in Cyprus with no restrictions, but UK nationals will face some limitations.
UK Nationals may buy one property in Cyprus which can be either an apartment, house, villa on a building site or a plot of land of no more than 4,014 sq m. If they wish to stay longer than 90 days in any 180 day period, they need to apply for a visa.
Non-Eu nationals buying property in Cyprus are required to apply for permission to buy a property at the Council of Ministers, which is usually granted but can take a long time. This is why you'll need a clause included in the contract to specify what should happen if permission isn’t granted.
Cyprus continues to be known for being a real estate investment hub for foreign buyers, even after taking a hit during the Covid-19 pandemic. The real estate market here offers various opportunities with a diverse range of property types to choose from. Buy-to-let investments in Cyprus are guaranteed to offer solid returns if you play your cards right. Get in touch with us for further details about Cyprus real estate and buying property here.