Buying a property in Cyprus

Once you have the property you want to purchase we recommend that no money changes hands until you have met with a lawyer.


We will introduce you to English speaking INDEPENDENT lawyer if you do not already have a lawyer. The lawyer will be able to answer all your questions and once they have checked out the property at Land Registry, they will give the real picture including any problems which they might find. This is not always what the buyer wants to hear and in fact the lawyer may even recommend that you do not buy your chosen property but at least it is reality. If there are no legal or other problems with the chosen property you will be required to pay a reservation fee to take the property off the market.


Once you have decided on a property it is necessary to put down a Reservation fee that will reserve the property to you for a period of one month, and fix the agreed price. This Reservation fee is normally €3,000 for an apartment or townhouse and €5,000 for a house.


When your lawyer is ready and happy with all the paperwork, you will be expected to pay 20% of the value of the property (in some cases this can be as low a 15%, but it is usually 20%). This is usually at the time of signing the Contract.


Minimum 40% down payment (using your own funds) and the balance coming from a bank loan (you are advised to bring any recent bank statements and income statements as well as any other documents that will support the loan application). You must be aware however that banks are very selective these days and it is not always easy to get a loan.The length of the loan may be up to 40 years, but this depends mainly on the buyer's age.


Lawyers in Cyprus charge between €1,500 - 2,000 depending on the value of the property. This will be negotiated and agreed between the buyer and the lawyer - we only make the introductions.


When separate title deeds are not ready, there is a certain procedure that makes the whole transaction safe. We strongly advise buyers to follow this procedure, which we will explain it to you while you are in Cyprus. It is best to avoid any short cuts that you may be advised by others to follow. The transaction will still be safe, but there will be steps to follow in order to keep it that way.


When title deeds are available you will be liable to pay the following transfer fees ( Stamp Duty in the UK) for the property when this is registered in your name at the District Lands Office. The fees are charged on the property’s market value at the date of purchase (i.e. the date given on the last valid contract submitted to the Land Registry Office).

  • 3% – on the €0 – €85.000 of the value of the property
  • 5% – on the €85.000 – €170.000 of the value of the property
  • 8%- on any amount above €170.000 of the value of the property
  • Please note that if the property is bought in two names, the allowances are doubled.
  • Also note, at the present time all Transfer Fees are reduced by 50%


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