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Investment Property in Cyprus

Buying Guide

Buying Steps

Reserving the property

The process of buying property in Cyprus is fairly straightforward.

The first step is the signing of the Reservation Deposit Agreement, which takes the property off the market for a specified period, usually a month.

Making the checks

During this period, the appointed lawyer will make checks with the District Land Registry to ensure that the vendor is the real owner and that there are no problems with title deeds.

The reservation amount is usually 1% of the purchase price and subject to contract: it is only refundable if the searches are unsuccessful.

Your lawyer will also make a planning department search to ensure a building permit exists and that the developer can legally build and sell properties, in addition to a company search.

Completing the sale

Once the searches are completed, purchaser and vendor will sign the contract of sale -similar to the exchange of contracts in the UK.

Upon signing the contract of sale, the purchaser has a six-week period to pay the first installment to the vendor.

If he or she fails to do so, the contact can be declared void.

On completion the purchaser pays for all the utilities to be connected and he/she establishes all rights in Cyprus, such as residence, tax, driving, duty-free and domicile.

Transferring the title deeds

If the property title already exists, both parties proceed to the transfer of title deeds and the new owners pay the balance owed.

f the property is new, the title will take up to three years to be issued by the official authority, although the buyer can live in the property during this time.

In this case the remaining amount owed is paid to the vendor on delivery of the property.

During that time, legal security to the purchaser is provided when a valid contract is signed, stamped and registered with the Land Registry.

Real estate transfer taxes are paid to the Land Registry and are necessary in order to transfer freehold ownership to the purchaser.

Key facts

• The Reservation Deposit Agreement takes the property off the market and the appropriate checks are then undertaken
• The reservation amount is usually 1% of the purchase price and only refundable if the searches prove unsuccessful
• Following the searches, purchaser and vendor sign the contract of sale and the first installment is paid within six weeks, or the contract can be declared void
• On completion of a resale, the final balance is paid and title deeds transferred
• With a new build, the final balance owed is paid upon delivery of the property
• It can take three years for the title to be issued on a new build
• Whilst awaiting the deeds, the buyer can live in the property if a valid contract is signed, stamped and registered with the Land Registry
• Real estate transfer taxes are paid to the Land Registry and are necessary in order to transfer freehold ownership to the purchaser

Downloadable Reports and Documents

		Cyprus property investment report (373Kb) A concise but thorough analysis. A must for all potential investors in Cyprus' real estate.
		Cyprus country guide (766Kb) General information about the country, its people, history, economy, politics and much more.
		Cyprus property buying guide (979Kb) This property buying guide provides essential information about property purchasing in Cyprus.

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