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Country profile

If you want to better understand how to go about buying a property in the country of your choice, take a look at our country profiles. We have summarised the process for you and identified the latest hotspots for overseas investment

Brazil Bulgaria
Cyprus France
Greece Italy
Panama South Africa
Spain

Find a service in Cyprus
 

Hotspots

Tersefanou Village in the Larnaca region has many new development projects under way including a golf course and country club. Villas and apartments are available on the hills surrounding the course and overlooking the sea towards nearby Kiti and Pervolia beaches. • Limassol is an increasing attraction for many tourists and settlers and has a marina for the yachting crowd and lively promenade full of shops, cafes and restaurants with the old town lingering in the background. Vineyards and ancient ruins dominate the town’s surroundings. • One of the most enduringly popular destinations is Ayia Napa, as its white beaches and clear waters house many coves that are good places for snorkelling, diving, windsurfing, water skiing and jet skiing. The famous nightlife continues to draw many, although new developments are reinventing the area for families.

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The legendary birthplace of Aphrodite boasts rugged coastlines, golden white beaches and ancient ruins dating back 10,000 years. As a former British colony there is much to make the settler feel at home, such as driving on the same side of the road and a common understanding of English.

The rich Mediterranean culture and long sunny days have made Cyprus a popular place to be.

The Property Buying Process:

The legal process is similar to the UK and therefore straightforward for British buyers. Cyprus has a large expat community of 60,000 British out of 700,000 residents, but is also a favourite holiday destination for Europeans, and so property values for buying and renting are set to rise.

  • Once your offer has been accepted you will need to pay a holding deposit of GBP 1,000–2,000, which legally binds the owner to take the property off the market and keep to the agreed price. Contracts are then drawn up with the aid of your lawyer.
  • On signing, 20–30 per cent of the purchase price will be paid. The rest will be handed over according to your agreed terms. After signing, the contract is held at the Land Registry until the Council of Ministers has approved the sale, which is just a standard procedure. Beware: of buying property in the northern Turkish-occupied zone. As the Turkish Republic is not recognised as a country outside Turkey, Turkish-Cypriot vendors may not have rights to sell property under Cypriot law.
Property Fees and Taxes :
  • Property is subject to 15% VAT on new properties and second homes. If the property is to be the principal residence then VAT is 5%.
  • Transfer fees are 3–8% depending on property value.
  • Stamp duty is 0.15–0.2%.• Property tax is 0.25–0.4%.
  • All commercial banks in Cyprus offer mortgages of 70–80% to be repaid over 10–20 years. The mortgage fee will amount to 1%.
Property Costs:
The main developments for sale are in and around the main urban centres and along the coasts. Prices start as follows:
  • Coastal studios €50,000
  • Beachfront terraced studios/one-bedroom apartments €80,000
  • Luxury beachfront one-bedroom apartments with a communal pool €200,000
  • Two-bedroom townhouses €225,000.
  • Two-bedroom villas near a beach €250,000
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