Frequently Asked Questions
What property can a non-Cypriot (EU nationals are considered for these purposes as Cypriots) purchase?
Buying property in Cyprus is quite easy. As a non-Cypriot you are entitled to purchase FREEHOLD for your personal use:
Properties have title deeds. Title deeds are issued by the Land registry department, of the Cyprus Government, a few years after completion of the project. Individual houses follow the same procedure. Upon approval by the Council of Ministers of the application and confirmation by the Central Bank that the purchase was with foreign funds, then the transfer of deeds can take place within a few hours.
Can a loan be obtained locally?
All the main banks in Cyprus offer loans for the purchase of property in foreign currency. If you acquire through a Developer he usually has prearranged loan facilities, which can be explained to you when interest is shown for the purchase of property.
Normally a deposit of 30% can facilitate a loan on the balance -70%-.
Interest rates vary but as a guideline you can expect, the base rate -libor- +2.0%. Repayment period can be up to 15 years, or more
What is required for the transfer of property and what are the fees payable?
The following documents are required to be submitted in order for property to be transferred to your name as a purchaser:
Transfer fees are paid on the value that the Land
Registry department determines that it is the Open Market Value of
the property on the day of the original transaction /sales
Transfer rates are as follows:
A Power of Attorney can be issued to a third party to attend and conclude the transfer on the buyer's behalf. There is a transfer fee advantage if the property is registered in the name of the two spouses [husband +wife] as the total purchase price is divided by two, thus lowering the rate of the transfer fee.
Do I need to employ a solicitor?
Although we recommend seeing a solicitor, you may find that is not necessarily required. If you buy through a reputable developer there are printed ready contracts. Should you wish to use a solicitor to check the contract and examine the property's details, any impediments etc, an average solicitor fee is €1000-€1500 for an ordinary sales contract.
Do I need a valuation/survey?
We suggest that you get a survey and valuation report especially for resales and for units of some age. The cost of a valuation report is, on average, €300, plus approximately €450 for a structural survey.
Please always call for a quotation.
For people who have purchased property, is residential permit easily available?
See our section on Residence Permits for Foreign Real Estate Buyers.
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