Real estate in Cyprus

Buyer's guide

• Who can buy a property in Cyprus

  

  Property in Cyprus can be purchased by:

  • citizens of Cyprus;

  • residents of the country;

  • citizens of EU countries;

  • other foreigners.

  There are no restrictions on property purchase for the first three categories. Citizens of non-EU countries can buy no more than two properties, but first, they need to get permission from the Council of Ministers.

• Property prices by region of Cyprus

  

  The Cyprus real estate market has started to recover after a prolonged crisis. The average cost per 1 m² of real estate in Cyprus is €1,725. Housing in new buildings is more expensive than real estate in the secondary market.

  The highest prices per 1 m² of residential property are in Limassol (from €1,950), Nicosia (from €1,510), Paphos (from €1,325), Ayia Napa (from €1,230) and Larnaca (from €1,140). Famagusta is the city with the lowest prices: the average cost of housing there is €622 per 1 m².

• Property purchase procedure in Cyprus

  

  Buying a property on the island takes an average of two months. After selecting a real estate, the buyer reserves it by depositing up to 10% of the cost, and the seller removes it from the market. The parties sign the purchase and sale agreement, and the buyer transfers the first portion of the money: there is no fixed interest.

  The next stage is paying associated taxes and obtaining a permit for the purchase of real estate from the Council of Ministers. As soon as the buyer gets permission, they transfer the remaining amount. Then the land committee issues a certificate of ownership.

• Property purchase taxes in Cyprus

  

  Real estate buyers pay a value-added tax of 14—19% if they buy a new building. When buying a secondary property, the buyer pays a transfer tax of 3—8%.

  Also, all buyers pay stamp duty on a progressive scale of
  0,15—0,2%, depending on the transaction amount.

• Permanent residence in Cyprus by the purchase of a real estate

  

  A foreigner can get permanent residence in Cyprus by the purchase of real estate worth 300,000 euros or more. But there are some conditions:

  1. No more than two residential or commercial properties per investor.

  2. Residential real estate can only be purchased on the primary real estate market, i.e. a new building.

  Immigrant Invest has its own database with hundreds of verified properties, including those at the excavation stage, that can be purchased with no commission.