Buying Property in Cyprus

Things to consider when buying property in Cyprus

Agency fees:

The person selling the property pays the agents fees and a reservation fee of CYP 1,000 - 2,000 is paid to the estate agent.

Mortgage:

The amount you need to pay for your deposit for a mortgage depends on your residency. If you're a resident of Cyprus you can usually obtain a 90% mortgage which is normally repayed in 10 to 15 years.

Legal fees:

Solicitor fees can be anything from £800. They're normally 0.75% of the purchase price and as always, get independent advice but not from the lawyer of the developer.

Stamp Duty:

For a property up to £100,000 the fee is 0.15% of the value. The fee then increases to 0.20%. This is paid when you sign contracts.

Transfer fees:

These are charged by the District Land Registry Office when transferring property and registering it into the buyers name.

3% for property valued up to £50,000

5% for property valued from £50,001 - £100,000

8% for property valued above £100,001

Once you have found a property you will be required to pay a reservation fee and when this is paid the property will be withdrawn from sale. Your lawyer then has up to 28 days to do the legal work and prepare a contract.

Estate Agents

As you will probably be buying a property through an estate agent, it's a good idea to find out as much information as you can. For example, all estate agents are required by law to be licensed and have insurance.

A licensed estate agent is required to advise you of the bad points as well as the good ones about any property. Also Make sure you don't use one of the many non-registered agents and ask to see the estate agents license which must be displayed in the office. Legal estate agents are members of CREAA, the Cyprus Real Estate Agents Association.

Buying Property in Cyprus - Lawyer in Cyprus

Don't forget when you're buying property in Cyprus it's essential to have a good lawyer who speaks both English and Greek. You also need to open a bank account in Cyprus so funds can be transferred for completion date.

Many people often use a lawyer in Cyprus who has been recommended by the property developer. However, it is not such as good idea and the best way of doing this is to a) take legal advice from a lawyer who has been recommended to you or, b) take advice from someone who is entirely independent and not involved in the transaction. Do not sign any papers or hand over any money until you have consulted a lawyer.

Buying Land In Cyprus
Land In Paphos

(b) The property is on the beach - flat and suitable for tourist development i.e. the construction of a Hotel, luxury houses, luxury retirement center, bungalows, etc.

(c) The property is in the Tourist Zone with and capable to use 25% of the whole for the erection of a hotel or 15% for the erection of houses, and almost ready for development.

For further details i.e. Land Registry, the title, sketch plan, etc Contact Us

Cyprus Property

Cyprus Lawyer

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