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Buying property in Cyprus

Purchasing a property in Cyprus is an exciting experience, but it pays to be prepared. In this guide, we cover all the essentials you need to know about buying a Cypriot property.

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Thinking of purchasing a property in Cyprus?

Cyprus is a spectacular island steeped in history, from its coastline of sandy beaches and limestone cliffs to its inland mountains and dense forests of cedar. The warm climate, welcoming locals and rich culture are a perennial appeal to British holidaymakers and expats.

If you’re planning on moving to Cyprus, or simply want your own place to stay when you visit this Mediterranean island, then it could be a good idea to purchase a property there.

However, there are plenty of things to consider before you start your property search. For example, non-EU nationals cannot rent out their Cypriot property – you can only buy a house for personal use. In this guide, we go over the key things you need to be aware of if you want to purchase a property in Cyprus.

The process of buying a property in Cyprus.

From organising financing to transferring the title deed, here are the key steps you’ll need to take when purchasing property in Cyprus.

Budget and finance

First things first, you’ll want to plan out your budget, including costs like taxes and travel expenses. It’s also good to get a mortgage agreement in place early on.

Property search

Once you know your budget, you can focus on finding the right property. Use online property portals and local estate agents to cast a wide net.

Appoint a lawyer

It’s best to hire an independent legal representative to help you with the purchase. Look for an English-speaking lawyer with local knowledge.

Make an offer

When you’ve chosen a property, make an offer. You'll also have to send a written request to the Council of Ministers to get approval for buying the property.

Sign the sales contract

Your lawyer will then review all the paperwork and carry out checks before you sign the sales contract. You’ll usually pay a deposit of around 10% to 20% at this point.

Transfer the title deed

The final stage is for the seller to transfer the title deed over to you and for you to pay any outstanding funds.

Best places to buy property in Cyprus.

Cyprus is a mixture of modern luxury, archaeological wonders, and spectacular landscapes. Here are some of the best locations on the island to buy property.

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Nicosia

The Cypriot capital city is home to a lively cultural scene, a thriving local economy, and multiple universities – perfect if you want to work or study in Cyprus.

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Paphos

An attractive option for retirees and families moving abroad, this coastal city boasts a relaxed atmosphere, low cost of living and beautiful architecture.

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Limassol

Cyprus’s second-largest city is a bustling business hub with plenty of opportunities for work. It also has several international schools and family-friendly suburbs.

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Larnaca

An increasingly popular city among expats, Larnaca offers a rich cultural heritage, beautiful beaches, excellent career opportunities and great travel connections nationally and globally.

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Protaras

Protaras is a popular, family-friendly coastal town. This makes it a great option if you’re looking for a holiday home where you and your loved ones can make lasting memories.

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Ayia Napa

A renowned tourist destination with a vibrant nightlife as well as family-friendly attractions and cultural sites, Ayia Napa is an excellent holiday location for families of all ages.

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Save money on currency transfers when buying a property in Cyprus.

When you purchase property in Cyprus, it’s highly likely that you’ll need to transfer money abroad. This could be for smaller expenses, regular payments, or a lump sum such as a deposit.

It’s important that you get a strong exchange rate when you send money overseas, particularly with larger transfers, as even a small difference in the exchange rate can have a big impact on the funds you receive.

At Currencies Direct, we offer excellent exchange rates with no transfer fees or hidden costs. We’re also experts at helping you time your transfers for when the currency market is in your favour, so you could end up making significant savings.


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Simplifying the buying process.

Working with Currencies Direct can also take the hassle out of transferring money overseas, making your experience of buying a Cypriot property more enjoyable.

As a customer, you’ll have your own personal account manager on hand to help. They can give you guidance and talk you through the options available, as well as providing market insights and expertise.

You can also easily send money 24/7 using your online account or through our app, where you can also check live rates, track transfers and view your transaction history.

Create a Currencies Direct account.

Thinking about buying property abroad? Create a free Currencies Direct account in minutes. You can then start sending money overseas or talk through your transfer needs with a friendly currency expert.

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The costs of buying a property in Cyprus.

Along with the actual price of the property and a down payment – which can be up to 50% for foreign buyers – here are the other costs you’ll need to factor into your budget.

Taxes

If you’re buying land or a new property, you’ll need to pay VAT of 19%. Stamp duty applies to all properties, ranging from 0.15% to 0.2% depending on the price of the property.

Fees

Property transfer fees come in around 3% to 8% of the property price, while legal fees are 0.1% to 1%. Estate agent fees are usually paid by the seller, but it’s best to confirm this.

Currency exchange

Moving money abroad can come with a cost, which is why it’s important you secure a strong exchange rate. We can help you plan your transfer to save money and avoid fees.

Ongoing costs

Owning a property comes with ongoing costs, including an annual local tax of around €85 to €500, bills and utilities, maintenance costs, and mortgage payments.

Finding a property in Cyprus.

There are two main ways to find properties for sale in Cyprus – you can search online property portals or contact local agents.

Property websites

There are various websites with extensive listings of Cypriot properties. You can filter your results by a range of criteria, including price, location and amenities.

Estate agents

Local estate agents can give you valuable insights and support. They could also potentially put you in touch with sellers you might otherwise miss.

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Moving to Cyprus post-Brexit.

While you can still buy property in Cyprus and move to the island after Brexit, there are now some limitations.

The key thing for British buyers is that you’ll need to apply to the Council of Ministers for permission to purchase property. It’s unlikely that your application will be refused, but the process could take several months.

In addition, as a non-EU resident you won’t be able to rent the property, so you can’t buy a holiday let or rental property in Cyprus. It’s also important to note that unmarried couples cannot jointly buy a property.

Cyprus does offer an attractive path to residency for those buying property. If you purchase a property worth €300,000 or more, you’ll be eligible to apply to become a permanent resident under Cyprus’s Golden Visa scheme.

Moving into your Cypriot property.

So you’ve bought your property in Cyprus, but there are a few things you need to take care of before you can make the move.

Documentation

Make sure you’ve got all the necessary documentation ready, such as your passport and evidence of a stable, steady income or employment offer.

Shipping

Plan how you'll transport your belongings to Cyprus in advance. Be sure to hire a reputable moving company and provide a detailed inventory for customs clearance.

Pets

If bringing pets with you, ensure they’re microchipped and vaccinated. Also, be sure to obtain a health certificate from a licensed veterinarian before you travel.

Healthcare

Arrange for healthcare coverage in Cyprus. Depending on your circumstances, you may need to acquire immigration health insurance or apply for a Cypriot medical card.

Utilities

Before moving in, make sure all the utilities are connected. You may do this as part of the buying process, or you can usually arrange everything online.

Finances

You may want to open a Cypriot bank account, plan future currency transfers, and consider how any tax or investment considerations could affect you.

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Seamless spending with our multi-currency card.

Whether you’re visiting Cyprus to scout out potential properties or you’ve finally made the move, you can simplify your travel money needs with our multi-currency card.

You can top up your GBP or EUR digital currency wallets in advance and use those funds to spend in any country where Mastercard is accepted. Other digital wallets are available, or you can exchange money on the spot to spend in 40+ currencies.

checkLearn more about our multi-currency card

Selling a property in Cyprus.

When the time comes to sell your Cypriot property, careful planning and preparation can help make the sales process much smoother. Here are the key steps to consider.

Prepare for the sale

Start by getting your property ready for the market. Carry out any maintenance work, spruce the place up and perhaps do some decorating.

Advertise your property

You can list the property yourself, but working with an experienced estate agent is often the best option. They’ll advertise your property and offer valuable advice.

Hire a lawyer

Choose a qualified, experienced lawyer to help guide you through the process. They’ll carry out the appropriate checks and make sure you follow the rules and regulations.

Accepting an offer

It’s not uncommon for buyers to negotiate on prices, so be prepared. When you accept an offer, it’s a good idea to ask for a reservation fee to protect you in case the buyer pulls out.

Sign the sales agreement

Your lawyer will then help draw up the sales contract, outlining the conditions of the sale. You and the buyer will sign, and they’ll pay a deposit of around 20%.

Finalise the sale

Finally, you’ll both meet at the Land Registry department to complete the sale, transferring the title deed once the full purchase price is paid.

Get started today

Create a free Currencies Direct account to access excellent exchange rates, expert insights, and outstanding customer support.

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Frequently asked questions about buying a property in Cyprus.

For new builds and land you’ll need to pay VAT. This is 19% for new properties, while the amount for land can vary. You won’t be charged VAT on resale properties.

Both new and resale properties will attract stamp duty, which varies from 0.15% to 0.2% depending on the price of the property. You’ll also likely have to pay local taxes annually, which tend to range from €85 to €500 and depend on your property type and location.

No, you don’t need a Cypriot bank account for your property purchase. However, if you’re planning on emigrating to Cyprus then it’s a good idea to open an account before you move.

Yes, foreign nationals can apply for a mortgage (or housing loan) from Cypriot banks. However, non-residents will typically need a deposit of around 30% to 40%, and unmarried couples cannot apply for a joint mortgage.

The full buying process is likely to take from three to six months, depending on various factors. It’s also worth noting that applying to the Council of Ministers for permission to buy can also take several months, so it’s best to send your application off as early as possible.

While foreigners are allowed to buy property in Cyprus, they must get permission from the Council of Ministers first. You also won’t be able to rent out your property and unmarried couples cannot jointly own a property.

Cyprus’s Golden Visa scheme is a pathway for non-residents to get a Cypriot residency and even citizenship by investing in the country.

If you buy a property of €300,000 or more, you’ll automatically be eligible to apply for permanent residency. After five years of living in Cyprus, you’ll then be able to become a citizen.

When sending money to Cyprus, the exchange rate you get depends on who you transfer with, how much money you send, and when you send it. Exchange rates are always moving, so timing your transfer right is often the best way to ensure you get the most from your money.

Yes, you can use a forward contract with Currencies Direct to secure an exchange rate up to a year ahead of making a transfer. This is a good way to budget knowing exactly how much you’ll get when you exchange currency. You’ll also be protected should the market move against you, although you won’t benefit if the exchange rate improves.

The main currency exchange risk is market volatility, as a decline in the GBP/EUR exchange rate could eat into your funds. Using a forward contract can minimise this risk, as can planning ahead.

At Currencies Direct, we offer a range of other transfer services and solutions to help you minimise the risks to currency exchange. And as a customer, you’ll have your own account manager on hand to offer guidance, insights and expertise.

Yes, you can set up automated payments to go out monthly or quarterly for things like utilities or mortgage payments. You can even use a six-month forward contract with your automated transfers, so you can plan ahead with confidence.