How to buy a property in Cyprus

Как купить недвижимость на Кипре

In recent years, foreigners are increasingly considering whether to buy a property in Cyprus. And many people are buying it — this proves the increase in the number of purchase and sale transactions in recent years. Although the island of Cyprus is not the most ordinary piece of land. 

Cyprus is divided into the northern part — the Turkish Republic of Northern Cyprus (or TRNC) — and the southern, Greek part of the island — the Republic of Cyprus.  Earlier we wrote about how to buy a property in Northern Cyprus, now we will focus on the southern part of it.

Since buying a property is a serious step, you need to learn about the pitfalls (if any) and understand whether the advantages that are often written about on travel sites will be advantages for you personally.

The pros and cons of living in Cyprus 

Depending on your preferences, the advantages of living in Cyprus can become disadvantages and vice versa:

  • Pleasant weather — more than 300 sunny days a year. But if you burn easily without sunscreen or you have high blood pressure, the heat may be a burden to you.
  • Fairly low taxes when buying real estate (that’s also why they buy it here). But since this area is in demand from foreign investors, taxes for foreigners have increased. Why not replenish the budget while demand is increasing?
  • The purchase of real estate can facilitate the procedure for obtaining citizenship in the future. 
  • A residence permit is given not only to you, but also to your family members. But since there are two states in Cyprus, it cannot be said that local residents do not have concerns about possible clashes, as in 1974.
  • Real estate in the Turkish part of the island is cheaper than in the south, with almost the same pleasant climate. But in the world community, the territory of the TRNC remains unrecognized.

If you haven’t changed your mind yet, then you really should learn how to buy a property in Cyprus.

Features of the Cyprus real estate market

The types of real estate objects do not differ significantly from what we are used to seeing in other countries. These are apartments, houses, villas, residential complexes, land plots, that is, residential real estate. Offices and shops are the most common representatives of commercial real estate. 

The objects from the developer are the so—called primary real estate, which is purchased after cosmetic repairs. Secondary housing is where someone has already lived before you, or carried out a transaction.

It depends on what your budget is, and it is worth starting from when you choose exactly where it is better for you to buy a property in Cyprus. Even if you have impressive amounts, you should choose quickly: prices are constantly rising (for the buyer, this is undoubtedly a minus) and the island is not rubber (it is impossible to build new and new objects indefinitely), so someone else can buy the villa of your dreams.

How much does a property in Cyprus cost?

You need to pay for the registration of real estate in Cyprus. Therefore, add a minimum of 10% to the purchase price for fees and taxes (including VAT, that is, value added tax).

There have been many economic and political changes in recent years, but South Cyprus is trying to hold its position. So, in 2020, due to Covid, the program for obtaining citizenship by investment was suspended. There are fewer purchase and sale transactions, but Southern Cyprus remains a popular destination. 

In the following years, the number of purchase and sale transactions began to grow. The opportunity to obtain citizenship by investing in real estate has appeared again. For more information, please visit the official portal of the Department of Lands and Land Management.

Prices for the purchase and rental of housing in different cities of Southern Cyprus


  Rent (€ per month) Purchase (€ per 1 sq.m)

In downtown

1 sp. 640



3 sp. 1230

Outside the center

1 sp. 530



3 sp. 976


  Rent (€ per month) Purchase (€ per 1 sq.m)

In downtown

1 sp. 1580



3 sp. 2560

Outside the center

1 sp. 1189



3 sp. 2115


  Rent (€ per month) Purchase (€ per 1 sq.m)

In downtown

1 sp. 967



3 sp. 1670

Outside the center

1 sp. 669



3 sp. 1248


  Rent (€ per month) Purchase (€ per 1 sq.m)

In downtown

1 sp. 836



3 sp. 1578

Outside the center

1 sp. 597



3 sp. 1270

Source: .

What is happening in the Cyprus real estate market in 2023? Fresh analytics on prices and demand

How to buy a property in Cyprus for a foreigner

It all depends on which country you are a citizen of. Since the Republic of Cyprus is a member of the European Union (hereinafter – the EU), first of all, the laws work in favor of EU citizens.  

Note. And if you are interested in the territory of the TRNC, remember that the rules for buying real estate in Northern Cyprus will differ from the above. The study of the match can begin with the “Law on the Acquisition of Real Estate and Long-term lease (by foreigners) (as amended)” (Taşınmaz mal edinme ve uzun vadeli kiralama (yabancılar) (değişiklik) yasası, 52-2008).

Which countries have the right to purchase real estate in Cyprus? 

Favorable conditions are being created in South Cyprus for foreign buyers of real estate so that more foreign investments flow into the economy. Knowing about the advantages of buying real estate in Cyprus (real estate transactions, namely purchases, are made with citizens of any country), foreign legal entities and individuals continue to purchase real estate regardless of political and economic changes.

Of course, there are limitations. So, if you are not a citizen of the European Union, you will need permission from the Council of Ministers. But this is a simple procedure: you will be checked for problems with the law and find out if you own any real estate in Cyprus. 

If you are an EU citizen, such verification is not carried out.

What types of real estate are foreigners allowed to buy?

Citizens of third countries can buy no more than two real estate objects (a land plot and an apartment, or an apartment and a detached house, or commercial real estate) with an area of no more than 4,014 square meters (see /) after obtaining permission from the Council of Ministers.

Remember that the purchase of real estate in Cyprus allows you to obtain a residence permit.

There are no restrictions for EU citizens.

Solving the housing problem in Cyprus: the government allocates 77 million euros in financial support

Property taxes in Cyprus

As mentioned earlier, buying a property in Cyprus makes it possible to subsequently obtain citizenship. This is a long process, but it is much easier than obtaining citizenship in European countries.  Even when taking into account all taxes that will have to be paid in addition to the cost of the property.

VAT is paid when buying primary real estate, occasionally when buying secondary real estate, if VAT has never been paid before when making a transaction with it. The VAT amount is 19%, but there is a way to get a benefit for it. If you are buying a property for the first time, then you pay 5% of the value of the property. And it does not matter whether you are an EU citizen or not (see the amendments to the Value Added Law of June 8, 2012).

This rule applies to individuals over the age of 18, and the property to be purchased must be their primary and first owned place of residence in South Cyprus. The property must belong to residential real estate and be no more than 200 sq.m. It can be an apartment, an object under construction or a house.

After 10 years, the same individual can again buy a residential property that meets the above requirements at a reduced rate of 5% if he indicates the new object as the main place of residence.

The stamp duty is paid within 30 days after signing the contract of sale. It depends on the value of the property. The first €170,860 of the cost is subject to a tax rate of 0.15%, and the excess of this amount is 0.2%. 

Title fee (Property Transfer fee or transfer of ownership tax) is a fee for the renewal of ownership. It is paid when buying secondary real estate and depends on the value of the contractual value of the property:

  • the first €85 thousand is taxed by 3%;
  • The range of amounts from €85 thousand to €170 thousand is 5%;
  • the amount exceeding €170 thousand is 8%.

It is possible to reduce tax rates if you formalize shared ownership. 

The capital gains tax is paid by the seller. If he decides to rent out the property, he will have to pay tax on the rental.

Mortgages and installments

How to buy an apartment in Cyprus if you do not have enough money? A mortgage can be a great solution, although, of course, you will have to overpay interest to the bank (1.5-3%). But the cost of housing has been growing in recent years. This means that there is a demand for it, and at the subsequent sale you will reimburse the purchase costs. It is worth remembering about the initial payment of 30% (may vary).

Another option is installments from the developer himself. The advantage is that the installment plan does not imply an increase in the contractual amount due to interest. But the developer may be less stable than the bank. Therefore, it’s up to you. And you will pay the first installment to both the bank and the developer.

Real estate insurance

To protect yourself and your future property, especially if you purchase real estate remotely, insure the purchase and sale transaction and the property itself. You can find out the terms of insurance at any insurance company in Southern Cyprus. 

Often, the bank involved in the transaction already uses the services of one or another insurance company. Perhaps you should rely on his experience of cooperation.

Как купить недвижимость на Кипре

Maintenance of real estate in Cyprus

The cost of maintaining your property depends on how long you plan to stay in Cyprus.

If you are going to live in a purchased house, you will have to pay for utilities, for example, to pay for electricity, water supply, sewerage. There will be expenses for food and other necessary things. But you won’t need to hire a caretaker to look after the property in your absence.

You can also save money if you decide to use solar panels, as the island of Cyprus is famous for its excellent weather.

You will have to pay the annual municipal tax regardless of where you live. Also think about the cost of fixing possible breakdowns. It turns out that real estate is not so cheap for you? Perhaps it is worth insuring it?

Stages of buying a property in Cyprus

You can find a priority property in Cyprus for purchase in two ways: offline, that is, by personally arriving on the island, and online — without coming. 

Some real estate agencies periodically hold meetings with potential buyers. In one place, you can see photos of several objects, immediately ask questions and visit your favorite accommodation with a realtor. 

The online method is carried out via the Internet or printed publications. In any case, before signing the contract, it is a wise step to inspect the property in person.

Selecting an object

As mentioned earlier, the choice of future property is made virtually or upon arrival on the island. You do not need to apply for a visa to Cyprus if you plan to leave earlier than 90 days later. 

If you want to speed up the process, you can hire a local realtor. Having a real estate agency license will confirm the legality of the activity, so check it. 

Opening a bank account, reserving and signing a preliminary agreement

After the buyer has selected the property, it needs to be reserved. This means that it’s time to pay 1-2% of the cost of a future purchase, thereby confirming the seriousness of the buyer’s intentions. If he changes his mind later, the deposit will not be refunded. Some kind of penalties. If the transaction fails due to the seller, then the payment will be refunded in full.

To make a deposit, you will need to open an account with a bank of Cyprus, for example, Alpha Bank, Astra Bank, Bank Of Cyprus, Eurobank or Hellenic Bank. 

Unfortunately, citizens of Belarus and Russia may not be able to open an account, but nothing prevents you from transferring money from your bank account. 

Checking the legal purity of the object

When buying and selling primary real estate, the developer is the guarantor of the purity of the transaction. That is, he confirms that all documents are in order and the property is not burdened with a mortgage or rent.

When carrying out a transaction, the object of which is secondary real estate, the purity of the transaction is checked by a lawyer who should be hired after checking his license. By contacting the relevant departments, the lawyer will find out if the property is ready for sale.

Conclusion of a purchase and sale agreement

For foreign citizens, including Russians, after the purchase of real estate, a visa to Cyprus will not be needed, as it will be possible to obtain a residence permit. And in the case of buying a property in the amount of € 300,000 or more, you can get permanent residence. The specifics of the immigration program for investors can be found here.

Documents, including purchase and sale agreements, can be drawn up in English or in Greek. This is indicated on the website of the Department of Civil Registration and Migration. 

The contract must contain a description of the property, its exact address, the amount of the purchase and sale, the full names of the parties to the transaction, a description of the rights transferred with the property and other important information.

Obtaining the title of ownership

The title document containing information about the real estate object and its owners is the title of the property. With its help, the owner can make any legal transactions.

After the conclusion of the purchase and sale agreement, the buyer’s lawyer provides the Council of Ministers with a written application and a copy of the passport. Pays the stamp duty.

Within 60 days after signing the contract of sale, the lawyer registers the contract in the land registry (District Land Registry Office). After the buyer is 100% settled with the seller, it is necessary to obtain formal permission from the Cabinet of Ministers to purchase real estate. You can read about the documents that need to be provided here.

Features of the remote purchase of real estate in Cyprus

What happens when buying real estate remotely? You, as a future buyer, issue a power of attorney to a lawyer. And he deals with all the documents on your behalf, makes a purchase and sale transaction based on your interests, and registers the property. Of course, before that, a lawyer should be hired by signing a contract for the provision of services. 

A lawyer will not be able to get a residence permit instead of you. Only you can become the owner of a residence permit. 

Как купить недвижимость на Кипре

Renting a house in Cyprus

In addition to obtaining a residence permit when buying real estate, it can be rented out. But there is one feature. The rental housing market, which was built before December 31, 1999, is regulated. It better protects the rights of tenants. For example, you will not be able to raise the rent to the market level if the contract specifies a lower fee. And it will be difficult to evict a tenant on your whim. Therefore, it makes sense to consult with a lawyer who deals with real estate issues.  

Accordingly, in order not to take risks, buy and rent housing built on January 1, 2000 and later.  It will relate to the unregulated rental housing market.

Where is the best place to buy a property in Cyprus

It would not be superfluous to tell you about the top 5 cities in Cyprus for real estate investments. 

Limassol is a major financial center. This city is the second largest with a population of about 245 thousand. In addition, it is attractive for a large number of foreign schools and a rich cultural life. For example, a Wine Festival is held in the City Park at the end of August, and a ten-day carnival is held before Lent. Therefore, foreigners are in a hurry to obtain Cyprus citizenship for investments by buying real estate here.

Nicosia is the capital of the Republic of Cyprus. It is located in the central part of the island of Cyprus. As in any capital, there is always a demand for real estate here. Locals try to settle nearby to make it easier to find a job. After all, in small towns within the country they work only during the tourist season. The disadvantage of the city is that there is no access to the sea here. Part of the city belongs to the TRNC, which also does not add to the tranquility.

Larnaca is located 34 kilometers from Nicosia. It is the third largest city in Southern Cyprus. The main airport of Cyprus is located here.

Paphos has been added to the UNESCO World Cultural and Natural Heritage List. According to Greek mythology, a few kilometers from the city, the goddess Aphrodite emerged from the foam of the sea. 

Tourists often visit Nizhny Paphos, the southern part of the city, where most of the attractions and souvenir shops are located. And in Upper Paphos there is the administrative part of the city. 

Real estate in Paphos is cheaper than in Larnaca. And it has its own airport.

The population of Ayia Napa is less than three thousand, but at the same time it is one of the largest resorts in the Republic of Cyprus. Of the 27 beaches, 14 received the Blue Flag — the mayor of the city struggled with noisy tourists: problematic establishments were closed, the infrastructure was updated, a new marina and an underwater museum were built. 

Frequently Asked Questions

Yes, they can, but there are a number of restrictions — read more on the website of the Department of Lands and Land Management.

The purchase of real estate contributes to obtaining a residence permit. Citizenship can be granted after seven years. Check the details with the migration service.

First of all, this is a preliminary agreement, after signing which a deposit of 1-2% of the property value is paid. Then the contract of sale and a list of documents that can be found in official sources.

It depends on whether you want to move for permanent residence or rent out a property. The most popular cities are Limassol, Nicosia, Larnaca, Paphos, Ayia Napa.

In the city of Limassol, which is located in the south of the Republic of Cyprus.

Yes. It depends on the value of the property. The first €170,860 of the cost is subject to a tax rate of 0.15%, and the excess of this amount is 0.2%.

Citizens of third countries can buy no more than two real estate objects with an area of no more than 4,014 square meters after obtaining permission from the Council of Ministers. There are no restrictions for EU citizens.


Как купить недвижимость на Кипре

Anastasia Romashkina Author

I write articles on various topics for a foreign audience. For example, articles about real estate, emigration, and so on.


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