Purchase process in Cyprus

Buying a property in Cyprus

The property purchase process in Cyprus is based on English law, so there are definitely some similarities.

When you find the right property, you should put down a Reservation Fee of between €1,000 and €5,000 (depending on the value of the property). It is best to reserve it this way as many resale properties are offered by more than one agency.

Contracts are then drawn up, outlining the conditions of the sale.

Once you have signed the Contract of Sale, your lawyer will file it with land registry within 60 days to secure the property in your name(s). Buyers need to present bank and character references with the application.

The balance of the money is generally paid by the completion date agreed with both parties for resale properties and in stages agreed by the developer for new-builds.

Once you have bought your property, you should draft a will in Cyprus.

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Buying a new-build property 

If you are buying a new or recently built property, you will need to be sure that planning permission and building authority licenses have been complied with fully. If there are any problems with non-compliance this could prevent you from transferring the title into your name in the future.

One of the most important legal checks in Cyprus is over debts on the land. In the past, developers have taken out mortgages on the land and not paid them back, leaving the unfortunate house-purchaser not owning the land on which their home has been built. So your lawyer will look in to this to ensure that this is not the case for your new property.

With off-plan or incomplete properties, it is vital to ascertain the financial standing of the developer, to ensure that the company is secure and should not encounter any financial difficulties during the construction of the property. Your lawyer should check this at the Companies Registry before you sign a contract.

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Download our Cyprus Buying Guide to find out more about the purchase process, including title issues, here.