Cyprus buying process

The property buying process in Cyprus is quite straightforward and should hold no fear for international buyers, so long as they have legal support.

From dreaming about it to owning it, we guide you through process of buying a property in Cyprus.

Step one: dreaming, planning and researching

A little preparation at the early stages will pay dividends when you get deeper into the process. You may be confident that you want to buy a property in Cyprus, but where will suit your budget and lifestyle? What will you use the home for? How confident are you about doing renovations yourself, or owning a pool? Do you understand the visa rules?

These are all questions to ask yourself in the initial stages of planning an overseas property purchase.

Your Overseas Home hosts helpful online events and webinars to give you further access to expert help. You can hear from and put your questions to legal experts, estate agents and currency specialists.

Check out the Cyprus Buying Guide for a more detailed plan.

The buying process timeline

Confident that you have the answers you need? Then it’s time to make your move. With the right planning it’s possible to buy a property in Cyprus within a couple of months. However, here we offer a six-month timeframe that is a little more relaxed.

Setting a fixed end point and then working back from that can help to keep you on track.

Six months to go…

1. Look at your finances and work out a budget. Don’t forget to account for the additional buying costs.
2. Speak to Smart Currency Exchange about keeping your money safe from “currency risk”.
3. Consider whether you need a mortgage or have other sources of finance. Download our guide How to pay for an overseas property for more ideas.
4. Decide which are your property “must haves” and “would like to haves”.

Five months to go…

1. Begin your detailed property search at Your Overseas Home.
2. If planning to move overseas permanently, speak to a visa specialist.
3. Download our Viewing Trip Guide.

Four months to go…

1. Discuss your options with an estate agent. Is this the right area for you? Is your budget workable?
2. Enquire about specific issues you may have. Such as if you are planning to offer rentals. Or are buying as an unmarried couple with children. This is the time to speak to a local lawyer, specialising in property.
3. Choose a few properties you like and schedule a viewing trip to Cyprus.

Download your free copy of our Viewing Trip guide for expert tips and tricks

Three months to go…

1. Continue to take viewing trips – it can frequently take more than one trip. Don’t feel obliged to buy on your first trip as it can take time to find the perfect property.
2. When you find a home you like, put in an offer via your estate agent.
3. Speak to your currency specialist about transferring money internationally – this is a good time to book a forward contract to avoid unpredictable market fluctuations that could affect what you’ve agreed to pay.
4. If needed, speak to a structural surveyor to assess your potential new home.

Two months to go…

1. Sign the reservation contract and pay a fee of roughly €5,000 to €10,000 to take the property off the market and fix the sale price.
2. Your lawyer will complete any necessary due diligence then draft a Contract of Sale, which should be in English.
3. You sign the Contract of Sale and pay a deposit, a percentage of the sale price that can be as high as 40%.

The final countdown…

1. The Contract of Sale will now be lodged at the Land Registry Office (LRO) and according to the Sale of Immovable Property (Specific Performance) Law the buyer is protected from anyone else acquiring it.
2. However, for non-EU citizens permission is required from Cyprus’s Council of Ministers. This should be a formality and you may still take possession of the property.
3. It will several weeks for title to be transferred. In the meantime, it’s a good idea to start planning for utility connection. Your estate agent may be able to assist you.
4. When the property and final contract are ready, you will be required to sign the final contract in person (or via power of attorney) and make the final payment, including tax.
5. Receive your keys to your property in Cyprus.