Buying real estate in Cyprus is not only an investment in your future, but also a great excuse to enjoy the mild Mediterranean climate, hospitality of the local people and high quality of life.
To make this process efficient and interesting, we offer you a simple step-by-step guide.
Step 1: Determine the purpose of the purchase
Before you start your search, it is important to be clear about why you are buying a property: for permanent residence, vacation, rental, or perhaps as an investment. Your goal will determine your choice of neighborhood, property type, and budget.
Who can buy properties in Cyprus?
As reported by the lawyer of the DOM real estate agency, since May 2013, the Ministry of Interior of Cyprus allowed third-country nationals to own two properties, which can be two residential properties or one residential and one commercial premises up to 100 m2. At the same time to buying commercial property is more advantageous to companies, as the system of income taxation is more favorable than to individuals.
So, Cyprus real estate is available to the following categories of buyers:
- 1. A citizen of Cyprus - without restrictions.
- 2. EU/EAC citizen - without restrictions.
- 3. A third-country citizen can own two properties, which can be two residential houses or one residential house and a commercial space of up to 100 m2.
Step 2: Market Research
Research the Cyprus real estate market to get an idea of prices, popular neighborhoods, and legal intricacies. There are many resources online where you can find up-to-date offers and analyses.
If you want to increase the capital, it is advisable to buy a new building at the initial stage of construction. In this case, real estate over the years will rise in price, and by the end of construction, experts expect a rise of 20-40% depending on the location of the new project. Two years ago in Cyprus, prices in the city of Limassol rose strongly, even secondary real estate rose in price by about 40%. Today, experts are also predicting rapid growth in the emerging coastal city of Larnaca.
Step 3: Budget and Financing
Determine your budget and research financing options. Mortgages are available in Cyprus for foreigners, but it is important to find out the terms and conditions and the banks' requirements beforehand.
Buying a property for 300 thousand euros buyer qualifies into the program of accelerated residence permit for the whole family within 2-3 months from the date of purchase. Options at a price of less than 300 thousand euros can also be involved in the process of obtaining a residence permit for the whole family but without the exact term of issuance of the document.
Step 4: Visit Cyprus
The best way to choose a property is to see it with your own eyes. Organize a trip to Cyprus to view properties that interest you. This is also a good opportunity to experience the local culture and lifestyle.
Pay attention to the infrastructure of the area, the convenience of exit to the main highways, its safety. By the way, the whole island can be traveled around in just 5 hours. Old-timers rarely go further than 70 km from their home village, but those who are new to quality roads dotted with bright oleander flowers are ready to drive around the island from morning till evening and nights away. 
Step 5: Choose a reliable agent
Working with a professional real estate agent will make the buying process much easier. Choose an agent who is familiar with the market and has experience working with foreign buyers. The agent must have a license to work in Cyprus. Among the companies on the market, you will find those guys who can speak the same language as you.
Step 6: Legal Check
Before buying, be sure to do a legal check of the property to make sure there are no debts, encumbrances or minor owners in the luggage. For this, it's best to contact a qualified lawyer who specializes in real estate.
Step 7: Transaction
Once the property has been selected and a successful legal inspection has been completed, you can move on to formalizing the transaction. This process includes signing the preliminary contract, paying the deposit, and finally signing the main Sale and Purchase Agreement, which must be drawn up and signed in duplicate. In addition, foreigners at this stage also need to apply for and receive permission to purchase the property from the Council of Ministers, which can take 2-3 months.
Step 8: Property Registration
The last step is to register the title of the property with the relevant government authorities, namely the Land Department of the city where the property is being purchased. Your agent or lawyer will help you navigate this process. Before you can be issued a certificate of title - the Title to the property - you must pay the appropriate taxes to the state. The largest taxes are the transfer tax on the purchase of a secondary residence and VAT on the purchase of a newly built property.
Buying real estate in Cyprus is not only an investment but also an opportunity to find a second home in one of the most picturesque parts of Europe. With the right approach and preparation, this process can be an enjoyable adventure. Remember to enjoy every step of the way, from learning about the culture and traditions of Cyprus to choosing the perfect home for your family. Good luck finding your dream home in Cyprus!
Read also:
