• Step 1 - Find A Property & A Solicitor

• Step 2 - Exchange Contracts

• Step 3 - Completion



Owning property in Cyprus has never been particularly difficult, but since the Republic of Cyprus (the south) joined the EU in 2004, it has become even easier.

Restrictions on foreign ownership of property have mostly been lifted and the formalities that used to be required are no longer needed.

Here's our beginner's guide to buying a property in Cyprus.





Step 1 - Find A Property & A Solicitor

Just like in the UK, the two of the first things you need to do are to find a property you want to buy and find a solicitor to represent your interests and carry out the necessary legal checks.

Use of a solicitor is essential in Cyprus, especially if you are buying a new-build property.

Once you've found a property you like and agreed a price with the seller, it's normal to place a small reservation deposit - usually around CY£2000.





Step 2 - Exchange Contracts

Once you have reserved your property, you should be legally protected from being gazumped by other buyers. You now need to have your solicitor initiate all necessary checks and searches and draw up a contract for the sale.

If the property is a new build, the contract will include a schedule of payments, which should be closely and explicitly tied to progress on the property build.

With new builds, it is essential to ensure that you have a thorough, detailed contract.

Whether new build or resale, when you exchange contracts with the seller you will be required to make a 20% - 30% deposit, which is normally not refundable if you pull out.

Step 3 - Completion

Once you've exchanged and paid your deposit, it is just a question of ensuring all the legal checks have been completed successfully and of making sure your financing is in place.

If it's a new build you will have to wait until the build is complete, but resale properties should be able to move to completion fairly quickly.

Once you've completed and signed the final contract of sale, your solicitor will register the deeds with the Land Registry in Cyprus and advise you of the fees and taxes you now owe.

These normally include:

Although these may seem a lot, there are fairly generous tax-free bands which usually mean that you only pay tax on part of your property's value.

Read On

• Introduction

• Buying A Property In Southern Cyprus – 3 Easy Steps

• Should I Get A UK or Cypriot Mortgage?

• Getting A Mortgage In Southern Cyprus

• Other Things To Consider Before Buying In Southern Cyprus

Buying Overseas Property and Mortgages