What to Expect when Buying a Property in Cyprus

Buying property in Cyprus is very similar to buying property in the UK, although not entirely the same, so you should always seek the professional advice of an English-speaking lawyer, before you sign any agreements or part with any money. Our staff in Cyprus can help with reliable recommendations.

You will usually make an offer on a property in the usual way. Once the price is agreed, you pay a small holding deposit of around CYP1,000 (£1,200/€1,700) and your lawyer draws up a simple document to prove receipt of the deposit, stating that it’s subject to satisfactory searches. Just as in the UK, this involves checking title deed checks with the Land Registry to ensure that the seller is genuine and that there aren’t any outstanding debts on the property.

Part of the property purchase procedure in Cyprus also involves applying to the Council of Ministers for permission to buy the property. This is a formality and is likely to be phased out for EU citizens by 2009. Your lawyer will usually do this on your behalf and include it in their fee.

If you’re buying a newly-built, off-plan property in Cyprus, you pay the holding deposit as above and once satisfactory checks have been made, you pay 30 per cent of the purchase price. There are usually two other payments which are paid at agreed points throughout the construction process. Once the first 30 per cent is paid, an application to purchase must be made to the Council of Ministers, as detailed above.

Your sale contract is signed once you’re satisfied with the outcome of all the checks and the necessary payments have been made. The transfer of the title deeds to your name often takes much longer, especially if you’re buying a new property on a development. To protect your rights, you must lodge the sale contract with the Land Registry until the title deeds are issued in your name, which can be several months.

Once the new deeds have been drawn up, then all parties must go to the Land Registry sign them and have them registered in your name. In Cyprus, although it’s usual to be present for the signing when buying a property, your lawyer can represent you with a power of attorney agreement.