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We have compile a list of Frequently Asked Questions to help you with the process of buying a property in Cyprus.


Click on a red arrow to reveal the answer.

Why Cyprus ?

  • Property in Cyprus has never been so desirable.
  • European Union member since May 1st 2004.
  • Perfect Location - Crossroads of three continents.
  • Island of Aphrodite with the healthiest climate, 9000 years of culture, fantastic food, quality of life and   local hospitality. 
  • World-class beaches & resorts  alternate with settings untouched since antiquity.
  • Lowest criminality and unemployment index among E.U. Countries.
  • Cost of living is lower than other European countries.
  • Treaties with many countries avoiding double taxation.
  • Close proximity - a 30 minutes drive will get you to Larnaca/Pafos Airports, Troodos mountain resort, International standard Golf Courses, business centre of Nicosia or ancient amphitheatre of Curium.
  • Considerably lower cost of living and property market prices than in other European countries in combination with extremely high standards & quality of life.
  • Buyers are still getting high value for money.
  • Many overseas property investors.
  • Properties for highest demands.
  • Services, infrastructure, facilities and aesthetic appeal of the area is having a knock-on effect on property values.
  • A shortage of available building land between the sea and the mountains means that land prices on the coastal areas must rise with further population growth.
  • Peace of mind for owners
  • Freehold properties

How much deposit do I require to reserve a property ?

€2,000 - €5,000 can be considered a good faith deposit to reserve a property and fix the price.

How easy is it to purchase a home in Cyprus ?

Cyprus has the easiest process of purchasing a property. In general terms purchasing a home requires a couple of days for you to become an owner of your dream property.

Where should you buy ?

As a rule of thumb always remember Location and location and location. A well-located property will be rentable for longer and at a better price than properties in "bad" locations. Always carry out a thorough research about the area.

TOP TIP: The position of the property for sale is one thing that can not be easily altered after the purchase. Visit the area you decide upon a few times; the more time you spend in your chosen area the better you will come to know it.

What type of property makes the best investment ?

Which is the best investment, a large or small property. This always depends on your priorities and the budget involved but in general, smaller, cheaper properties have the highest income return from an investment. On the other hand expensive large properties return a higher capital growth in the long term. So the formula can be: the cheapest property in each class makes the most money.

Do you want to manage your property yourself ?

Most Landlords want to invest their money and take an annual income and capital growth, but if you want to manage your property yourself you will need to be near where you are living and have a good market background.

Can the purchase of a property be considered as a business ?

Always remember that Property is a long term investment. It may sound obvious but if you are buying a property for investment it is the same as running a small business and is quite different from owning your own home.

Buy-to-Rent / Buy for Cash & Rent vs Buy on Mortgage & Rent ?

It can be a pension, an investment plan, an income earner. It can be used by everyone from students to pensioners. It is the Buy to Let, the most talked about investment of the last few years.

Landlords cashing rent cheques and calculating how much their property has increased in value since they bough it. Buy to let is not for every one. But it is already helping thousands of people secure their financial futures and the deeper you get into the buy to let world the more challenging and rewarding it can be. You could join them.

Experts say the biggest mistake buy to let investors make is to buy the sort of home they would like to live in rather than the sort most tenants are looking for.

  • Buying for cash means that the title deed is in your name.
  • The % annual rental income on your money is higher than the receivable Bank interest rate.
  • You can not take advantage of your money when it is needed in another "good" deal.


  • Your annual rental income must be higher than your interest rate.
  • Risk from increasing Bank mortgage rates.
  • You can take advantage of your available money and invest in another property.

TOP TIP: Many people cover as much of their mortgage costs as possible by letting their property.

Should you buy early in Development ?

Buy off plan is a way to gain any potential increase in the property market. Historically prices have risen at 15% per annum before completion.

TOP TIP: Check out the developer's credentials - Ask for bank guarantees - Check out their previous projects for the quality of finish.

How much do risk I want to take ?

The minimum or no risk at all is always desirable, but is not applicable or reality. We are facing risks every day in our life but to be sure before making any property decision you have to look carefully at the economic factors, such as interest rates and the level and confidence in the economy. Today Cyprus has very high, favourable and stable economic factors in the property market.

What are the benefits of purchasing a newly built property ?

  • New properties have a minimum one year guarantee.
  • You can complete the property according to your taste.
  • The property has never been lived in - it will be totally new and shiny.
  • You will have the latest new fittings.
  • Low maintenance cost.

What are the benefits of "Buying Off Plan" ?

  • Most developers usually have a set of stock villa designs. You buy a plot, and they will build whichever of their designs suits your needs and budget.
  • It is likely to be cheaper than an architect designed home and less hassle than going it totally alone.
  • You can choose from their stock the plot of your taste, you can see drawings and the plot and buy "off plan" before the property is built.
  • You can make minor changes in drawings to fit your needs.
  • Your purchase can rise in value even before it is finished.
  • You pay in stages as the building advances.
  • The cost is fixed from the outset

TOP TIP: Check that the communal areas will be ready when you move in and make sure you check out the quality of the developer's previous work.

Is the Resale property for me ?

  • Any property which is not newly built is obviously a resale property. The term tends to be applied to a fairly newly built apartment or house for sale.
  • The point below applies to resale properties and will help you to decide whether resale property is the best choice for you.
  • You can choose an almost new property which needs no work at all at a better price.
  • Some resale properties are sold fully furnished.
  • You can find a resale property at an attractive price which needs some upgrading.
  • What you see is what you get.
  • You can move in immediately.

Do I need old traditional houses. Shall I buy a traditional house to restore ?

  • Restoring old traditional houses is becoming increasingly popular. But ask yourself first is the house for renovation the right move for you.
  • Many people can not believe how cheap old run down houses for sale are in Cyprus, and not all of them need huge amounts of work.
  • Projects can range from complete renovation to minor decorating/cosmetic work and you will be bringing wonderful original features back to life.
  • But if the idea of restoring an old house is not for you but you do like old traditional houses then buy the idyllic which someone else has prepared for you.
  • Some points have to be considered prior to the purchase.

    • Do you like the completed renovation?
    • Is the work done of good quality?
    • How well have original features been brought back to life?

TOP TIP: If you choose run down houses for the sake of a low price it can become an expensive nightmare and always expect the unexpected.

Shall I use an architect to design my home on my own plot ?

For many people, to choose a plot of land and to commission a house built to their exact requirements is what unique dream homes are all about. A project of this type can completely fulfil your property dreams. Few issues arising on that: the project can (and often does) go over budget. Can you wait a long time till you can use the property? Does your architect have a lot of imagination to make the most of the opportunities offered?

TOP TIP: A good architect can design your dream home but can work with a modest budget.

Can I draw up the Building Contract ?

Always get your lawyer to check the building contract provided to you by the developer. It is important that it protects your rights and not only builder's.

Your contract should at least cover:

  • The construction quality
  • Completion date and penalties for the building falling behind schedule
  • Bank guarantees
  • What is included in the cost of construction

What if the Builders are unable to finish the property, is my money safe ?

By assigning a lawyer dealing with the property market your money is safe and bank guaranteed. In case of a default you will receive all your money back.

What if I change my mind before completion ?

Since you had signed the contract you are committed to the sale-purchase agreement and you loose the reservations fees, but on the other had you can sell it to a third person and collect the profit from the sale.

Am I required to be present for each stage of the process ?

You can assign and instruct your lawyer or your agent to act on your behalf at every stage of the purchase.

Why should I be a Landlord Vs Letting a property for a long term period ?

Surveys show an increase in the number of landlords increasing the size of their portfolios rather than letting a property for a long term period. As a result the level of experienced landlords among residential property investors is on the rise and express their satisfaction. Once Landlords have a track record of satisfactory tenancies they look at the current and projected future cash flow of their private business.

How much do I need to live in Cyprus ?

A couple can live comfortably in Cyprus on approximately €20,000 per year.

What can I afford ?

Buyers tend to think that what they can borrow and what they can afford are one and the same thing. They are not. Your lender may be willing to lend you a vast amount of money, but the question is: can you afford to pay it back every month, no matter what happens to interest rates? And have you taken into account the additional costs associated with owning a property? So add up all the associated costs; cost of buying the property and the ongoing cost of looking after it.

In whose name should you purchase the property ?

It is worth paying careful attention to this point because of the potential tax and other savings that can be made at a later stage. These can amount to many thousands of pounds which is well worthwhile.

There are a number of ways to purchase the property:

  • In your own name
  • The joint names of you and your spouse or co-purchaser(s)
  • The name of your adult children or in the name of somebody who will eventually inherit the property from you.
  • In the name of a limited company, British, Cypriot or offshore.

Can I pay the purchase price by installments ?

In the case of new properties, it is customary for payments to be made by installments depending on the progress made in the construction of the property. It is advisable to have someone on the spot to check that the property has indeed reached the appropriate stage prior to any progress payment being made.

How do I get the money to Cyprus ?

This is usually done by electronic transfer to your lawyer's office.
Transferring money to Cyprus does take time - allow up to one week.

Are there any other things I should do ?

It saves a great deal of time and effort later on if you now review your will and make a separate Cypriot will dealing with your affairs in Cyprus.

Making a will can save you a great deal of money in administrative cost and taxes when dealing with death. Seek advice from your lawyers.


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