Take your time, look around and surf our website. If you find a property you are interested in, make a note of the reference number and go back to it as many times as you like. If you are interested in more than one property, make a list of the reference numbers in order to make future searching on our website for the specific property easier for you.

When finding a property of interest, our company will guide you through purchasing a property in Cyprus both legally and effectively. Here are a few points to give you an idea what to watch out for before purchasing :

• When viewing a property, ensure that you can afford it. Compare the price in your exchange rate. Make use of the currency converter placed on our website.
• Ensure that the property is what you are looking for. Can you improve it? How much will improvement changes cost?
• Obtain reliable and expert local advice.
• Before entering into a contract carry out a search at the District Lands Office to check whether there is already a title-deed in the name of the seller in respect of the property to be purchased or, if not, whether the issue of such a title-deed is legally feasible, as well as, in either case, whether the property is encumbered in any way or not.
• If the property to be purchased is a piece of land, check
  a) whether it has a road access (without it, building is not possible)
  b) if the land is included in any zone or area where building is restricted and , if so, to what extent it is restricted:
  c) whether it is subject to any street widening scheme;
  d) whether the supply of water and electricity is possible and at what expense.
• If the property to be purchased is a house or a flat, check whether there is a building permit and, if completed, whether a certificate of approval for the building has been obtained from the appropriate authority.
• For both cases mentioned above, check the possibilities and eventual availability of a telephone connection.
• Do not enter into a contract before being assured by the lawyer that the case is one in which the relevant permissions from the authorities would, as a rule, be granted.
• When entering into a contract, check that there are ample and proper provisions ensuring
  a) the eventual transfer of the property and the issue of a title-deed free from any encumbrances;
  b)  that the contract is subject to obtaining the relevant permissions from the authorities (this is presumed in law but it is advisable to refer specifically to it, inserting provisions for the return of money paid if permission is not obtained);
  c) that possession is delivered to the purchaser upon execution of the contract if the building is completed and, if not completed, upon completion;
  d) that in the case of a flat, there are general conditions attached to the contract applicable to and binding on all other purchasers and users of flats or shops in the building, regulating their respective rights and obligations.
• Ensure that the contract is signed by the seller in the presence of two witnesses, themselves competent to contract, who have signed as attesting witnesses.
• If the seller is a company, ensure that all corporate actions have been properly taken for the valid execution of the contract.
• If the seller is a person under legal disability or if a person signs in a representative capacity on behalf of the seller, check the proper authority and legal ability of the person signing on behalf of the seller.
• As soon as practicable after the execution of the contract ensure that:
  a) an application is made in the proper form for obtaining the permission of the Council of Ministers;
  b) an application is made to the Central Bank of Cyprus for an exchange control
  permit, unless the purchaser, though an alien, is a resident (for exchange control purposes) and the seller is also a resident;
  c) a copy of the contract is deposited with the District Lands Office within two months of its execution, thus ensuring that the contract becomes a charge on the property and that it may be specifically performed.
• As soon as practicable after the permission under 11(a) and (b) above has been obtained, ensure the earliest possible transfer of the title-deed though the District Lands Office, and if a separate title-deed has not yet been issued ensure with the seller that this is done as quickly as possible.  In the case of any breach in the contract ensure that legal action is brought within six months from the date of the breach after written notice.
• Something to look for are the local amenities. Is it near to supermarkets, public transport, schools, swimming pools, beaches and taverns.
• How near is the property to the airports (Paphos/Larnaca)? How far are the nearest towns and how much are the taxi fares from the towns?
• If you prefer special conditions for your property then it is advisable to make a list of priorities. Here is a short list:
• Check where the sun rises and sets on the property
• How safe is the area? If possible meet the neighbours, get a feeling of the area, talk to someone who already lives there. Revisit the property in the morning, afternoon and late evening. Are the neighbouring properties alarmed?
• Is the property heated or air conditioned? What heats the water (solar power, gas or kerosene)?
• Check with your advocate to investigate the deeds to make sure that other persons do not own the sections of the propery or have trees/plants owned by them.
• If the property has a swimming pool, look at the condition of the tiles/liner. Ask for the details of the company that fitted it, for future reference.
• Where does the water supply come from? (Mains or spring) In many of the mountain villages the water is drinkable. Does the property have a water bore hole to supply the garden?
• What does the house include? Fixtures and fittings, plants, furniture, kitchen appliances etc.
• Check the sewage system, is it connected to the mains, is it a cesspit, or a soak away? How many times a year must it be emptied and how much does it cost?
• When viewing property ask to be left alone, in order that you may talk to each other. Don’t let  sellers or         landlords rush you through without looking at every wall, (behind curtains, wardrobes, cupboards etc...). It is important to take as much time as possible. Once you have signed a contract it is then too late.

Property Ownership
In comparison to many other countries the process of purchasing property in Cyprus by foreigners is very simple. Non Europeans are entitled

• to a freehold  (The system of leasehold is almost unknown in Cyprus),
• an apartment,
• or a piece of land, with maximum allowed extend of 4014 sq.meters (four thousand and fourteen square meters).

The above restriction, in respect of Europeans, will hopefully be soon abolished due to Cyprus’ entry in the EU. Such a change in the legal system will possibly increase demand of real estate with the related reflection on property prices. In respect of plots of land, Europeans can purchase as many and for any extent. This was one of the changes which took place because of the entry of Cyprus to the EU.
Foreign companies can acquire premises for their business or for holiday home for their directors. Europeans who acquire permanent or temporary permit can register in their name as many properties as they want provided that they sign a confirmation to the government that they will stay for the following five years in Cyprus.
Properties in Cyprus are on average 20% - 30% lower in prices than Portugal, 30% - 40% lower than Spain and 50% - 60% lower than Italy and France.
The law regarding buying property in Cyprus has changed since 13th June 2003. These are the points from the District Officer in Cyprus. Please note that these can change at any time.

• Non Cypriots and non residents of Cyprus require the permission of the Council of Ministers to purchase immovable property in Cyprus
• Only under exceptional circumstances will permission be granted to buy more than one property. (There is a way around this, discuss this with a lawyer)
• Non Cypriots/residents are not allowed to rent their property to tourists but may rent them to permanent residents of Cyprus
• A permanent resident is undefined as yet. Previously it was someone who was resided in Cyprus for more than 10 years.
• It is important you check with your lawyer any of the above regulations which are subject to change at any time. Your conveyance contract is filed with the Land Registry within two months of being signed, thus preventing the vendor from selling the property a second time.
  
• In terms of Mortgages, it is generally permitted to borrow up to 70% of the lower valuation and purchase price for between 5 and 15 years. The minimum loan is usually around CYP 25, 000. Banks can offer mortgage facilities in connection with the purchase of the property. Facilities cannot be arranged in Cyprus Pounds. A first mortgage will be required and the mortgage will be granted for 10 years maximum period. Normally the interest rate charged will be 2.5% above sterling rate or dollar prime rate. There is also an additional arrangement fee of 1% payable on the amount of the advance.

Property Registration / Transfer fees (including examples)
Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor.
A prerequisite for registration, (in the case of non-Cypriots) is evidence that the property has been paid for with foreign exchange and approved by the Council of Ministers of Purchaser's application to buy property in Cyprus. These formalities can be taken up by our company on behalf of our clients, (free of charge) as part of the agreement.
Before the registration of the completed property, the purchaser should pay the transfer fees, which are payable to the Land Registry office.

For Example, if the purchase price is CY£ 90,000:

If the purchase is made on joint ownership (i.e. husband and wife, and provided that the total purchase price is more than 50,000 CYP) the calculation for the total transfer fee is as follows:
For Example, if the purchase price is CY£ 90,000:

After Sales Service
After Sales Service may vary from company to company, but generally include the following:

• Car leasing or purchase
• Furniture and Appliance purchase
• Interior decorating
• Cleaning, Gardening and Pool maintenance serevices
• Home Owners Insurance
• Life and Medical Insurance
• Car Insurance

As stated above, each company offers his purchasers with different services. These requests are considered on an individual case, by case basis.

Hidden Costs
Hidden Costs such as charges for legal and agency work will arise if you wish to have your legal work carried out by an independent lawyer of your choice. You pay the costs involved.
Some developers offer this service free of charge to their clients. It is therefore advisable to inform yourself in advance.
 

Stamp Duty
The purchaser is liable for the payment of stamp duty levied at the rate of CYP 1.50 per thousand up to the value of CYP 100,000. Thereafter the rate is CYP 2.00 per thousand. This should be paid within 30 days of signing the contract.
For Example, if the value (or purchase price) is CY£ 150,000:

Acquiring the Title Deed

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