BUYING GUIDE

February 14, 2017

Buying property in Cyprus is very easy and the choices are almost endless.

First of all take the time to chat with your Estate Agent and let them know your requirements, reason for buying and your budget so that they can get a clear picture of what will suit you and which location is good for you.

Once you have found the property you will then need to meet with a Cypriot Lawyer who will discuss all the Legal procedure. He will make his due diligence searches on the property to make sure the property you are buying is free from encumbrances.

At this point you will be expected to pay a “reservation fee”. This fee is usually €3,000 and will secure the price agreed and will take the property off the market.

If a “Contract of Sale” is needed then this will be the next step. If you are not living here in Cyprus you can give your Lawyer Power of Attorney (POA) so he can sign everything on your behalf (he will only sign if you have given him written instructions to do so).  With the signing of the Contract you might be asked to pay another amount (30% - 50% of the purchase price).

Once all paperwork is signed and ready the final step will be to take possession of your property at The Land Registry. Here you will need to pay the remaining amount of the purchase price. If you cannot be present then your Lawyer who has POA will be there on your behalf.

Please note on this day you will also be expected to pay for your Title Deeds (if you are buying a property with Deeds).

The transfer fee for the Title Deeds are based on the “market value of a property at the date of sale.” The fees are calculated on a scale as follows:-

3% - on the first €85,430

5% - on the next €85,430

8% - on the remainder.

If a property is purchased in joint names (e.g. a Husband & Wife), the Transfer fees are calculated as if they had each bought a property of half the value. So…… for a home valued at €200,000 bought in joint names, a couple would each pay €3,291.40 making the total Property Transfer Fees €6,582.80. BUT…. We are happy to announce that the Land Registry are also giving a discounted rate for the time being. The discount rate is 50%. This would mean based on the above amount the total Transfer Fees would now be €3,291.40