A purchase takes from a month to six months; the key points are your own lawyer, depositing the contract at the Land Registry within 6 months, and Council of Ministers approval for third-country nationals.
The steps
- A reservation agreement and fee (usually €5,000–10,000); the property is taken off the market for 2–4 weeks.
- Your own lawyer, not the developer's: checks on the title, encumbrances, building permits, koina arrears and taxes. Every contract comes with a Search Certificate from the Land Registry issued no earlier than 5 working days before signing.
- Signing the contract and paying 10–30%.
- Depositing the contract at the Land Registry within 6 months — this protects you against resale and the seller's bankruptcy. Miss the deadline and you lose that protection.
- For non-EU citizens: Council of Ministers approval (form COMM 145 through the district administration, filed by your lawyer).
- Transfer of the title at the Land Registry and payment of the transfer fees.
Taxes and fees
- 19% VAT on a new home on first sale. The reduced 5% rate applies to a first and main home: on the first 130 m² and the first €350,000 of the price, provided the total area is under 190 m² and the price under €475,000. Exceed that and it is 19% on everything.
- Transfer fees when buying resale: 3% up to €85,000, 5% up to €170,000, 8% above that, with a 50% discount in force — effectively 1.5% / 2.5% / 4%. If VAT was paid on the property, the transfer fees are zero.
- A property transfer levy of 0.4% of the sale proceeds. It is due on every disposal, including one where the transfer fees are zeroed out by VAT having been paid.
- Stamp duty is zero from 1 January 2026.
- A lawyer usually charges around 1% plus VAT. The agent's commission (3–5%) is paid by the seller.
For third-country nationals
Council of Ministers approval is granted for one property for personal use: an apartment, a house or a plot of up to 4,014 m². Timing: around 30–45 days in Limassol, several months in Paphos, generally 1 to 6 months. Refusals are rare if the source of funds is transparent. You can use the property before approval, but the title won't be transferred.
Mortgages
- The average rate in 2026 is around 3.7–4.1%. Fixed for 3 years from 2.95%, for 5 years from 3.10%.
- Foreigners and non-residents pay 0.5–1 percentage point more.
- LTV: 60–70% for EU residents, 50–60% for third-country nationals — meaning a deposit of 30–40% or more.
- Bank of Cyprus, Eurobank Cyprus and Alpha Bank Cyprus are the most accommodating. In practice, compliance refusals are common for citizens of sanctioned countries.
Annual costs of ownership
The nationwide property tax was abolished in 2017. What remains is the municipal tax (usually €100–500 a year), the sewerage charge (€50–250) and refuse collection (€120–220). For a 120 m² apartment valued at €150,000 that comes to around €450 a year.