Real Estate in Southern Cyprus
Cyprus became a full member of the EU on 1ST May 2004 resulting in many changes for EU Nationals planning to purchase property in Cyprus.
A non-Cypriot is allowed to buy a flat, house or a plot of land not exceeding two donums, 2676 square metres. However, in case there is a special reason and you need more than the law states, permission may be granted.
EU Nationals who are not resident in Cyprus are permitted to buy as much land as they wish but are restricted to purchase one house or one apartment for which approval from the Council of Ministers is required. This must not be one house each in the case of a married couple.
When buying a property in Cyprus it is always best to check the following:
- Check with the Lands Office to ensure the property has a valid title and there is no mortgages which can present a problem with the title transfer.
- If buying a new property which is still under construction, make sure that you have valid building permits.
- Make sure you are using a reputable estate agent.
- Use a lawyer that is not linked to the real estate agent or the deveoloper from whom you are going to purchase the property.
Foreign nationals are permitted to rent their property in Cyprus for holidays or long term lets.
Mortgages are easily available in Cyprus and can be obtained in a variety of foreign currencies. The length of time for repayment varies from 10 to 15 years.
Selling property is a straight forward process, even if you do not have Title Deeds, provided that you had your contract of sale lodged in the land registry. Your contract acts as a temporary title deed until such times that you receive the official one. Title Deeds normally take between 3 and 5 years to be delivered.
