Important points to buy an apartment or house in Cyprus
The procedure for acquiring real estate in Cyprus involves several steps. Here are the main stages that are typically followed:
- Property search and selection: Find a suitable property in Cyprus that meets your requirements and budget. This can be an apartment, house, villa, or commercial property.
- Signing a preliminary agreement: After selecting the property, enter into a preliminary agreement (preliminary contract) with the seller or developer. This document usually specifies the terms of the transaction, price, deadlines, payment conditions, and other important aspects.
- Conducting legal due diligence: The next step is to conduct a legal due diligence on the property. Hire a lawyer or attorney specializing in real estate in Cyprus to examine all necessary documents, ensure the absence of legal issues, liens, or encumbrances on the property.
- Signing the final sale and purchase agreement: After a successful due diligence and satisfactory outcome, you can proceed to sign the final sale and purchase agreement with the seller or developer. This document establishes the final terms of the transaction and the rights and obligations of the parties involved.
- Payment and registration: After signing the agreement, you will need to make the payment for the property purchase according to the agreement’s terms. Once the payment is made, the property will be registered in your name at the Cyprus Land Registry.
- Payment of taxes and fees: During the process of acquiring real estate in Cyprus, you will be required to pay certain taxes and fees, such as the Property Transfer Fee and Value Added Tax (if applicable).
- Obtaining the Title Deed: Upon completion of the transaction and full payment, you can apply for the issuance of the Title Deed, which is the official document proving your ownership of the property.
If this is your first time doing a deal in Cyprus, we recommend that you do not take the risk and contact a realtor or organization. In our real estate agency in Cyprus CassaDaVo you can get advice and help from specialists. It is important to remember that independently execution of all documents is a long, complicated and often incomprehensible process. Paperwork in a foreign language can be even more difficult to understand. In addition, the purchase of real estate in Cyprus by foreign nationals includes some features.If you are confident in your abilities but have a poor command of Greek Cypriot, it is recommended to find an interpreter. Although English can help, but only if both you and the seller speak it well. Otherwise, there is a risk of misunderstanding and missing important information. In such serious matters, miscommunication is unacceptable.