With over 320 days of sunshine and 74 blue-flag beaches, Cyprus is the ideal place to live and work.
Purchasing property in Cyprus is simple; however, it requires good knowledge of the property market, mortgages, and legal obligations.
Our guide covers everything you need to know about buying a home on the island, whether it’s an apartment, a house, or a luxury villa.
Step 1: Choose a city
Before moving to Cyprus, it’s important to consider where you want to settle. Here are some helpful details about what life looks like in each city.
Nicosia – Located in the heart of the island, Nicosia boasts renowned universities, busy shops, and cultural centres. If you want to live the city life, Nicosia could be the right choice.
Limassol – Situated on the southern coast of Cyprus, Limassol offers unmatched sea views and luxury beachfront living. It’s also a great choice for those who love the active lifestyle as it offers all kinds of sports and activities — from horse riding to golf and kite surfing.
Larnaca – Larnaca is well-known for its bars, restaurants, and entertainment. The recently built Larnaca Marina has also accelerated the city’s development, making living in Larnaca even better.
Paphos – Paphos can give you the full taste of Cyprus’ culture with its rich history and cosmopolitan lifestyle. Plus, it’s very close to the beach.
Famagusta – Famagusta is a favorite tourist destination, suitable for the whole family. It’s vibrant, lively, and full of things to do — whether it’s sports, nightlife, or activities.
Step 2: Contact a real estate expert
Once you’ve found your dream city, it’s time to talk to a real estate expert.
Having someone with expert industry knowledge by your side can help you find your dream home according to your needs and budget while managing risks and avoiding common pitfalls.
Our team at Hestia is here to guide you through everything you need to know about living in Cyprus and help you with the entire buying process.
Step 3: Reserve the property
If you’ve found the ideal home for you and your family, the next step is reserving the property.
To secure your commitment, you may be asked to put down a small deposit and sign a reservation agreement. This way, the property will be taken off the market and reserved until you’re ready to sign the final contract.
Step 4: Sign contracts
The final step of the process is signing the contract. Depending on the terms of the contract, you will be required to transfer the funds in predetermined timeframes and portions.
At the same time, you will have to pay the VAT balance at a standard rate of 19% or a reduced 5% if this is your first home with an area of not more than 200 square metres.
Step 5: Welcome to Cyprus
With the right experts by your side, the entire buying process should take around 1-2 months to complete.
With the paperwork out of the way, you’ll be ready to settle in your new home and start enjoying the sunny weather, the unmatched sea views, and the cosmopolitan lifestyle. Welcome to Cyprus!
If you have other questions about buying property in Cyprus, get in touch to schedule a free consultation with our team.