Cyprus Property Developers: Your Home, Your Future

Yes, with permission from the Council of Ministers. This is a simple procedure, done by submitting Form Comm. 145 to the District Officer in whose district the property is situated. The land, house, apartment or building must not be larger than necessary for the purpose you need; for example, the land plot should be large enough to build a residential home. The relevant law is The Immovable Property Acquisition (Aliens) Law, Cap. 109.

Buying property in Cyprus is relatively easy. It is advisable to contact a real estate agent and a lawyer: they know the market and regulations and how to avoid any complexities. You will select a property according to your budget and needs and make an offer through the real estate agent. Important issues to discuss are the price, property condition, and timeline for payment and delivery. After signing the contract and paying, you or your representative will go to the District Lands Office to register the contract of sale and issue the title deeds. If you are a third-country national, you need permission from the Council of Ministers to buy a property.

No, they are not; they have steadily risen since 2017. According to the latest data from the Central Bank of Cyprus and RICS (the Royal Institute of Chartered Surveyors), the prices for immovable property of all types (commercial, residential, houses, apartments) are rising. The Central Bank of Cyprus Report for the second quarter of 2023 shows an annual increase of 7.4%. Apartment prices show the greatest increase, an annual growth of 10.1%, with houses increasing 5.6%.

Property is not as cheap in Cyprus as you might think: recent data (Fall 2023) do not place it in Europe's top 10 most affordable places. However, there is a variation in prices depending on location. Some properties in specific areas may be much more expensive than others. At the same time, you can find affordable houses and apartments in villages (some close to the city) and in cities, just not in the suburbs close to the city centre.

Yes, it is because of rising prices and demand. Demand is high for all types of property, especially apartments. Cyprus real estate is among the most profitable in Europe: apartments, for example, can bring an annual yield of more than 10% (10.1% for Q2 2023, yoy comparison, data from the Central Bank of Cyprus). The rental yield for apartments was 5.53% for Q3 2023 (RICS), almost double the mortgage rate in some banks. 

Cyprus is strategically located in the Mediterranean and has a sunny, mild climate and low cost of living. Therefore, it is highly popular with business persons, entrepreneurs, retirees, or people seeking a pleasant place to live. The economy is strong, and the government and the private sector support entrepreneurial activity. There is a large ex-pat community, and most people speak English. 

Therefore, property in Cyprus is a great choice for investment. It can give you a steady cash flow and a stream of passive income with long-term appreciation. Nevertheless, you should seek personal advice from professionals (like a financial advisor or a real estate agent) before deciding to invest.

The real estate agent is entitled by law to charge the seller a commission. If you are the seller, you will agree on how much with your real estate agent. If you buy, you do not pay any commission (a licensed agent charges the seller, not the buyer). Therefore, selling prices from different agencies are the same for the same property. Note that you should avoid buying from unlicensed real estate agents. A properly registered agent has their registration number, license, and certification displayed in their office and premises.

The answer depends on your criteria, but Pafilia, Aristo Developers and Cyfield Construction Ltd lead the race. However, it does not matter who is the largest developer if you seek the best property deal. You are looking for a property that suits your budget and needs on terms that feel right. We can help by showing properties from all major Cyprus developers and explaining how to choose the right one. We have been doing this with responsibility and success since 1982.