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.
Are property prices in Cyprus falling?
No, they are not; they have steadily risen since 2017. According to the latest data (final quarter of 2023) from RICS (the Royal Institute of Chartered Surveyors), the prices for immovable property of all types (commercial, residential, houses, apartments) are rising, with the most significant rise evident in flats. The Central Bank of Cyprus Report for the third quarter of 2023 shows an annual increase of 7.6%. Apartment prices show the greatest increase, an annual growth of 11.5%, with houses increasing 4.9%.
Why is property so cheap in Cyprus?
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.
Can foreigners buy real estate in Cyprus?
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.