+357 25 3136 91
Settings
EUR

Cyprus real estate glossary

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • L
  • M
  • N
  • O
  • P
  • R
  • S
  • T
  • U
  • V
  • Z
A

Acquisition PermitAcquisition Permit

Permission for property acquisition.

Adjustable-Rate MortgageAdjustable-Rate Mortgage

Mortgage with a variable interest rate.

AmortizationAmortization

Gradual reduction of a loan over time.

AppraisalAppraisal

Professional assessment of property value.

AppreciationAppreciation

Increase in property value over time.

AuctionAuction

Sale of property through bidding.
B

Back-End RatioBack-End Ratio

Proportion of income spent on all debt obligations.

BrokerBroker

Intermediary in real estate transactions.

Brownfield SiteBrownfield Site

Previously developed land not currently in use.

BubbleBubble

Unsustainable increase in property prices.

Building CoefficientBuilding Coefficient

Ratio for allowable building area.

Building PermitBuilding Permit

Authorization for construction.

Buyer's MarketBuyer's Market

Market condition favoring buyers.
C

Cadastral PlanCadastral Plan

Map showing property boundaries/ownership.

Capital Gains TaxCapital Gains Tax

Tax on profit from property sale.

Capitalization Rate (Cap Rate)Capitalization Rate (Cap Rate)

Rate of return on a real estate investment.

Cash FlowCash Flow

Net amount of cash generated by a property.

Closing CostsClosing Costs

Expenses associated with property transaction.

Co-signingCo-signing

Jointly signing a loan agreement.

CommissionCommission

Fee paid for brokerage services.

Common ExpensesCommon Expenses

Shared costs in multi-unit properties.

Completion CertificateCompletion Certificate

Proof of construction completion.

ContingencyContingency

Condition in a contract requiring fulfillment.

Contract of SaleContract of Sale

Legal agreement for property sale.

Cost-Benefit AnalysisCost-Benefit Analysis

Evaluation of the costs and benefits of a project.

Council of Ministers ApprovalCouncil of Ministers Approval

Government approval for certain transactions.

CounterofferCounteroffer

Response to an offer with revised terms.

Credit ScoreCredit Score

Numerical representation of creditworthiness.

Curb AppealCurb Appeal

Visual attractiveness of property from the street.
D

Debt-to-Income RatioDebt-to-Income Ratio

Measure of an individual's debt payments relative to income.

DepreciationDepreciation

Reduction in value of a property over time.

Down PaymentDown Payment

Initial payment in a property purchase.

Dual AgencyDual Agency

One agent representing both buyer and seller.

Due DiligenceDue Diligence

Investigation before a transaction.
E

Earnest MoneyEarnest Money

Deposit showing buyer's commitment.

EasementEasement

Right to use another's property.

Eminent DomainEminent Domain

Government's right to expropriate private property for public use.

EncumbranceEncumbrance

Claim against property by non-owner.

Environmental Impact AssessmentEnvironmental Impact Assessment

Analysis of potential environmental effects of a project.

EquityEquity

Owner's interest in property value.

Escrow AccountEscrow Account

Account holding funds for specific purpose.

Exclusive ListingExclusive Listing

Sole right granted to an agent to sell a property.
F

Fair Market ValueFair Market Value

Price a willing buyer and seller agree upon.

Feasibility StudyFeasibility Study

Assessment of the practicality of a proposed plan or project.

Fixed-Rate MortgageFixed-Rate Mortgage

Mortgage with a constant interest rate.

ForeclosureForeclosure

Legal process to recover loan amount.

FreeholdFreehold

Ownership of property and land.

Front-End RatioFront-End Ratio

Proportion of income spent on housing costs.
G

GentrificationGentrification

Upgrading of neighborhoods leading to higher property values.

Green AreaGreen Area

Designated environmental conservation zone.

Greenfield SiteGreenfield Site

Undeveloped land suitable for construction.

Gross Rent Multiplier (GRM)Gross Rent Multiplier (GRM)

Measure of property value relative to rental income.

GuarantorGuarantor

Person guaranteeing loan repayment.
H

Home InspectionHome Inspection

Evaluation of a property's condition.

Home WarrantyHome Warranty

Protection plan for home systems and appliances.

Housing Affordability IndexHousing Affordability Index

Measure of average household's ability to buy a home.
I

Immovable Property TaxImmovable Property Tax

Annual tax on property value (abolished in 2017).

Infill DevelopmentInfill Development

Development on vacant or underused land within existing areas.

InterestInterest

Charge for borrowing money.
L

Land Registry in CyprusLand Registry in Cyprus

Official record of property ownership.

LandlordLandlord

Owner renting out property.

LeaseholdLeasehold

Ownership of property, not land, for a term.

LeverageLeverage

Use of borrowed capital for investment.

LienLien

Legal claim against property for debt.

LiquidityLiquidity

Ease of converting property to cash.

ListingListing

Property available for sale or rent.

Loan-to-Value Ratio (LTV)Loan-to-Value Ratio (LTV)

Ratio of a loan to the value of an asset.
M

Mixed-Use DevelopmentMixed-Use Development

Development combining residential and commercial uses.

MortgageMortgage

Loan for real estate purchase.
N

Net Operating Income (NOI)Net Operating Income (NOI)

Income from property minus operating expenses.

Non-disclosure Agreement (NDA)Non-disclosure Agreement (NDA)

Contract to keep information confidential.
O

Off-Plan PropertyOff-Plan Property

Property bought before/during construction.

Open HouseOpen House

Event to showcase property for sale or rent.

Option to PurchaseOption to Purchase

Right to buy property within a timeframe.
P

Power of AttorneyPower of Attorney

Authorization to act on another's behalf.

Pre-1974 Turkish TitlePre-1974 Turkish Title

Property ownership title from before 1974.

Pre-Approval LetterPre-Approval Letter

Lender's preliminary approval for a loan.

Pre-Qualification LetterPre-Qualification Letter

Initial assessment of loan eligibility.

PrincipalPrincipal

Original sum borrowed in a loan.

Private Mortgage Insurance (PMI)Private Mortgage Insurance (PMI)

Insurance protecting lender against loan default.

Property InsuranceProperty Insurance

Insurance covering property risks.

Property ManagementProperty Management

Maintaining and managing property.

Property SurveyProperty Survey

Assessment of property boundaries.

Property TaxProperty Tax

Tax on property ownership.

Property Tax AssessmentProperty Tax Assessment

Evaluation of a property's value for taxation.

Property Valuation ReportProperty Valuation Report

Document assessing property's value.

PurchaserPurchaser

Buyer in a property transaction.
R

Real Estate AgentReal Estate Agent

Professional facilitating property transactions.

RefinancingRefinancing

Replacing existing loan with a new one.

Rental AgreementRental Agreement

Contract for property rental.

Rental YieldRental Yield

Income from property as a percentage of its value.

Resale ValueResale Value

Property's potential selling price.

Reservation DepositReservation Deposit

Initial deposit to reserve property.

Return on Investment (ROI)Return on Investment (ROI)

Profitability measure of an investment.
S

Seller's MarketSeller's Market

Market condition favoring sellers.

Short SaleShort Sale

Sale of property for less than owed debt.

Specific Performance LawSpecific Performance Law

Legal provision enforcing contract terms.

Stamp DutyStamp Duty

Tax paid on property purchase documents.

SublettingSubletting

Renting out leased property.
T

Tax DeductionTax Deduction

Reduction in taxable income as an expense.

Tax LienTax Lien

Legal claim on property for unpaid taxes.

TenantTenant

Individual or entity renting a property.

Title DeedTitle Deed

Legal document proving property ownership.

Town Planning AmnestyTown Planning Amnesty

Relaxation of planning regulations.

Transfer FeesTransfer Fees

Fees for property ownership transfer.
U

Underwater MortgageUnderwater Mortgage

Mortgage exceeding property value.

Urban SprawlUrban Sprawl

Unplanned, uncontrolled expansion of urban areas.
V

ValuationValuation

Determining property's current worth.

VAT on PropertyVAT on Property

Value-added tax on property transactions.

VendorVendor

Seller in a property transaction.
Z

Zone (Zoning)Zone (Zoning)

Land use regulatory framework.