Buying a Property in Cyprus Guide - D. Zavos Group
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Buying a Property in Cyprus Guide


Cyprus is a beautiful island country in the Mediterranean. More and more people are making it a goal to own a property on the island and settle in the country or establish a business investment. 

The country is enticing because it offers a chance to live an alluring lifestyle but for a lower cost. Both living expenses and business ventures are relatively cheaper compared to other European countries, even when the place in itself is bustling with golden opportunities.


Why Buy a Property in Cyprus?

If you are looking for a place with a growing economy that still offers low property prices and one of the lowest tax rates, then that is reason enough to start scouting for a property in Cyprus. Anyone can approve that it's a steal deal to be able to spend less while living a high-quality lifestyle. 


Whether you are planning to buy an apartment in Cyprus or are in search of a business opportunity, you should start planning it out now because soon, Cyprus will be an open secret for many more people wanting to get a taste of this wonderful paradise.


Here are more reasons why buying a property in Cyprus is an excellent investment:

It's where quality lifestyle meets affordability

People continue to search for places that allow them to live the way they want, without compromising financial security. Cyprus is booming with chances for growth and economic opportunities while maintaining one of the lowest costs of property and lifestyle. This gives people more room to focus on living their lives and not just working on making ends meet.

It is sunny, rich in nature, and full of culture

If you are looking for a place that stays warm and sunny for an average of 320 days a year, then Cyprus is your calling! You get to enjoy its magnificent beaches for more than half the year and live in a place away from the usual cold winter nights that other countries have. 

And, if you are tired of skyscrapers and the hustle and bustle of city streets, but you cannot commit to letting go of it totally, then Cyprus is perfect for you.

This island country is the perfect place for people that want easy access to natural surroundings while still keeping the city life within reach. You can enjoy and explore plenty of nature, and the country's history is visible all around its many preserved historical sites. 

So, if you are a person who finds happiness in the warmth of nature, then buying a house in Cyprus should be part of your goals.

It is a great retirement plan

To retire in Cyprus might just be the best option, especially for people who love its culture, nature, and its promised lifestyle of tranquillity and livable cost. The country is incredibly enticing for people who are tired of the fast-paced life in other countries. In simpler terms, it's a place of zen, and retirement should be all about that – living happily and peacefully.

It has friendly people

A trouble-free neighbourhood is more than enough reason to invest in a property in that area. While moving in will always need some getting used to, people can easily adjust to the way of life in Cyprus because as beautiful as its landscape, are the people. They warmly welcome new people, and, for foreigners wanting to settle, you won't have to worry about language barriers. Most people in Cyprus can speak English and are more than willing to help you learn the local dialect. 

There is so much more to add to this list of reasons why buying a property in Cyprus is an ideal move. It all just boils down to whether or not these reasons fit your goals.


Are you ready to start the process of owning a property in Cyprus? Then let us help you break down how to get started.

How to Buy a Property in Cyprus?

Whether in Cyprus or anywhere else, buying a property always seems like a daunting prospect. It involves complex processes, and dealing with it with little to no knowledge could be dangerous. There are numerous reports of fraud involving property purchases, but you can avoid this if you partner with the right real estate developer.


You can tap into D. Zavos Group, a reputable property development entity serving the Cyprus real estate industry for more than 42 years. 


Starting a partnership with D. Zavos, coupled with strategic planning, is the easiest way you can own your dream property in no time!

1. Planning Phase

Where in Cyprus do you want to live? What should be accessible from your new property? Will you buy a house in Limassol, an apartment in Nicosia, or are you eyeing to set up shop in Cyprus for your new business venture? 

Answering essential questions is the first step to planning how, why, where, and when you should be buying a property in Cyprus.

Other things to prepare during the planning phase are:

  • Get in touch with reputable property developers in Cyprus. They are the key to making a secure, easy, and fast property purchase
  • Align your budget with the property you are eyeing
  • Search for prospect properties, list them, and arrange for viewing trips, if possible, with your trusted real estate agent
  • Narrow down your options while consulting your developer so that you will have no regrets once you finalise which property or properties to buy

2. Purchasing Phase

The fruit of your planning stage will finally bring you a few steps closer to the goal of owning a property in Cyprus. Here are the final steps to getting those keys to a new home in Cyprus!


Once you've set your eyes on a property, it's time to get in touch with the other party and express your intent to purchase. A property reservation will most likely be required, so you have to make sure you talk this through with your real estate partner. 


Once you make your reservation, the listing will be taken off the market, and you will have ample time to proceed with the next steps without having to worry that other people might take an interest in the property. And, in most cases, the reservation fee will be taken off the purchase price, too. 

Due Diligence

Due diligence is a very technical aspect of the purchase process. You should ensure that your property partner can handle everything, such as verifying the authenticity of the property title and that the transactions are made between rightful owners. It also involves checking for any other legal issues that may arise.


You and your real estate partner should carefully carry out due diligence before contract execution.

Contract signing and registration

The developer of the property you plan to purchase from will provide a contract of sale, which you and your lawyer should thoroughly review before signing. Depending on the agreement, you, as the buyer, might also be required to create a contract. When all parties agree with the items on the contract, signing and stamping can commence, and you are a step closer to full, legal ownership.


You will then take that contract to the Land of Registry Office, follow due process, and finally become an officially registered property owner. Once you reach this step, the property is no longer legally available for selling to other parties and prevents the seller from transferring the property title to another name.

Transfer of Title Deeds

You've officially registered your purchase of a property at the Land of Registry Office, so you can now occupy, resell, or develop the property. However, the transfer of title of deeds will only be completed when you pay off all balances to the seller, and all applicable fees and governmental taxes.


Can Foreigners buy a Property in Cyprus?

Yes, foreigners can buy property in Cyprus. It is fairly easy to do so, and there are little to no restrictions. Foreigners just need to make sure that they apply to the Council of Ministers for permission to buy a property. Foreigners can proceed from the reservation to contract signing and registration easily, but they can only process the title deeds when they are granted permission by the Council of Ministers.

Taxes to Pay When Buying a Property in Cyprus

When creating the budget you need to purchase a property in Cyprus, remember to consider that on top of the property cost, these tax payments are required:

  • Stamp Duty - ranging from 0% - 2% depending on the property price
  • VAT - a standard rate of 19% is imposed, with a 5% reduced VAT rate on the first 200sqm of the property, and when the following conditions are met: 
    • Purchase is made by an individual that is 18 years of age or older
    • The property is the primary residence of the purchaser in the next ten years
    • The purchaser has not availed of the reduced VAT rate for any other property
  • Annual Property Taxes and Fees - this includes local authority fees, municipality tax, and sewerage tax
  • Transfer fees - paid at the Land Registry Office, ranging from 3%-8%. Purchasers can be granted total exemption from transfer fees if the transfer relates to a transaction that is subject to VAT (e.g. new build) (e.g. either standard or reduced rate of VAT). 

Best Places to Buy a Property in Cyprus

There are plenty of fantastic property options available in Cyprus. Choosing where to buy a property in Cyprus comes down to your needs, preferences, and budget.

Places like Paphos, Famagusta, Nicosia and Larnaca have something unique to offer. Paphos is an established ex-pat community, so foreigners gravitate towards this area. Famagusta has some of the best beaches in Cyprus, while Larnaca is one of Cyprus's oldest areas and is home to different historical and cultural attractions.


Meanwhile, Nicosia, the capital of Cyprus, is the perfect blend of city and nature. However, since it is the capital, it is also one of the more expensive places to live in. 


One excellent option is Limassol, the second-largest city, located in the southern part of Cyprus. It offers easy access to natural sights and beaches, but with the city just around the corner as well.


So whether you like a quiet life or live for the busy days, settling in Limassol can offer both! 


Zavos Group makes buying properties in Limassol easier, thanks to over four decades of service in the industry, with over 150 reputable property development projects under their name. 


From villas to apartments, houses to luxury properties, and land plots in residential and commercial properties, D. Zavos continues to help develop Cyprus' community.


If you're looking for a trusted real estate developer in Cyprus, look no further than D. Zavos Group. Get in touch with us today, and we will help you own the property of your desire here in Limassol, Cyprus.

Read our blog about the 8 Amenities to look for when buying a new home!

Also, don't forget to check out our buyer's home inspection checklist in Cyprus!

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