Buying a Property in Larnaca, Cyprus

Finding the perfect property to buy in Cyprus can be difficult, but once you do find it there is more to the purchasing process. Once you finish the property hunting and you choose your new property, you can follow our Cyprus property buyer’s guide to get informed about the procedure.

From the point you decide upon a specific property, some legal, financial and taxation aspects need to be settled and arranged.

Property Reservation

Once viewings are done and you choose an available property to purchase, there must be a non-refundable reservation deposit so that the developer withdraws it from the market.

property reservation

Due Diligence

It is recommended that you appoint a lawyer to go through all the legal aspects of the property purchase process. You or your appointed lawyer must make sure that everything including the title transfers and all transactions are legally conducted.

due diligence

Property Transfer

There is a Real Estate Transfer tax fee for every property purchase. The transfer fee rate depends on the amount of the property that is purchased and is payable once the title deed is issued.

If the value of a property is up to €50,000, the transfer rate is 3%. For properties with a value between €50,001 and €100,000 the transfer fee is 5% and for properties with a value of €100,001 and over, the transfer fee is 8%.

In the case of a joint purchase, total transfer fees can be reduced.

property transfer

Property Taxes

Every property in Cyprus bears the following taxes:

  • Municipality tax
  • Sewerage tax
  • Capital gains tax
  • Refuse collection fee

Please get in touch for any questions and information you need on taxation or our property buyer’s guide in general.

property taxes