How to buy property in Cyprus

Main objective of Cyprus Developers Alliance is probably to make the process of property selection and acquisition as comfortable as possible.

On this page we will describe the main steps in the process of buying property.


First Contacts

Cyprus Developers Alliance offers thousands of properties throughout the entire island in all property categories. The choice is just immense.

We could offer several options of property selection.

Method 1

There is a search system for our properties available in the left-hand part of any page of the web site. You can select the options that interest you (accommodation type, region, number of bedrooms, price range) and click on the option “Find”. You will be transferred to the general list of properties with brief descriptions of projects.

Each project has an option “Properties meeting search conditions". By clicking on it a table will appear containing a list of specific properties included in this project and meeting search conditions.

Provided that you click on the name of the project that interests you (or its image) you will be transferred to its detailed description. It consists of several tabs. The first tab contains images and textual description of the project. The second tab contains a table with description of all the facilities included in this project. Data related to the number of bedrooms, area and price are provided. You will easily find the information in this table that complies with your requirements. In case you click on a link “More” in the table you will find additional information regarding a specific facility. The next tabs contain project location and inquiry form to be filled-in in order to obtain additional information.

Method 2

We will guide you through the purchase process if you answer a number of questions:

  • What is the approximate budget allocated for your purchase?
  • How many bedrooms do you need?
  • What is the desired type of property - apartment, townhouse or villa?
  • Do you have any preferences for the region of Cyprus?
  • Where do you want to live - in the city, in the suburbs or in the countryside?
  • What is the purpose of property acquisition - permanent residence in Cyprus, holidaymaking or investment?
  • Do you need proximity to urban infrastructure? For example, will your children go to school? Or will you work in the city, in the office?

You could direct your answers to the above questions to us via e-mail or by filling-in the appropriate form.

Method 3 

You could contact us by phone. Or, otherwise, in case you leave us your phone number or Skype account we will call you back ourselves. Then in the course of a live conversation we will make your demands more precise, discuss various property options and find optimal ones for you.


Arranging a Trip to Cyprus

Surely in order to take a decision on purchase you would wish to visit Cyprus to see everything with your own eyes.

Visa

Make inquiries whether you will need a visa to visit Cyprus. Nationals of the countries that have no agreement with Cyprus on visa-free travel shall apply (either on their own or through a tour operator) to the consular department of the Embassy of the Republic of Cyprus in their country to obtain a visa. You could also visit Cyprus by a Schengen single or multiple visa.

Hotel Reservation

We are ready to assist you in hotel reservation in Cyprus at our internal corporate rates. Among Alliance members there are a few companies that own hotels in Cyprus.


Viewing Properties in Cyprus

On your arrival you will meet Director or a manager of Alliance. In the course of communication your requirements towards property will become more specific and will be more thoroughly discussed and opinions will be exchanged.

Then Alliance managers will show you those properties that have been discussed at previous stages. As a result of site visits you will meet Alliance Director in order to summarize the impressions of the visits and outline a plan of further activities.

Surely sometimes our clients happen to find the one house or apartment they have long dreamed of at the pages of our web site. Then it would come to nothing more than viewing that property.

Anyway once you finally fix upon this or that facility and say: “This is it! I am buying this!” we will proceed to transaction execution.


Execution of Property Sales Transaction

Property acquisition in Cyprus as well as in any other country is a certain legal procedure that shall be observed by all the parties concerned. You will be able to find detailed information on legal aspects of the transaction on the page Legal Issues.

In case you wish to make use of a mortgage credit a Cyprus bank becomes a participant of the process. You will have to prepare a set of documents and draft them appropriately. We will offer you assistance in this in cooperation with employees of the associate members of Alliance – Bank of Cyprus and Hellenic Bank. Information on mortgage is available on the page Mortgage & Credit.

Information on taxes and duties arising due to property acquisition in Cyprus is available оn pages VAT and Other taxes.

Suggested sequence of activities by execution of property sales transaction (a scenario when a customer buys fully ready new property with VAT is considered) is provided below:

  • A customer pays a deposit for the selected property. Normally the deposit comprises some percentage of property value. Upon payment the property will be withdrawn from the market and reserved for the customer
  • Simultaneously the customer will enter into a contract with a Cyprus lawyer for legal support of the transaction. The customer will issue the required Powers of Attorney to the lawyer as well. Thereafter the customer returns home.
  • As a rule property is reserved for a customer for a month’s time. During that month the lawyer performs the following actions:
    • Checks the documents for the property
    • Exempts the property from encumbrances, if any
    • Drafts Property Sales Agreement and has it approved by the parties to the transaction.
  • In a month’s time the customer receives information from the lawyer that the contract is ready and the transaction has been approved. The customer arrives in Cyprus, signs the Sales Agreement and makes payment to the amount, for example, 50% of property value. In the presence of the customer and developer representative the lawyer carries out the following:
    • Stamping the Sales Agreement with simultaneous payment of Stamp Duty
    • Depositing the Agreement with Land District Office.
  • Right after depositing the Agreement the lawyer carries two more actions:
    • The lawyer sends a request to obtain permission from the Council of Ministers of Cyprus for property acquisition. Essentially this is a mere formality. Only two points are checked – the customer shall have no problems with the Law (his/her name shall not appear in Interpol lists) and the purchased property shall be the first (for nationals of the countries that are not members of the ЕU)
    • The lawyer prepares application for reduced VAT rate (5%).
  • Once the application for 5% VAT is approved, the customer transfers the balance money to the developer.
  • Right after that the customer enters into ownership of his/her property and receives the key. The phase of property equipping begins. The customer can count on the full support of the Alliance in this matter.
  • Governmental body – Land Committee – issues Title Deed for the property after an overall inspection of the built property.
  • Once Title Deed is obtained the customer pays Transfer fee and becomes a registered home owner.

The above scheme may vary depending on the specific conditions. Adjustments should be made if, for example:

  • The customer takes bank mortgage
  • The property is under construction
  • The customer buys resale property which is not subject to VAT
  • The customer signs the Sales agreement not in Cyprus but abroad (he receives it by speed post, signs it and sends back also by speed post).

You could discuss changes in the above scheme depending on your specific circumstances with a manager of Alliance. 

 

 

 

 

Contact us

+357 25 355 260