Buying real estate in Cyprus is a very straight forward process with the help of a local lawyear.

The purchase process varies when buying new developments and when buying resale property.

Buying new properties (from a developer)

New properties are usually baught from a Developer or a development company.

The buyer will sign a sales contract with the developer for the property he wishes to purchase.

In Chronological order this is the buying process for a new development.

1. The buyer will reserve the property he wished to purchase by paying the reservation fee.

The usual reservation fee is 3500-4000 Euro.

This will oblige the developer to take the property off the market and to lock the price of the property. i.e. you reserve a property that is listed for 100,000 Euro then the developer will be obliged to sell you said property for 100,000 Euro.

The property will usually be reserved for one month. MAKE SURE TO NOTE THAT IF THE BUYER CHANGES HIS MIND AFTER RESERVING A PROPERTY THE MONEY IS SPENT (RESERVATION FEE IS NON REFUNDABLE) although most developers will allow you to transfer the reservation fee to another property within the company (from the same developer)

2. After reserving the property the client has 1 month as mentioned above to pay the deposit.

The deposit will usually be 30% of the purchase price (this varies a little and some developers have been allowing a 20% deposit)

3. The guide is undergoing important updates due to new rules from the Government and will be republished soon

Please check back in mid January for the complete guide