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What are the terms of payment for a property?

The terms of payment may vary upon each situation. However in all cases the purchaser will have to pay at least 1/3 of the total price to the vendor when the contract of sale is signed. The rest could be paid in stages according to the progress of the construction. The full price is paid by delivery of the property to the purchaser. The property is already built then the perchaser pays the whole ammount.

What expenses the purchaser has to meet?

Every owner has to pay his own expenses for telephone, water and electricity for which there are separate meters. Flat owners have to pay common expenses  for swimming pool facilities,  lift maintenance and cleaning of common areas and so on. These expenses approximately are: £15 for one becroom flat, £22 for a two bedroom flat and £30 for a three bedroom flat, per month.

When can we get the title deeds?

The title deeds are transfered to the purchaser's name approximately 12 - 18 months after the completion of the building. Provided that ..:

•  The deeds are issued by the Land Registry Department.

• Any outstanting ammount is paid.

• The approval of owning a property in Cyprus by the Council of Ministers is already acquired.

How much does it cost to transfer the title deeds to the purchaser's name?

The Property Transfer Fees are payable ONCE only by the buyer, to the Land Registry Office, according to the following scale:

How much Immovable Property Tax costs per year?

The registered owner of the property is liable for this annual tax that is based on the value of the property.

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