The allure of Cyprus’ mediterranean climate and golden beaches makes it an attractive second home for Brits - whether you’re looking for a place to spend long summer breaks, or retire to Cyprus.

Buying property in Cyprus does require careful planning to make sure it goes smoothly and any potential pitfalls are avoided. Our complete guide to buying property in Cyprus is here to help. It covers everything you need to know about the property market, mortgages and fees, as well as the buying process itself.

We’ll even look at some of the most attractive locations on the island which you could be calling home, but we’ll also touch on the best ways to cover overseas property costs, such as using the Wise multi-currency account. We hope that this guide will prove a useful starting place when considering Cyprus for your dream property purchase.

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What’s the property market like in Cyprus?

Cyprus’ property market is split between two key areas - the urban centres of Nicosia, Limassol and Larnaca, and the coastal resort areas of Paphos and Famagusta, which see particular demand from expats looking to soak up the sun.

Up until 2020, the market was faring much better than it had in a long time, following 3 years of significant improvement.¹ However, the country’s economy has been hit hard by the Covid-19 pandemic, which has had a knock-on effect on the property market.

And, according to Deloitte’s February 2021 - Cyprus Real Estate Market Report, in 2020 total contracts of sales were considerably lower at 7,968 compared to 10,366 in 2019, a reduction of 23%².

This has affected both supply and demand for housing on the island. But, prospective foreign buyers should take heart - the report points out apartment prices are stable, appear to be least affected by the pandemic, and are expected to recover first².

Whilst things are still uncertain, experts consulted in the Cyprus Real Estate Pulse survey (December 2020) say access to financing, market confidence, foreign travel and investment are likely to be big factors in the short term Cyprus property market performance and recuperation².

Can foreigners buy property in Cyprus?

In short - yes, foreigners are able to purchase property in Cyprus. What’s more, it’s easier to do so here when compared with many European countries.

EU citizens are able to purchase property in Cyprus with no restrictions. For UK nationals, it’s still possible, but the rules have changed slightly since the UK left the EU.

Buying property in Cyprus after Brexit³

UK nationals may buy one property in Cyprus and are entitled to hold the freehold. The property can be either an apartment, house, villa on a building site or plot of land limited to no more than 4,014 sq. m.

In some instances the purchase of a second property (such as a holiday home) may be allowed. UK nationals looking to buy property in Cyprus also need to be aware that following Brexit they can only stay for a total of 90 days in any 180 day period. If you wish to stay for longer then you’ll need to apply for a visa.

Importantly, the process⁴ to purchase is now different for post-Brexit buyers. When entering into a sale, you’ll need to apply to the Council of Ministers for permission to purchase a property and title deeds won’t be passed to you until permission is granted. While it’s a formality and highly unlikely your application will be refused, you’ll also need a clause included in the contract to outline what should happen if permission isn’t granted.

It’s not uncommon for the application to take several months to a year to finalise. You also won’t be permitted to rent or lease property, acquire a share in a property and unmarried couples can’t buy a property in joint names.