How is the real estate market?
The demand for Cyprus properties is high and the good properties are commonly sold off plan. In this way, most well established developers are not very flexible on price. As all properties are freehold, transfer of ownership from seller to buyer is a relatively simple procedure through the Cyprus Land Registry Office. For non- Cypriots, evidence of payment for the property with foreign exchange must be provided. To transfer title, permission must be obtained from the Council of Ministers and funds should be transferred. Upon transfer of the property and registration into the purchaser’s name, a “transfer fee” ranging from 3-8% (depending on market value of the property) is due to the district land registry office. The mortgage market is active in Cyprus and mortgages are available from the major banks including, Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. Mortgages will generally range from 60 –80% of the property value for periods of 7 to 10 years. They can also be obtained
