After coming to an agreement about all conditions on buying or selling immovable property, a contract must be prepared. This contract must include the price in Cyprus Pounds.
A signed contract is marked with the amount of excise, the size of which depends on the contracted price of property.
In such a way the formed contract is handed to the Land Registry (Register). Such Registers are situated in every town of Cyprus. Their duty is amongst others to control if the selling property is free from debts and obligations.
The next step of foreigners buying property will be an application to the Cyprus Council of Ministers for getting a permission to make this purchase. For this purpose special questionnaires are fulfilled and sent to the Government. These questionnaires will be considered during one of the Council’s meetings, which usually take place twice a year. So an answer for this question should be expected once every year, not earlier.
If an answer is negative, there must be a point in the contract, according to which the vendor will be obliged to re-register the contract to a new person or persons by choice of the Purchaser. The signed contract will be valid for 33 years.
Flats with one bed-room (sitting-room, bed-room, kitchen)
a) New
on the sea-shore: $40-60,000
in the center: $35-55,000
b) 10 year-old
on the sea-shore: $35-55,000
in the center: $30-50,000
Flats with two bedrooms
a) New
on the sea-shore: $50-70,000
in the center: $45-60,000
b) 10 year-old
on the sea-shore: $45-60,000
in the center: $40-55,000
Flats with three bedrooms
a) New
on the sea-shore: $70-100,000
in the center: $65-85,000
b) 10 year-old
on the sea-shore: $60-80,000
in the center: $55-75,000
Cottages:
There is a great choice of built houses and projects of houses which can be built in any district. The price of house depends on the place it is situated at, furniture, pool, garage, etc. Houses on the sea-shore are as popular as in the mountains.