What it actually costs to buy property in Cyprus, beyond the purchase price. A short guide to transfer fees, VAT and legal costs.
The purchase price is rarely the final number. Buyers who only budget for the figure on the sale agreement are often caught out by what comes next, and the two costs worth planning for are transfer fees and VAT.
Transfer fees are paid when the property is registered in the buyer’s name at the Land Registry, calculated on a tiered basis rather than a flat rate. Where VAT has already been charged on the purchase, transfer fees are often reduced or waived, so the two need to be looked at together rather than assumed separately.
VAT applies to new-build property bought from a developer, with a reduced rate potentially available where the property will be used as the buyer’s main residence. Resale property bought from a private owner generally falls outside VAT altogether, which is one of several practical differences between buying new and buying resale.
One cost that no longer applies is stamp duty. It has been abolished, and buyers who come across it in older guides should treat that information as out of date.
Legal fees, Land Registry registration costs and, where relevant, a mortgage valuation fee round out the picture. Estate agency commission is usually paid by the seller or developer, though this is worth confirming on individual off plan deals where arrangements vary.
Getting a clear total before signing a reservation agreement, not after, is what actually protects a buyer’s budget.
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