Property acquisition in Cyprus is a simple process. Many factors will influence how long it takes to complete a property purchase within its province. Remember that you must first find the right building before you can begin the purchasing process. All of these processes take time, and if you don’t make quick progress, it can take weeks, months, or even years.
The purchasing process is the same whether you are purchasing your first Cypriot property or your second or third. The length of time it takes to complete each of the processes will determine how long it takes to complete the overall procedure for purchasing a property in Cyprus. We recommend that you consult experts or lawyers to assist you with the necessary documentation and legalities to save time on each process. We have divided the overall procedure into three parts to make it easier for you to understand.
The buying procedure
- Choosing the Best Agent
Many estate agents can be found throughout Cyprus, from Ayia Napa to Limassol, Larnaca, Paphos, and even the capital Nicosia. You can anticipate that each of them will have a mind-boggling portfolio to show you. It is, however, recommended that you select the ones that best suit your property or housing needs. If you are purchasing a property in Cyprus for the first time, have an idea of what you want before approaching an estate agent. If you don’t, you’ll be overwhelmed by their selection. If, on the other hand, you prefer to sleep with your eyes closed, make sure your estate agent is fully licenced and registered. A CREAA (Cyprus Real Estate Agents Association) membership will be extremely beneficial.
- Examining the properties
Choose your preferred location and have your agent show you the properties one by one now that you’ve found a registered and licenced real estate agent. This is significant because you will get to know the neighbourhood and the overall feel of the property on a personal level. Ask questions and take notes while inspecting the property. This process can take days or weeks, depending on how quickly you find your preferred property. Once you’ve found a property you like, hire a lawyer to assist you with the subsequent procedures.
- The purchasing procedure
Because the purchasing process cannot be rushed, it is the most time-consuming aspect of the overall purchasing experience. You must submit a bid for the property, wait for it to be accepted, review the paperwork, form the initial agreement, sign the agreement, transfer the funds to Cyprus, obtain tax clearance from the Tax Department, ensure the sale contract is deposited with the land office, and obtain the title deeds. All of this takes time, especially if you don’t hire the right attorney.
So, how much time will it take?
Overall, the process of purchasing a property in Cyprus should not take more than 1 – 3 months.