Real Estate
Our Real Estate services cover everything from property acquisition and leasing to dispute resolution and commercial developments. We advise on residential and commercial transactions, handling everything from negotiating contracts to ensuring regulatory compliance. Our experts offer insightful advice that simplifies the process, helping you avoid potential pitfalls and capitalise on lucrative opportunities.
Smooth Property Transactions
Whether buying, selling, or investing, our Real Estate team offers comprehensive legal support to help you navigate the complexities of property transactions, ensuring your investments are protected.
Our team ensures that every transaction is seamless and that all legal aspects are thoroughly managed. We handle property contracts, due diligence, financing, and regulatory matters. Whether you're a first-time homebuyer, an investor, or a business looking to lease commercial property, we provide tailored advice that ensures your interests are fully protected.
Residential transactions typically take up to 3 months; commercial transactions can vary.
You can book an initial consultation by calling +35725725705 or messaging contact@kourtellos.com.
No documents are required for the first meeting; we’ll walk you through the next steps.
FAQs
Can foreign nationals buy property in Cyprus?
Yes, non-Cypriot nationals (EU and non-EU citizens) can purchase real estate in Cyprus, but there are some differences in how the process works:
- EU citizens can buy property without restriction.
- Non-EU citizens must apply for permission from the Council of Ministers, which is typically granted for:
- One apartment or house, or
- One building plot or piece of land (up to 4,014 m²).
The purchase process includes due diligence, a Sale Agreement, and registration with the Department of Lands and Surveys.
What is the role of due diligence in a property transaction in Cyprus?
Due diligence is critical and typically performed by a lawyer before signing the Sale Agreement. It includes:
- Verifying ownership and title with the Land Registry.
- Ensuring the property is free of mortgages or encumbrances.
- Checking for planning and building permits, as well as any unauthorized structures.
- Confirming that VAT or transfer fees are properly assessed.
A thorough legal check protects the buyer and helps avoid disputes or complications post-purchase.
What taxes and fees apply when buying real estate in Cyprus?
Buyers may be subject to the following:
Transfer Fees: Payable to the Land Registry unless VAT applies. Fees are based on property value and are progressive (e.g., 3–8%).
VAT: New properties may be subject to 5% (reduced) or 19% (standard) VAT, depending on eligibility.
Stamp Duty: Based on the purchase price; payable on the Sale Agreement before registration.
Capital Gains Tax (CGT): Not payable on purchase, but relevant upon resale (20% on gains, with some exemptions).
A legal advisor ensures the correct tax treatment and structuring of the transaction.