When engaging in property transactions in Cyprus, whether buying or selling real estate, enlisting the services of a qualified lawyer is paramount. Cyprus’s property market, while offering lucrative opportunities, also entails intricate legal processes and regulations that can be challenging to navigate without expert guidance.
From ensuring compliance with local laws and regulations to conducting due diligence on the property’s title and handling contractual agreements, a knowledgeable lawyer provides invaluable support throughout the transaction process.
Additionally, having legal representation safeguards your interests, mitigates risks, and helps address any potential disputes or complications that may arise, ultimately facilitating a smoother and more secure property transaction experience.
Who is eligible to buy a property?
For EU citizens, Cyprus property law allows the freedom to purchase real estate without the need for permission. They enjoy the same rights as Cypriot citizens, allowing them to acquire properties without any restrictions. There are no limitations on the number of properties they can register under their name.
Non-EU citizens, on the other hand, are also permitted to purchase properties in Cyprus but are required to seek permission to register them in their names. Following the signing of the sales contract, an application for permission is submitted to the District Office of the city where the property is located. This application process is typically a formality, and permission is granted to all purchasers. The timeframe for obtaining permission usually ranges from 2 to 4 weeks.
Transferring the Title Deed of a Cyprus property
The transfer of the title deed can be promptly conducted if the seller possesses an ownership certificate for the property, typically observed in resale transactions. However, in the case of newly developed properties, the seller, often a developer, may not have an individual title deed available. In such instances, the buyer’s ownership rights are secured by registering the sales contract at the Lands Office until the issuance of the title deed.
Contact us today at +357 97680423 for a free consultation regarding buying or selling a property in Cyprus
