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In Cyprus, a reduced VAT rate of 5% is available for the purchase or construction of a new main residence, instead of the standard 19%. According to the current provisions, this 5% covers only the first 130m² of the property.
Eligibility is subject to specific limits such as the overall buildable area not exceeding 190m², and the total property value must be no more than €475,000. Within these caps, the 5% VAT applies to the first 130m² and up to €350,000 of the property’s value, while any excess area or value is taxed at the standard 19% rate.
If the property exceeds 190m² in size or €475,000 in value, the full purchase is subject to the standard 19% VAT.
Transfer fees are paid upon title deed transfer. The total cost ranges from 3% to 8% depending on the property’s value, though they are reduced by 50% in some cases. Transfer fees are completely waived if VAT was applied to the purchase.
Land in Cyprus is subjected to VAT if it is categorized as undeveloped building land and is intended for the erection of a building.
If the land is sold by a private individual (who is not a developer or trader), it is usually VAT-free. However, Transfer Fees will have to be paid when transferring the title deed.
Latsia is widely regarded as a prime area within Nicosia, combining peaceful residential living with modern amenities. Situated on the southeastern edge of the capital, it is particularly attractive to families and professionals who value a quieter environment while still enjoying easy access to the city.
As a buyer, you typically do not need to pay an agency fee when purchasing a property in Cyprus. In most cases, the seller is responsible for paying the real estate agent’s commission, which has been agreed in advance.
However, it’s always important to ask the agent upfront to confirm that no buyer fees apply—especially if you’re engaging them for additional services like property sourcing or exclusive representation.
You should consider factors such as budget, location, accessibility, nearby amenities, property condition, and long-term investment potential.
Apartments can be a strong investment, especially in areas with high demand, good infrastructure, and potential for rental income or capital growth.
Additional costs may include legal fees, transfer fees, stamp duty, and any applicable taxes. It’s important to budget for these expenses in advance.
The process can vary, but it typically takes several weeks to complete, depending on legal checks, financing approval, and agreement between parties.
You can schedule a viewing by contacting us directly via phone, email, or an online enquiry form. One of our agents will arrange an appointment with you and provide full details of the available property options.
Our team is here to help you with any questions about our properties, availability, pricing, or viewing appointments.
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