How long is the procedure for purchasing a property in Cyprus?

How long is the procedure for purchasing a property in Cyprus?

Property purchase in Cyprus is very straightforward procedure. How long it will take to complete a property purchase within its province will depend on many factors. Keep in mind that you’ll need to find the right building first before you can begin the purchasing process. All these processes take time, and if you don’t make quick strides it can translate to weeks, months, and in rare cases, years.

Whether you are buying your first Cypriot property or your second or third home, the purchasing process remains the same. How fast you complete each of the processes will determine how long it will take to complete the overall procedure for purchasing the property in Cyprus. To save time on each process, we recommend that you consult experts or lawyers to help you with the necessary documentation and legalities. To help you understand better, we have divided the overall procedure into three;

The purchasing procedure.

1. Finding the right agent 

There are many estate agents scattered across Cyprus, From Ayia Napa to Limassol, Larnaca, Paphos and even down to the capital Nicosia. You can expect every one of them to have a mind-boggling portfolio to show you. However, it is recommended that you choose the ones that best fit your property or housing needs. If this is your first time, buying a property in Cyprus, have an idea of what you want before approaching an estate agent. If not, you’ll be overwhelmed by their offerings. On the other, if you want to sleep with two eyes closed, ensure your estate agent is fully licensed and registered. A CREAA (Cyprus Real Estate Agents Association) membership will go a long way.

2. Viewing the properties

Now that you have found yourself a registered and licensed real estate agent, choose your preferred location and have your agent show you the properties one by one. This is important because you’ll get to know the area and the feel of the property on a personal level. While viewing the property, ask questions and take notes. Depending on how quickly you find your preferred property, this process can take days or weeks. Once you have found a property that you like, hire a lawyer to help you with the ensuing procedures.

3. The buying process

The buying process cannot be rushed, and as such, it is the most time-intensive of the overall purchasing experience. You have to submit a bid for the property; wait for it to be accepted; check the paperwork; form the initial agreement; sign the agreement; transfer the funds in Cyprus; get the tax clearance from the Tax Department; ensure the sale contract is deposited with the land office; obtain the title of deeds. All these take time, especially if you do not hire the right lawyer.

So how long will it take?

All things considered, the procedure for purchasing a property in Cyprus shouldn’t take more than 1 – 3 months.

 

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