Real estate investment in Cyprus

The Republic of Cyprus restricts selling properties to foreigners: a non-EU citizen can buy no more than two properties and need a permit to purchase them.

Residential property prices almost don’t grow: the average growth is 0,1% each quarter, with fluctuations from a 5%-growth to a 6%-decline. Seven years ago, an apartment of 100 m²cost €171,000. However, today it’s sold for €270,000.

€2,700

Average price per 1 m²

€300,000+

Real estate investment for residency

3.25—20.2%

Associated costs, of the property value

How the residential property price index is growing in Cyprus

Cost of a 3-bedroom apartment in Cyprus

$5 million

Penthouse in Limassol, in the tourist area of Agios Tychonas or Pyrgos, and on the first coastline

€700,000

Apartment in Limassol,
in the Neapolis district,
in a 10-minute walk from the beach

€400,000

Apartment in the centre of Larnaca,
a kilometre from the sea

Investment real estate in Cyprus

https://immigrantinvest.com/wp-content/uploads/2022/09/schermata-2020-08-25-alle-14.38.09-e1598360182985.jpg

location icon Cyprus, Larnaca

€1,000,000+

Share in the hotel complex managed by Radisson

https://immigrantinvest.com/wp-content/uploads/2022/09/bw-agia-napafinal-cam-17-b-copy-e1598455667229.jpg

location icon Cyprus, Larnaca

€340,000 — €560,000

Apartments in a hotel complex with a swimming pool

39 m² — 69 m²

1—2

https://immigrantinvest.com/wp-content/uploads/2022/09/22ea3038-15e5-4e45-9115-b976b49bdf42.jpeg

location icon Cyprus, Larnaca

€1,950,000+

Three-storey villa with a swimming pool in a gated community by the sea

224 m²

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Cyprus residency or citizenship by real estate investment

Investors can get Cyprus permanent residency if they invest at least €300,000 in real estate.

Permanent residency is granted for life; only a resident’s ID card must be renewed every 10 years.

Relocation and living in Cyprus is not required to maintain or renew residency, a visit once every 2 years is enough. However, living in the country permanently for 8 years out of the last 11 grants the right to apply for citizenship by naturalisation.

Minimum real estate investment in Cyprus

€300,000

For residential or commercial property

An investor can buy one or two primary real estate properties for a total amount of €300,000 plus VAT.

The standard VAT rate is 19%, but when purchasing a single home for your own residence, it is reduced to 5%.

The Golden Visa applicant cannot invest in a resale real estate.

Practical Guide

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Taxes and associated costs

Countries to buy a property and get residency or citizenship

We offer proven properties that comply with the conditions of government programs for investors. You can buy real estate and obtain a residence permit or citizenship.

Country

Property investments

Status

Obtaining time

Malta12 properties

€300,000+

Permanent residency

6+ months

Show 12 properties

€300,000+Permanent residency6+ months

Grenada19 properties

$270,000+

Citizenship

8+ months

Show 19 properties

$270,000+Citizenship8+ months

UAE113 properties

AED 750,000+

Residence permit

2+ months

Show 113 properties

AED 750,000+Residence permit2+ months

Spain36 properties

€500,000+

Residence permit

5+ months

Show 36 properties

€500,000+Residence permit5+ months

Portugal68 properties

Not limited

Residency after D Visas

6+ months

Show 68 properties

Not limitedResidency after D Visas6+ months

Show all countries

40+ guides with European countries

Find out how much it costs to buy and rent real estate in each country, what the market dynamics are and what taxes you need to pay when buying and selling.

Real estate investment in Iceland

Foreigners can buy, lease and sell properties without restrictions in Iceland. The sale of land to foreigners is prohibited. The land on...

€4,405

Average price per 1 m²

2,5%

Average price growth per quarter

Learn more

Real estate investment in Germany

Germany does not limit the sale of properties to foreigners: one can buy and sell housing and commercial real estate or rent it out.

€5,770

Average price per 1 m²

1,9%

Average price growth per quarter

Learn more

Real estate investment in Estonia

Foreigners can freely buy and sell apartments in Estonia. Buying land with a house is not allowed in all areas. A legal entity can buy a...

€2,734

Average price per 1 m²

2,4%

Average price growth per quarter

Learn more

Real estate investment in Bosnia and Herzegovina

The sale of real estate to foreigners is not restricted in Bosnia and Herzegovina: one can buy, lease and sell housing and commercial...

€1,177

Average price per 1 m²

1,5%

Average price growth per quarter

Learn more

Real estate investment in Andorra

To buy property in Andorra, a foreigner needs to obtain government permission.

€4,600

Average price per 1 m²

€551,500+

Real estate investment for residency

Learn more

Real estate investment in Turkey

Foreigners in Turkey can buy and sell housing and commercial real estate and rent it out.

$777

Average price per 1 m²

$400,000+

Real estate investment for citizenship

Learn more

Material prepared by Igor Buglo, Head of the Maltese office, MBA

Updated:

08 October, 2024

Frequently asked questions

Can foreigners buy property in Cyprus?
The sale of real estate to foreigners in the Republic of Cyprus is limited. A non-EU citizen needs to get a permit first, and then buy no more than two properties.
Are property prices in Cyprus falling?
The real estate market in Cyprus has been recovering after the 2020 stagnation. On average, Cyprus property prices have been growing by 0,1% each quarter. But there are price fluctuations: from a 5% growth to a 6% decline.
Is Cyprus a good real estate investment?
There are multiple advantages of investing in Cyprus real estate, for instance:
local property is a liquid asset. It can be rented out for passive income and resold for profit. Real estate in big cities and resorts of Cyprus brings investors an annual yield of up to 10%;
residential property worth at least €300,000 is a path to Cyprus permanent residency;
Cyprus has no inheritance tax, and income and property tax rates are low.
How much is an average house in Cyprus?
A 100 m² apartment in Cyprus costs €270,000 on average. The average price per 1 m² of housing is €2,700.
For buying one or two properties worth €300,000 or more investors can obtain a permanent residence status in Cyprus. They can buy residential or commercial real estate.
Immigrant Invest offers a Cyprus real estate database: listings are eligible for the Cyprus Permanent Residence by Investment program. Investors can choose from a variety of properties, including those in the construction stage — which can be bought commission-free.
How much is property tax in Cyprus?
Cyprus has several types of property taxes. Owners of real estate in Cyprus pay an annual tax at a progressive rate of 0—1.9% of the cadastral property value. Owners who rent their property out pay the income tax at a progressive rate of 0—5%.
Buyers of real estate in Cyprus pay:
VAT of 14—19% on new properties;
transfer tax of 3—8% on secondary properties.
Sellers of real estate in Cyprus pay a capital gains tax of 20% on the difference between the sale and purchase prices.
Is it safe to buy a house in Cyprus?
Cyprus has a well-established legal framework for property ownership and transactions. However, it’s essential to conduct thorough due diligence and ensure that the property you’re interested in has clear title deeds and no legal encumbrances.