In recent years, Cyprus has become a popular place for the acquisition of commercial, residential and other property developments. This increase in demand is attributed collectively to many factors: Cyprus' location, inherent beauties and attractive climate, the low cost of living, the significant infrastructure, EU membership, low taxation and high returns on property investments. Property booming had a particular effect at seaside locations, such as Ayia Napa, Protaras, Paphos, Limassol and Larnaca.  

Cyprus has a solid legal framework in land transactions, which is supported by a reliable Land Registry Department. In brief, the transaction relating to the acquisition of property requires the approval and signing of a contract of sale, which shall be subsequently registered at the District Land Registry for the purpose of safeguarding the purchaser’s interest for specific performance. A separate title deed shall be issued through the District Land Registry within a certain time frame after the completion and delivery of the construction works, as stipulated in the contract of sale. This process is usually straightforward and is finalised within 1-2 weeks.   

Be that as it may, a buyer is strongly advised to seek legal advice on all issues involved in a real property transaction. This advice shall cover the contractual provisions and legalities, the due diligence on the seller and the property as well as all appropriate actions to safeguard timely delivery and guaranteed return of money in case of default. It shall also extend to tax and estate matters, according to the circumstances of each case.  

Our international real estate practice is at the forefront of the increasingly sophisticated and fast changing real estate market, providing innovative commercial advice to the full range of market participants. Our firm deals with all matters relating to property, including transactions and disputes involving commercial and residential property, and routinely advises both individual and corporate clients on sale agreements, acquisition of property by foreigners, property management for non-residents, estate planning and administration, mortgaging and finance.

For any related inquiry, please contact Harris Kyriakides LLC at info@kyrlaw.com.cy