Cyprus offers a full range of properties for both commercial and residential use situated in key locations across the island. While the exclusive, top-level market is currently the most sought after, the island has a good stock of properties available, from townhouses and apartments, to villas and sea-side bungalows in five-star gated developments. Nicosia and Limassol are the main business centres. Office space is available in purpose-built office blocks, in converted houses or flats. A number of business centres also offer ready-to- move into offices. They usually include fully equipped offices that are available on demand with flexible terms, meeting rooms and a receptionist service.
Overall, rentals are around two-thirds of those charged for comparable commercial spaces in continental Europe, and offices, retail or other commercial space is widely available for purchase or for rent. Since joining the European Union in 2004, restrictions on buying property have been lifted. Citizens of EU member states who are permanent residents of the Republic of Cyprus are permitted to acquire any amount of immovable property in Cyprus without restriction and without needing permission. Transfer of ownership from vendor to buyer is processed by the Cyprus Land Registry Office and in order to ensure the buyer’s rights to the property are safeguarded, it is advised that the contract of sale is registered at the district land registry office within two months of the contract date. The title deed is subsequently issued and registered in the name of the purchaser and recorded in the Registry archives. There are no restrictions on reselling or disposing of the property later, provided the owner has a valid contract. More recently, Cyprus has introduced additional incentives to buy property, with real estate purchased by the 31 December 2016 being exempt from capital gains tax and a 50% discount in transfer fees.
Updated: February 2016