Cyprus Property Market

1. Compared to many countries, Cyprus has attractive property buying procedures. People of Cypriot origin and EU citizens are allowed to purchase property without restriction. A non-EU citizen or couple is entitled to ownership of

(a) a piece of land of up to 4,000 sq.m. to build on own residence of any size,
(b) two adjacent residences in the same development which may be united horizontally or vertically,
(c) two adjacent properties in the same development consisting of one residence and an office of up to 250 sq.m. or a shop of up to 100 sq.m.

International business units may also acquire premises for their activities or for residence of their foreign employees.

2. The legal system in Cyprus is modelled on the British system known as Common law. In addition, with EU membership, Cyprus has harmonised its laws and regulations with the acquis communautaire.

3. The Land Registry system is one of the most advanced and reliable systems in the world, being based on the British equivalent.

4. Having signed a contract to buy a property, a non-Cypriot non EU Country national will file an application to the relevant District Office to grant its approval