How Much Deposit Do You Need for a House in Cyprus?

2 Mar

Buying property in Cyprus is popular among expats, retirees, and investors — and the deposit requirements are generally straightforward. Whether you’re purchasing a new build or a resale property, Cyprus offers a familiar and predictable system similar to the UK and other EU countries.

Typical Deposit Requirements

1. New Build & Off-Plan Properties

Developers usually require:

10%–20% deposit to secure the property
Additional staged payments during construction

This is common for new apartments in Limassol, Paphos, and Larnaca.

2. Resale Properties

Expect to pay:

5%–10% deposit to reserve the home
Remaining amount on completion

Your lawyer will hold the deposit in escrow until the sale is finalized.

3. Foreign Buyer Considerations

Foreigners (including Americans, Brits, and Australians) can buy property with no restrictions.

However:

Bank financing for non-residents is limited
Higher deposits may be required if using a local mortgage

Most expats buy in cash or use foreign financing.

Other Costs to Expect

Beyond the deposit, you will need:

Transfer fees (0%–8% depending on value)
Stamp duty (very low compared to UK/EU)
Legal fees (approx. 1%)
VAT (19% on new builds, 5% for primary residence)

Why People Buy in Cyprus

Affordable prices compared to Western Europe
Strong rental demand
Access to Permanent Residency programs for qualifying properties
Solid property rights under EU law

Bottom Line

Expect a deposit of 5%–20% depending on the property type. Cyprus remains one of the more accessible real estate markets in Europe for foreign buyers.

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