Authored by the expert who managed and guided the team behind the Cyprus Property Pack
Everything you need to know before buying real estate is included in our Cyprus Property Pack
When buying property in Cyprus, closing costs typically range from 7% to 15% of the purchase price, depending on the property type and financing method. These costs include transfer fees, legal fees, stamp duty, VAT (for new properties), survey costs, and utility setup expenses.
Understanding Cyprus closing costs is essential for budgeting your property purchase accurately. As of September 2025, the Cyprus property market remains attractive to international buyers, but the various taxes and fees can significantly impact your total investment amount.
If you want to go deeper, you can check our pack of documents related to the real estate market in Cyprus, based on reliable facts and data, not opinions or rumors.
Cyprus property closing costs range from 7-15% of purchase price, with transfer fees being the largest component at 3-8% based on progressive rates.
New properties incur 19% VAT (or 5% for qualifying residents), while resale properties avoid VAT but pay full transfer fees, making cost structures vary significantly between property types.
| Cost Type | Rate/Amount | Notes |
|---|---|---|
| Transfer Fee | 3-8% (progressive) | 50% reduction for resale properties |
| VAT (New Properties) | 19% standard / 5% reduced | Exempts from transfer fee when paid |
| Stamp Duty | 0-0.2% (capped €20,000) | Applied to all property types |
| Legal Fees | 1-2% of price | Minimum €2,500-€3,500 |
| Survey Costs | €300-€1,000 | Professional valuation recommended |
| Utility Setup | €200-€650 | Deposits and connection fees |
| Mortgage Fees | 1% of loan + extras | Bank processing and insurance |
What are the main closing costs when buying property in Cyprus?
Cyprus property closing costs typically include transfer fees, legal fees, stamp duty, VAT (for new builds), survey expenses, and utility connection costs.
The largest component is usually the transfer fee, ranging from 3% to 8% of the property value based on progressive brackets. Legal fees add another 1-2% of the purchase price, with minimum fees of €2,500-€3,500 plus VAT.
New properties incur 19% VAT (or 5% for qualifying residents under specific conditions), while resale properties avoid VAT but pay the full transfer fee. Stamp duty applies to all properties at rates from 0% to 0.2%, capped at €20,000.
Additional costs include property surveys (€300-€1,000), utility setup and deposits (€200-€650), and document translation if needed (€50-€150 per document). Cyprus does not charge notary fees for property transactions, as all deeds are handled through lawyers and the Land Registry.
It's something we develop in our Cyprus property pack.
How much is the property transfer tax in Cyprus and how is it calculated?
Cyprus applies a progressive transfer fee structure with rates of 3% on the first €85,000, 5% for amounts between €85,001-€170,000, and 8% above €170,000.
The calculation is based on the property's market value at the time of transfer. For joint purchases (such as spouses buying together), each buyer gets their own bracket allocation, often reducing the total transfer fee significantly.
Resale properties benefit from a 50% reduction in transfer fees, meaning effective rates become 1.5%, 2.5%, and 4% respectively. New properties where VAT has been paid are completely exempt from transfer fees.
For example, a €200,000 resale property would incur transfer fees of: (€85,000 × 1.5%) + (€85,000 × 2.5%) + (€30,000 × 4%) = €1,275 + €2,125 + €1,200 = €4,600.
Are there other taxes and fees beyond the transfer tax?
Yes, Cyprus property purchases involve several additional taxes and fees beyond the transfer tax.
Stamp duty applies to all property transactions at progressive rates: 0% on the first €5,000, 0.15% for €5,001-€170,000, and 0.20% above €170,000, with a maximum cap of €20,000. This applies regardless of whether the property is new or resale.
VAT significantly affects new property purchases at 19% of the purchase price, though qualifying residents may access a reduced 5% rate on their first €350,000 for properties up to 130-190m². Resale properties are VAT-exempt but pay the full transfer fee.
Additional fees include municipal taxes, which vary by location but typically amount to a few hundred euros annually. Property insurance is often required, especially for mortgaged properties, costing €200+ annually depending on the property value.
Legal and administrative costs also add up, including contract registration fees, Land Registry administrative charges, and potential surveyor or engineer certification fees for new builds.
What legal fees should I expect when buying property in Cyprus?
Legal fees for Cyprus property purchases typically range from 1-2% of the property value, with minimum fees usually set between €2,500-€3,500 plus VAT.
| Property Value | Typical Legal Fee | VAT (19%) |
|---|---|---|
| €150,000 | €3,000 | €570 |
| €300,000 | €4,500 | €855 |
| €500,000 | €7,500 | €1,425 |
| €750,000 | €11,250 | €2,137 |
| €1,000,000 | €15,000 | €2,850 |
These fees cover due diligence, contract preparation, title searches, Land Registry submissions, and representation during the transaction. Complex transactions involving companies, multiple parties, or unusual circumstances may incur higher fees.
It's something we analyze in detail in our Cyprus property pack.
Don't lose money on your property in Cyprus
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
How much does property registration at the Land Registry cost?
Property registration costs at the Cyprus Land Registry are included within the transfer fees mentioned earlier - there are no separate registration charges.
The transfer fees paid to the Land Registry serve as both the transfer tax and registration cost. These progressive rates (3%, 5%, 8%) cover the administrative process of updating ownership records and issuing new title deeds.
However, expedited processing may incur additional fees of €50-€200 if you need faster completion. Standard processing typically takes 2-6 months, depending on the district and workload.
Some administrative costs may apply for specific services like certified copies of documents, title deed amendments, or corrections, typically ranging from €20-€100 per service. Most routine purchases only require the standard transfer fees.
Do I need property surveys and what do they cost?
Property surveys are highly recommended for Cyprus real estate purchases, though not legally mandatory in all cases.
Professional structural surveys cost between €300-€1,000 depending on property size, age, and complexity. These surveys identify potential structural issues, verify boundaries, and assess the property's condition.
For new properties, building completion certificates and engineer reports may be required, costing €200-€500. Mortgage lenders often require their own valuation survey, typically costing €200-€500, which is separate from your independent survey.
Land surveys to verify exact boundaries and plot sizes cost €400-€800, particularly important for properties with large plots or unclear boundary markings. Environmental surveys for properties near protected areas or coastlines may add €300-€600.
Specialized surveys for pools, septic systems, or solar installations can add €100-€300 each. The total survey costs are typically a small percentage of the purchase price but can prevent expensive surprises later.
What are the stamp duty costs for property purchases?
Cyprus stamp duty applies to all property transactions with progressive rates based on the purchase price.
The rates are 0% on the first €5,000, 0.15% for amounts between €5,001-€170,000, and 0.20% above €170,000, with a maximum cap of €20,000 regardless of property value.
For example, a €300,000 property would incur stamp duty of: (€5,000 × 0%) + (€165,000 × 0.15%) + (€130,000 × 0.20%) = €0 + €247.50 + €260 = €507.50.
A €1 million property would reach the maximum cap: (€5,000 × 0%) + (€165,000 × 0.15%) + (€830,000 × 0.20%) = €0 + €247.50 + €1,660 = €1,907.50, but since this exceeds €20,000 cap, the actual cost would be €1,907.50.
Stamp duty applies to both new and resale properties, mortgaged and cash purchases, making it unavoidable for all transactions.
How much does setting up utilities cost for new properties?
Utility setup costs for Cyprus properties typically range from €200-€650 total, depending on the property size and location.
Electricity connection requires a deposit ranging from €100-€300 based on the property's estimated annual consumption. Water supply deposits typically cost €100-€200, while sewerage connection may add another €50-€150.
Internet and telecommunications setup varies by provider but generally costs €50-€150 for installation and equipment. Cable or satellite TV services add €30-€100 for initial setup.
Rural or remote properties may face higher connection costs if infrastructure needs extending. Properties in established developments usually have lower costs as infrastructure is already in place.
Monthly utility costs average €80-€200 depending on property size, usage patterns, and seasonal variations. Swimming pools, extensive gardens, or large properties significantly increase ongoing costs.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Cyprus versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What additional costs apply to mortgaged properties?
Mortgaged properties in Cyprus incur several additional costs beyond the standard closing expenses.
Bank processing fees typically cost 1% of the loan amount, plus valuation fees of €200-€500 for the lender's property assessment. Legal fees for mortgage documentation add €500-€1,500, separate from the purchase legal fees.
Property insurance becomes mandatory, costing €200-€800 annually depending on the property value and coverage. Life insurance may also be required, with premiums varying based on the borrower's age, health, and loan amount.
Mortgage stamp duty applies to the loan amount using the same rates as property stamp duty. For a €200,000 mortgage, stamp duty would be approximately €292.50.
Early repayment penalties may apply if you pay off the mortgage ahead of schedule, typically 1-3% of the remaining balance. Annual mortgage account maintenance fees of €50-€150 are also common.
Currency conversion fees may apply for foreign currency mortgages, typically 0.5-1.5% of each payment.
Are document translation costs significant?
Document translation costs in Cyprus are generally modest but can add up for complex transactions.
Certified translations typically cost €50-€150 per document, depending on the document length, complexity, and language pair. Most common documents requiring translation include foreign bank statements, income certificates, marriage certificates, and company documents.
Simple documents like bank statements or identification cards cost €50-€80 each, while complex legal documents, contracts, or financial statements can cost €100-€150 each.
Apostille services for authenticating foreign documents add €30-€80 per document before translation. Rush translation services may double the standard costs if needed within 24-48 hours.
English-speaking buyers typically need fewer translations since English is widely used in Cyprus legal and real estate transactions. However, official government documents may still require certified translations into Greek.
It's something we cover extensively in our Cyprus property pack.
How much VAT applies to property purchases?
VAT in Cyprus applies differently depending on whether you're buying a new or resale property.
New properties are subject to 19% VAT on the full purchase price. However, qualifying residents can access a reduced 5% VAT rate on their first €350,000 for properties up to 130-190m², depending on the specific area and building height restrictions.
To qualify for the 5% rate, buyers must be first-time property owners in Cyprus, intend to use the property as their primary residence, and meet specific income and citizenship requirements. The property must also not exceed certain size limitations.
Resale properties are completely exempt from VAT, making them subject to the full transfer fee instead. This creates different cost structures: new properties pay VAT but avoid transfer fees, while resale properties pay transfer fees but avoid VAT.
Commercial properties and luxury properties exceeding certain thresholds always pay the full 19% VAT rate regardless of buyer status.
| Property Type | VAT Rate | Transfer Fee |
|---|---|---|
| New Build (Standard) | 19% | Exempt |
| New Build (Qualified Resident) | 5% (up to €350k) | Exempt |
| Resale Property | Exempt | 3-8% (50% reduction) |
| Commercial Property | 19% | As applicable |
| Luxury Property | 19% | As applicable |
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Cyprus property closing costs are substantial but predictable, ranging from 7-15% of the purchase price depending on property type and financing method.
Understanding the different cost structures between new and resale properties helps buyers budget accurately and choose the most cost-effective option for their situation.
Sources
- Judicare Group - Cyprus Residential Sale Pricing
- Judicare Group - Cyprus Residential Purchase Pricing
- Spitaki Mou - Legal Fees and Transfer Costs 2025
- Demetriades Law - Cyprus Property Tax Calculator
- Square One - Property Transfer Fees Guide
- Philippou Law - Complete Property Tax Guide
- Fox Realty - Cost of Buying Property Cyprus 2025
- Kadis Law - Property Purchase Taxes Cyprus
- InvestRopa - Guide to Buying Property Cyprus
- Luma Cyprus - Property Tax 2025