Cyprus Property Developers: Your Home, Your Future

Yes, with permission from the Council of Ministers. This is a simple procedure, done by submitting Form Comm. 145 to the District Officer in whose district the property is situated.

The land, house, apartment or building must not be larger than necessary for the purpose you need; for example, the land plot should be large enough to build a residential home.

The relevant law is The Immovable Property Acquisition (Aliens) Law, Cap. 109.

Buying property in Cyprus is relatively easy. It is advisable to contact a real estate agent and a lawyer: they know the market and regulations and how to avoid any complexities.

You will select a property according to your budget and needs and make an offer through the real estate agent. Important issues to discuss are the price, property condition, and timeline for payment and delivery.

After signing the contract and paying, you or your representative will go to the District Lands Office to register the contract of sale and issue the title deeds. If you are a third-country national, you need permission from the Council of Ministers to buy a property.

No, they are not; they have steadily risen since 2017. According to the latest data (Q2 2024) from RICS (the Royal Institute of Chartered Surveyors), the prices for immovable property of all types (commercial, residential, houses, apartments) are rising, with the most significant rise evident in flats.

The Central Bank of Cyprus Report for the first quarter of 2024 shows an annual increase of 7,8%. Apartment prices show the greatest increase, an annual growth of 13,9%, with houses increasing 4,7%.

Property is not as cheap in Cyprus as you might think: recent data (September 2024) do not place it in Europe's top 15 most affordable places.

However, there is a variation in prices depending on location. Some properties in specific areas may be much more expensive than others.

At the same time, you can find affordable houses and apartments in villages (some close to the city) and in cities, just not in the suburbs close to the city centre.

Yes, it is because of rising prices and demand. Demand is high for all types of property, especially apartments. Cyprus real estate is among the most profitable in Europe: apartments, for example, can bring an annual yield of more than 10% (13,9% for Q1 2024, YoY comparison, data from the Central Bank of Cyprus). The rental yield for apartments was 5,40% for Q3 2024 (RICS), much higher than the mortgage rate in some banks.

Cyprus is strategically located in the Mediterranean, has a sunny, mild climate, and has a low cost of living. Therefore, it is highly popular with businesspeople, entrepreneurs, retirees, or people seeking a pleasant place to live. The economy is strong, and the government and the private sector support entrepreneurial activity. There is a large ex-pat community, and most people speak English.

Therefore, property in Cyprus is an excellent choice for investment. It can give you a steady cash flow and a stream of passive income with long-term appreciation. Nevertheless, you should seek personal advice from professionals (like a financial advisor or a real estate agent) before deciding to invest.

Cyprus real estate agent is entitled by law to charge the seller a commission. If you are the seller, you will agree on how much with your real estate agent. If you buy, you do not pay any commission (a licensed agent charges the seller, not the buyer).

Therefore, selling prices from different agencies are the same for the same property. Note that you should avoid buying from unlicensed real estate agents. An adequately registered agent has their registration number, license, and certification displayed in their office and premises.

The answer depends on your criteria, but Pafilia, Aristo Developers and Cyfield Construction Ltd lead the race. However, it does not matter who is the largest developer if you seek the best property deal. You are looking for a property that suits your budget and needs on terms that feel right.

We can help by showing properties from all major Cyprus developers and explaining how to choose the right one. We have been doing this with responsibility and success since 1982.

Identifying the 'best' developer in Cyprus is challenging, as this largely depends on individual preferences, needs, and the specific characteristics one values in a property or company. However, to find your ideal property, we can introduce you to a selection of top construction companies in Cyprus, each renowned for their excellence, innovation, and quality in real estate development:

1. Cyfield Group: A leading real estate, general contracting, and construction group in Cyprus, known for significant projects, including Aura Residences with sea view residences in Larnaca.
2. Pafilia Property Developers Ltd: The largest privately-owned residential developer in Cyprus, famous for the ONE complex in Limassol, which features premium residences with a rooftop infinity pool.
3. Aristo Developers: With over 40 years of trust-building, this developer specializes in residential and commercial real estate, including the renowned Venus Rock Golf Resort, showcasing apartments and villas.
4. Cybarco Development Ltd: The premier luxury property developer in Cyprus, part of Lanitis Group, recognized for landmark projects like the Venus Rock Golf Resort.
5. Leptos Estates: One of the largest developers in Cyprus and Greece, with projects like Limassol Blu Marine offering exclusive apartments and penthouses.
6. D. Zavos Group: With 40 years of experience, this group offers residential and commercial units across Cyprus, including 130 completed projects.
7. Quality Group: A leading investment and development company in Cyprus with an active portfolio since 1991, known for various cutting-edge projects.
8. Korantina Homes: A leading real estate developer in Cyprus, renowned for creating luxury residential properties and resorts, and has received numerous international awards for excellence in real estate development.
9. Karma Group: A pioneering property developer in Cyprus known for building outstanding homes in sought-after areas and maintaining strong client relationships through integrity, honesty, and quality.
10. Prime Property Group, under its new brand, bbf: is a residential and commercial real estate developer across Cyprus, notable for projects like the Prime Tower in Nicosia and the Sky Tower in Limassol, which offer modern amenities and strategic locations.