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. The average rental price for an office in Cyprus is €1,447 per month but varies depending on the city. On the highest end of the scale is capital Nicosia, costing some €2,521 or €12.61 per square metre per month, followed by Limassol which costs €1,710 per month (€8.55 per sqm). The cheapest area for office space is Famagusta, charging on average €685 per month (€3.43 per sqm), while Larnaca and Paphos cost around €1,268 (€6.34 per sqm) and €1,053 (€5.27 per sqm) respectively.
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. The Immovable Property Tax (IPT), which was significantly reduced in 2016, has now been abolished, while temporary reductions in property transfer fees introduced in 2015 have been made permanent. Purchases that include VAT incur no property transfer fees, while VAT-exempt purchases incur only 50% of the previous fees.