Mortgages in Cyprus

To the purchase price you will need to add some extra costs which any buyer of a property in Cyprus must pay.

Allow for Property Transfer Tax, which is 3% for properties up to 50,000 CYP, 5% for properties up to 100,000 CYP and 8% for properties worth more than 100,000 CYP.

Fees to set up a mortgage will be 1% of the amount secured.
You should also budget for service charges for apartments – usually around 100-300 CYP per year, and ongoing utilities costs, which are around 40 CYP in total every two months for electricity and water.

Legal fees for house buyers will cost around 600 CYP for a standard transaction.