How Much Does It Cost to Buy a Flat in Cyprus in 2026

Buying a flat in Cyprus costs more than the price in the listing: on top of it, buyers pay taxes, government fees and a lawyer. For example, if a resale flat costs €250,000, you will need to pay around €9,600 more. A new build costs more on top, because VAT is added to its price.

This article brings together all the costs: on purchase, for a mortgage, for running the flat and when selling it. We went through the transaction itself step by step in our article on the process of buying property in Cyprus.

Which tax you pay depends on who you are buying from. A resale home is bought from a private seller, and the property transfer fee is due. A new build is bought from a developer, and VAT is paid instead of the fee.

The fee is paid at the Cyprus Department of Lands and Surveys on the day the flat is transferred into the buyer's name. The price is split into three parts, each with its own rate:

The resulting amount is halved when no VAT applies to the sale. If the buyer pays VAT, no fee is charged at all.

Sample calculation of the fee for resale flats at different prices:

VAT is paid when buying from a developer. Developers in Cyprus usually give the price in the listing without tax, marked "+ VAT", so you need to add it to the price yourself. The standard rate is 19%.

The 5% rate applies if the buyer will live in the flat permanently. The conditions are:

Buyers from outside the EU are eligible for the 5% rate too. However, the tax authorities will ask for proof that the buyer actually lives on the island — usually a residence permit. If the flat is bought to let or for holidays, the rate is 19%.

Example. A 120 m² new-build flat costs €280,000 plus VAT. At 19%, the tax is €53,200; at 5%, it is €14,000.

"Buyers compare the price of a new build with resale prices and forget that the developer quoted it without VAT. Without the 5% rate, almost a fifth of the price has to be added to the budget straight away," says a tax adviser from Limassol.

This duty was abolished from 1 January 2026. It used to be paid on the contract of sale: 0.15% on the amount up to €170,000 and 0.2% above that, capped at €20,000. Contracts, loan agreements and powers of attorney signed in 2026 are not subject to it. It still appears in calculations published before 2026 and should be crossed out.

A lawyer checks the flat, prepares the contract, registers it with the Department of Lands and Surveys and handles the transfer. This usually costs 1–2% of the flat's price; some lawyers charge a fixed fee from €1,500 for a straightforward purchase. VAT at 19% is added to the fee.

Other paperwork costs:

A bank may check large transfers and the source of funds separately. Bank of Cyprus charges 0.5% of the transfer amount for such a check, with a minimum of €30. On a transfer of €250,000, that comes to €1,250. It is best to ask the bank whether it will charge you this fee before sending money to the seller.

The Central Bank of Cyprus limits the size of a loan. For a flat the borrower will live in, a bank lends up to 80% of the price; for any other property, up to 70%. The buyer pays the rest from their own funds.

For a foreigner, the hardest part is not finding a low rate but getting a loan at all. Bank of Cyprus, the country's largest bank, grants mortgages only to permanent residents of Cyprus. Cypriot banks do not publish terms for non-residents on their websites. According to market reviews, buyers without a Cypriot residence permit are expected to put down at least 30–40% of the price from their own funds.

Apart from interest, a loan involves the following costs:

Rates on loans granted by banks in June 2026 averaged 3.28%, ranging from 2.71% to 4.15% across banks. Rates advertised on bank websites are higher: Bank of Cyprus quotes 4.85% to 5.00% for a variable rate. The bank sets the exact rate after reviewing the application. We will cover banks' terms in more detail in our article on mortgages in Cyprus.

An average 108 m² flat in Cyprus costs around €305,000. If the bank lends 80% of the price, the deposit comes to around €61,000.

The deposit varies almost twofold between cities. The table shows a 20% deposit on a new build at the typical price in each city, and the price per m² of a resale flat in the first half of 2026. The typical price here is the median: half of the flats sold for less and half for more.

If the bank lends only 60% of the price, the deposit doubles. We look at each city in detail in our article on the deposit.

We calculated three typical purchases at 2026 rates. Legal fees are taken at the lower end — 1% plus VAT.

If the buyer of the new build pays VAT at 19%, the tax rises to €57,000 and the total on top of the price to €60,620. In the second example, the buyer also has to pay a €50,000 deposit separately, as well as the valuation and the insurance the bank requires.

Since 2017, no annual property tax has been levied in Cyprus. An owner pays local fees, contributions to the upkeep of the complex and insurance.

Local fees are calculated not from the market price but from the cadastral valuation — the value set for each property by the Department of Lands and Surveys in 2021. It is usually lower than the market price, so the fees are small.

The owner's biggest outlay is the complex's common expenses. In a building with a pool, security and a garden, they are several times higher than in one without. It is worth asking the management company about the contributions before the purchase and checking that the seller has no arrears.

We will cover electricity and water costs separately in our article on running a flat. If the flat is bought to let, bear in mind that since July 2026 tenants have had to pay rent by bank transfer only. Letting income is covered in whether it is worth buying a condo in Cyprus to rent it out.

If the flat is sold for more than it was bought for, 20% tax is paid on the gain. Part of the gain is exempt, and from 2026 this part has increased:

Before 2026, these amounts were €17,086 and €85,430. Each exemption is available only once per lifetime. In the calculation, the purchase price is increased in line with inflation, so the tax is paid on less than the difference between the sale price and the purchase price.

Example. A flat was bought for €250,000 and sold for €330,000, a gain of €80,000 before inflation. If the owner lived in it for 5 years, no tax is due. If the flat was let, €30,000 is deducted from the gain and the tax is 20% of €50,000 — €10,000.

The seller usually pays the estate agent's commission as well. Unless the parties agree otherwise, the law sets it at 3% of the sale price.

How much should I set aside for costs when buying a flat in Cyprus?

For a €250,000 resale flat bought without a loan, around €9,600. If you buy with a loan, add 1% of the loan amount for mortgage registration. For a new build at the same price, VAT is payable: €12,500 at 5% or €47,500 at 19%.

Who pays the estate agent's commission?

Usually the seller. Unless the parties agree otherwise, the commission is 3% of the sale price.

Is there an annual tax on a flat in Cyprus?

No, it was abolished in 2017. The municipal and sewerage fees, refuse collection and the complex's common expenses remain.

Can a foreigner get a mortgage in Cyprus?

Yes, but it is harder. Bank of Cyprus grants mortgages only to permanent residents of Cyprus, and banks usually expect non-residents to put down at least 30–40% of the price from their own funds.

Do I need to pay stamp duty in 2026?

No. Stamp duty ceased to apply from 1 January 2026. It is still paid only on documents that at least one party signed before that date.

In the Cyprus-Real.Estate catalogue, you can choose flats in Cyprus and new developments and filter them by price and city. Developers' listing prices are usually given without VAT — add it to your calculation.