How Much You Need to Save for a Deposit on a Flat in Cyprus

A deposit is the part of a flat's price that the buyer pays from their own money, while the bank lends the rest. A typical new-build flat in Nicosia costs €175,000; with an 80% loan from the bank, the deposit is €35,000. A foreigner who will not live in the flat permanently gets a smaller loan, so the deposit is larger.

Below we calculate the deposit for five Cypriot cities, for new builds and resale flats, and the amount you need in hand on the day of the purchase. Banks' terms for foreigners are covered in our article on how to get a mortgage in Cyprus, and all purchase costs in our article on how much it costs to buy a flat in Cyprus.

The deposit depends on how much of the price the bank agrees to lend. Cyprus's central bank allows loans of up to 80% of the price provided the buyer lives in the flat, and up to 70% in all other cases. Some banks lend even less.

Most banks grant mortgages only to people who live in Cyprus permanently. Anyone living abroad should work from the lower rows of the table — 30–40%.

The table shows the prices of new-build flats sold in the first half of 2026. For each city we took the median: half of the flats cost less than this amount and half cost more.

Paphos and Limassol are almost 1.7 times more expensive than Nicosia and Larnaca, and the deposit is larger in the same proportion. A buyer without a Cypriot residence permit needs about €52,500 in Nicosia, but about €90,750 in Paphos.

Developers' prices are given without VAT, and the bank calculates the deposit from the flat's price. The buyer pays VAT separately; see the section on money needed on the day of the purchase.

Resale flats are cheaper than new builds almost everywhere. Below is what a square metre of a resale flat cost on average from January to June 2026, and a calculation for a 70 m² flat, which is a typical two-bedroom flat.

The calculation is approximate: the price of a particular flat depends on the area, the year of construction and its condition. The gap between cities is different for resale flats than for new builds. Here Paphos is closer to Nicosia and Larnaca, while Limassol is well ahead of the rest.

On top of the deposit, taxes, fees and the lawyer are paid from your own funds. The bank calculates the loan from the flat's price, and these costs are not usually included. It is worth checking before you apply whether the bank will include VAT in the amount it lends against.

Two examples for a buyer whose bank lends 70%:

Should the Limassol new-build buyer live in it permanently and qualify for the 5% VAT rate, the tax comes to €14,880. They would then need about €109,800 of their own money, and in that case the bank may lend 80%, which reduces the deposit.

For comparison, we calculated the monthly repayment on a loan for a typical new-build flat. The bank lends 70% of the price at 4.3% over 20 years. Rents are based on the estimate of the Cyprus Estate Agents Registration Council for July 2026.

In Nicosia, Larnaca and Limassol, the loan repayment is close to the rent for a two-bedroom flat. In Paphos it is almost twice the rent: new-build prices there are high, while rents are the same as in Larnaca. The complex's common expenses, insurance and local fees must be added to the repayment — a tenant does not usually pay these.

Flat prices in Cyprus are rising. According to the Central Bank of Cyprus index, they rose by 8.9% year on year in the second quarter of 2026. Flats in Paphos rose fastest, by 18.5%, and those in Nicosia slowest, by 4.6%. Limassol and Larnaca gained about 8%.

For anyone saving for a deposit, this means the deposit grows along with the price. If prices rise at the same pace next year, a 30% deposit on a typical new build will increase:

This is not a forecast but an illustration of the arithmetic: when prices rise quickly, every year of waiting increases the amount you need to put down.

"Buyers often choose a city by the price per square metre, but what really decides it is the money in hand. With the same budget, you can buy a new build in Nicosia or Larnaca, while in Limassol it will only stretch to a resale flat," says an estate agent from Larnaca.

What is the minimum deposit on a flat in Cyprus?

20% of the price if the buyer lives in Cyprus and buys the flat for themselves. For a second home or holiday home, from 30%, and up to 40% at some banks.

How much do I need for a deposit on a flat in Limassol?

A typical new-build flat in Limassol costs about €297,600. A 20% deposit is about €59,500, and 30% about €89,300. A 70 m² resale flat costs less, with a 30% deposit of about €56,400.

Which city in Cyprus has the smallest deposit?

Nicosia and Larnaca. A typical new-build flat there costs €175,000–184,000, and a 20% deposit is €35,000–36,800.

Is VAT included in the loan amount?

Usually the bank calculates the loan from the flat's price, and the buyer pays VAT from their own money. It is worth checking how a particular bank handles this before applying.

The Cyprus-Real.Estate catalogue has flats in Cyprus and new developments in all five cities. Set the price filter with the deposit and purchase costs in mind, not just the flat's price.