For resale properties, the transfer of title deeds can occur immediately upon signing the agreement and completing full payment. However, for properties under construction or recently completed as part of a project, buyers should anticipate a waiting period of approximately 1-2 years for the issuance of title deeds. The same process applies in such cases.
Stamp duties payable by the purchaser on contracts are calculated at 0.15% of the property value up to €170,860 and 0.20% for amounts exceeding €170,861. It's essential to stamp the contract within 30 days from the signing of the agreement.
Property transfer fees, payable to the Land Registry, are determined based on the property's market value according to the following rates:
- Up to €85,430: 3%
- From €85,431 to €170,860: 5%
- Over €170,860: 8%
It's worth noting that if the property is purchased jointly in two names, the allowances for transfer fees are doubled.
Additionally, to stimulate property sales in Cyprus, the government has introduced incentives for buyers. Currently, there is a 50% discount on transfer fees for anyone purchasing property in Cyprus.