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Mortgages in Cyprus

01.01.1970 03:00

Today Cyprus is one of the most popular countries for investors in real estate. Not everyone however can afford to buy a dream property at once. In such a case mortgages can be a solution. They are authorized by most commercial banks offering mortgage facilities to locals and foreign nationals. However, some help from the experts with applying for your mortgage is required.

Documents required by banks:

  • Your personal details (passport, etc.)
  • Documentation regarding any debts
  • Bank reference from your bank
  • Employment contract or business accounts from your accountant
  • Copies of your bank statements for the last 3 months
  • Personal income declaration
  • Property Purchase Agreement
  • Copies of receipts for any deposit payments made to the seller for the property
  • Acquisition Permit from the District Authorities allowing the bank release the mortgage
A buyer will also have to open and activate a bank account in a bank he gets a mortgage from.

Additional information

Loans are offered to the buyer providing a minimum deposit of 30%. If he does not have 30% deposit available for a down payment, he may apply for a loan to cover it by using an equity release option on his existing home.

Mortgages are offered in different foreign currencies: dollars, Euros, francs, British or Cypriot Pounds. A Euro mortgage allows avoiding capital loss through currency exchange. The maximum period of the loan in foreign currency is 15 years.

Taking out any mortgage in Cyprus requires life insurance.

Loan payments

Loan payments can be made in monthly or quarterly installments. Loan value is usually up to 70% of the property valuation. If the property is newly built however 80–85% can be negotiated.

Mortgages are especially appreciated by whose, who want to buy property in Limassol. It is the most expensive city in Cyprus, but is very attractive to investors. Using mortgage to purchase property here is a sound and reasonable solution.


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