Non-Cypriot nationals are allowed to buy a single property (or land to build a property) in Cyprus, so long as the land on which the property is located does not exceed 4,000 square metres in size.

Typical property prices, in (GB)GBP, are as follows, although it should be noted that prices are significantly cheaper in Northern Cyprus than in the south:

1 bed flat GBP60,503
2 bed flat GBP84,818
2 bed house GBP123,567
3 bed flat GBP101,397
3 bed house GBP176,799
4 bed house GBP270,061

(source: www.findaproperty.com).

Finance may be available from local and international banks, usually for up to 70% of the value of the property.

The procedure for buying property in Cyprus is as follows:

- Select a suitable property, agree a price with the owner (via the real estate agent if used) and pay a reservation fee via your solicitor.
- Solicitor draws up the contract.
- The contract is signed and a further deposit or the full outstanding amount is paid.
- Within 30 days of signing the contract, pay stamp duty of 1.5% per CYGBP1000, up to the value of CYGBP100,000, and 2% per CYGBP1000 on any amount above that, and property tax which is typically around CYGBP4,000 on a property costing CYGBP100,000.
- Once the contract is signed, solicitor applies to the Council of Ministers for approval for the title deeds to be transferred into your name.

The application to the Council of Ministers is a formality, as applications are seldom refused. The process may take many months, but there are no restrictions on taking ownership and living in the property while the application is being processed. The application to the Council of Ministers should include a bank reference, character reference, property purchase contract, documentation showing evidence of adequate funds to live in Cyprus, and a copy of your passport.

There is mixed advice on whether it is safe to buy land or property in Northern Cyprus, The region is currently being heavily promoted as a location for property investors and expatriates alike, with property here among the cheapest in the Mediterranean region. However, some potential buyers have been concerned by the recent case in which an expatriate couple were ordered by law to demolish their villa as it was built illegally on land owned by Greek Cypriots.

If considering buying property or land in Northern Cyprus, you might wish to ensure that it is covered by a title deed belonging to a Turkish Cypriot or foreign owner pre 1974, which will be recognised in international law. Many new properties are built on land which was nationalised after 1974, and these are guaranteed by the TRNC government.