Property buying guide for Cyprus
Article 3 of 6
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Mortgages in the Republic of Cyprus

Foreigners can obtain mortgages in Cyprus, where such loans are granted for off-plan real estate, existing properties and renovation.

As a rule, rates are floating. Banks are most likely to grant loans for properties ranging from €150,000 to €1M in value.

Foreign mortgage loan terms in Cyprus (as of January 2017) Sources: Hellenic Bank, Tranio, USB Bank

Maximum LTV ratio 50-60%
Minimum loan amount €75,000
Maximum loan amount €300,000-500,000(or equivalentin GBP or USD)
Floating rates 4.7-5%(in EUR, GBP or USD)
Loan term 10 to 40 years
Minimum age of borrower 18
Maximum age of borrower by the end of the loan term 65
Maximum percentage of monthlyincome for mortgage 33%


Mortgage applications in Cyprus require the following documents:

  • passport
  • filled-in personal information questionnaire
  • proof of income: personal income tax form, proof of employment, bank statement, information on additional sources of income
  • data of previous loans
  • property sales agreement
  • property valuation report

Banks may request additional information at their discretion. Foreign-language documents must be translated into English or Greek.

Loan applications usually take 1-2 months for approval.

Extra costs

Non-recurring mortgage costs in Cyprus typically range between €150 and €500, excluding the mortgage arrangement fee, which amounts to 1% of the loan amount. Buyers are also responsible for annual property and life insurance payments. Insurance fees depend on many factors and are based on the remaining debt (i.e., decrease over time).

Additional mortgage costs in Cyprus (as of January 2017) Sources: Hellenic Bank, Tranio, USB Bank

Property appraisaland Due Diligence €100-350
Paperwork expenses €50-150
Mortgage arrangement fee 1% of the loanamount
Compulsory property insuranceagainst fire and earthquakes €350-1,200per annum
Borrower's life insurance €150-600per annum
Property buying guide for Cyprus
Article 3 of 6
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Darya Stakanova
Darya Stakanova
Real Estate Expert Tranio in Cyprus
+44 17 4822 0039
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