A €300,000 Apartment in Cyprus: What Does It Really Cost to Buy?

The listing says €300,000. But how much will you need to complete the purchase and prepare the apartment for moving in? The answer depends on the transaction's tax treatment, what is included in the property and your plans. Three illustrative calculations show how the total budget can take shape.

Comparing apartments by their advertised prices alone is not enough. A property priced at €300,000 plus VAT and a €300,000 property whose sale is not subject to VAT may require significantly different budgets.

Your first question to the seller should be: what exactly does the advertised price include, and which costs will I pay separately?

This article concerns the Republic of Cyprus. Prepared on 26 September 2026. All examples are hypothetical and do not represent specific property offers.

The property price and the total budget: what is the difference?

A complete purchase budget includes the property price, applicable taxes and fees, professional services and the cost of preparing the home for use.

• The property price: check whether it includes VAT, a parking space, storage and your chosen specification.
• Taxes and registration costs: these depend on the specific transaction.
• Professional services: legal advice, a property inspection and other agreed services.
• Preparing the apartment: furniture, appliances, lighting, curtains and any necessary alterations.
• Financial costs: transfer charges, currency conversion and, if you are borrowing, mortgage-related costs.

5% or 19% VAT: why does it make such a difference?

On a hypothetical price of €300,000 excluding VAT, applying 5% produces €15,000 in tax, while applying 19% produces €57,000. The difference is €42,000.

However, a buyer cannot simply choose the lower rate. Reduced VAT is linked to acquiring a home for use as a primary and permanent residence and meeting the relevant requirements. The property characteristics, applicable regime and applicant's circumstances must be assessed.

The 5% rate cannot automatically be applied to the entire price of every apartment. Some properties may require different rates to be applied to the relevant portions of the value. If you are buying to let, do not budget for the reduced rate without checking eligibility.

Sources: Cyprus Tax Department: VAT and immovable property (in Greek) ; application guidance for the reduced 5% VAT rate (in Greek) .

Three calculations for an apartment priced at €300,000

The Department of Lands and Surveys publishes the 3%, 5% and 8% bands, the exemption for qualifying VAT-subject transactions and the rules for the 50% reduction. Exceptions exist. The calculation may use an assessed market value if the declared price is not accepted by the department. For multiple buyers, the calculation should reflect the ownership structure.

Source: Cyprus Department of Lands and Surveys: transfer fee rates, exemptions and exceptions .

The word “resale” in a listing does not itself establish that VAT is inapplicable. In the third example, the absence of VAT is a specific assumption that must be checked for the selected transaction.

Is stamp duty payable in 2026?

Stamp duty has been abolished for documents, contracts and agreements signed on or after 1 January 2026. It should therefore not be automatically added to a new purchase budget using older fee schedules.

Documents signed before that date require a separate assessment. The abolition of stamp duty also does not remove all other transaction and registration costs.

Source: Cyprus Ministry of Finance: Annual Progress Report 2026, tax reform section .

Legal services, furniture and appliances: what should you budget?

These costs cannot reliably be expressed as one percentage of the property price. The legal work depends on the transaction, while furnishing costs depend on the specification and the buyer's requirements.

Request written quotations stating whether taxes, official charges, document translations and additional work are included.

To illustrate how to build a budget, assume an additional allowance of €17,000:

• €4,000 as a hypothetical allowance for legal services, checks and transaction administration.
• €12,000 as a hypothetical allowance for furniture, appliances and fitting out the apartment.
• €1,000 as a hypothetical reserve for banking charges and initial administrative expenses.

These figures are not market averages or service quotations. For this example, they are assumed to include applicable taxes. Renovation, a mortgage, substantial currency conversion or a different specification would require a revised budget.

Which expenses are easy to overlook?

What is included in the apartment

Check the contract specification for air conditioning, appliances, lighting, fitted wardrobes, parking, storage and your selected finishes. Verbal promises should be recorded in the agreed specification.

Mortgage-related costs

If you are using a mortgage, request a complete cost breakdown from the bank. Check valuation, mortgage registration, insurance and other required services separately. The examples above assume a purchase without borrowing.

Currency conversion and international transfers

Compare the amount that will reach the recipient, not just the advertised transfer fee. Costs may depend on the exchange rate, correspondent banks and the number of payments.

For more on preparing payment arrangements, see: how Russian citizens can buy property in Cyprus (Russian-language page) .

Running costs after completion

Communal charges, electricity, water, insurance and maintenance belong in your ownership budget. Estimate these separately for at least the first year by requesting bills and the management budget for the particular building.

Is a deposit an extra expense or part of the price?

This depends on the documents. If a reservation payment or deposit is credited towards the purchase price, it should not be added to the total again. However, the funds will be needed before the main payment.

Before paying, check the payment's purpose, the recipient and the conditions for crediting or refunding it. The total budget and the payment schedule are two separate calculations, and a buyer needs both.

What should you request before reserving an apartment?

1. A written price confirming whether VAT is included.
2. A calculation of the applicable VAT and the basis for any reduced rate.
3. A preliminary calculation of property transfer fees.
4. A specification covering finishes, furniture, appliances and ancillary spaces.
5. A legal services quotation detailing the work and expenses included.
6. A payment schedule and deposit refund conditions.
7. Information about the development's running costs.

Frequently asked questions

Can I stay within €300,000 if that is my entire budget?

Your property search should then allow for all additional costs. An apartment priced at €300,000 excluding VAT already exceeds that budget once VAT is added.

Do buyers pay both VAT and property transfer fees?

An exemption from transfer fees is available for qualifying transactions subject to VAT. Eligibility and the required supporting evidence must be checked for the specific transaction.

Does every first-time buyer qualify for 5% VAT?

No. Buying your first property does not by itself establish eligibility. The requirements relating to the property's use, the property itself and the applicant must be checked, and the prescribed application procedure followed.

Does a €300,000 apartment automatically qualify for permanent residency?

No. The price alone does not establish eligibility under an immigration programme. The residence requirements, qualifying investment conditions and applicant's circumstances must be assessed separately.

Is a new apartment always more expensive than a resale after costs?

Not necessarily. Alongside the tax treatment, compare condition, specification, renovation needs, handover timing and running costs. A meaningful comparison requires specific properties.

The calculations are illustrative and do not constitute a tax assessment, cost quotation or commercial offer. Applicable rates, reliefs, valuation bases and expenses depend on the documents and circumstances of the individual transaction. Variable expenses used in the examples are hypothetical.