Title Deed Availability: It's crucial to understand that the title deed for the property may not be immediately available upon signing the purchase contract or taking possession. Typically, it becomes transferable to the buyer's name a few years after the property's construction completion.

Value Added Tax (VAT): In addition to the purchase price, buyers need to account for Value Added Tax (VAT), typically charged at 19%. However, there are exceptions where a reduction to 5% may apply if the buyer qualifies. It's essential to clarify eligibility for VAT reduction before finalizing the purchase.

Transfer Fees: Due to VAT being applicable on the purchase price, no transfer fees are usually required for registering the title deed in the buyer's name. This can represent a significant saving compared to properties without VAT.

Due Diligence Searches: Conducting thorough due diligence is vital before finalizing the purchase. This includes obtaining copies of construction permissions, especially for off-plan or under-construction properties. Additionally, land registry searches should be conducted to identify any mortgages or charges against the property's land.

Definition of "New Property": Properties purchased directly from the developer or from a previous purchaser before use are considered new, regardless of completion status. This distinction is important for taxation and legal purposes.

By being mindful of these factors and conducting comprehensive due diligence, buyers can navigate the purchase process more effectively and mitigate potential risks associated with property acquisition in Cyprus.