Terrasol Developments

Buying with Terrasol

Payment schedule

Payments are staged against construction milestones, so your capital follows visible progress on site.

  1. 01ReservationUnit taken off the market for 30 days.2%€13,000
  2. 02Contract of saleLess the reservation amount already paid.28%€182,000
  3. 03Structural frameCertified by the supervising engineer.25%€162,500
  4. 04Masonry & installations20%€130,000
  5. 05Finishes15%€97,500
  6. 06DeliveryFollowing final inspection and snagging.10%€65,000

Indicative additional costs

VAT at reduced 5% rate (primary residence, first 130 m²)
€32,500
Stamp duty (approx.)
€1,300
Legal fees (approx.)
€1,800

Illustrative only. The standard VAT rate is 19%; eligibility for the reduced rate depends on your circumstances. Always confirm figures with your lawyer and tax adviser.

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Good to know

Frequently asked questions

What is the typical payment schedule for an off-plan apartment?

A reservation deposit secures the unit, followed by a first instalment on signing the contract of sale, staged payments linked to construction milestones, and a final balance on delivery and handover.

How much VAT do I pay when buying in Cyprus?

The standard VAT rate on new property is 19%. A reduced 5% rate can apply to the first 130 m² of a primary residence, subject to eligibility criteria and value thresholds set by the Cyprus Tax Department.

What additional costs should I budget for?

Beyond the purchase price, budget for VAT, stamp duty, legal fees, transfer or registration fees where applicable, and connection charges for utilities. Our team can prepare an indicative breakdown for a specific residence.

Can non-residents and overseas buyers purchase a Terrasol property?

Yes. Non-residents regularly buy in Cyprus. Your lawyer handles the contract, deposits it with the Land Registry for specific performance, and, where required, obtains the standard permit for non-EU purchasers.

Is mortgage financing available?

Cypriot banks lend against new-build property for both residents and non-residents, with terms depending on income, deposit and residency. Use our mortgage calculator for an indicative monthly figure before speaking to a lender.

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