Getting on the property ladder is a major milestone. In Cyprus, where real estate markets differ slightly from district to district, preparation is the name of the game. Whether you’re looking in Nicosia, Larnaca, or Paphos, here’s how to make your first step count.
Understand what “getting on the ladder” means
Being on the property ladder means you own your first home, giving you a stake in the market. This makes it easier to move to larger or better-located properties over time. But first, you need that initial entry point — and it usually involves a mortgage.
Step 1: Save for a deposit
Most banks in Cyprus require a deposit of at least 20%, though some may request more depending on your income and credit history. For a €180,000 property, that’s a deposit of €36,000.
Step 2: Prove stable income
Banks will assess your income over time, employment type (full-time, self-employed, etc.), and your ability to handle monthly repayments. Generally, banks lend up to 3.5–5 times your annual income.
Step 3: Reduce debts
Paying off credit cards, car loans or other personal loans can boost your mortgage chances. Lenders want to see you’re not over-extended.
Step 4: Know the help available
In some rural areas of Cyprus, government incentives exist for young couples or first-time buyers. These may include financial support for renovations or more favorable mortgage terms. Check with your municipality or local housing schemes for up-to-date information.
Step 5: Stay realistic and start small
Your first property doesn’t need to be your forever home. Choose a home you can afford now — gaining that first foothold in the market is what matters.
Final thoughts
Getting on the property ladder in Cyprus is a realistic goal with the right financial habits and some patience. The earlier you start planning, the sooner you’ll have the keys to your first home in hand.