Saving for a home deposit in Cyprus can feel daunting, especially if you’re trying to get on the property ladder for the first time. But with clear goals and consistent habits, it’s possible — even in a market where prices are rising.
How much do you need?
In Cyprus, most local banks typically ask for a minimum 20% deposit if you’re a first-time buyer applying for a mortgage. If the home you’re looking to buy costs €200,000, you’ll need around €40,000 for the deposit alone — plus extra for legal fees and other costs.
Some government schemes may assist first-time buyers, particularly in rural areas, but these usually have eligibility requirements based on income or location.
How long will it take to save?
It depends on your income and how much you can save each month. For example, if you’re able to put away €500/month, it would take you just over 6.5 years to save €40,000. But even starting small adds up over time — and any extra cash, like bonuses or tax refunds, can help you reach your goal faster.
Tips to save more efficiently
- Open a dedicated savings account: A separate account helps prevent you from dipping into your deposit fund for daily expenses.
- Set automatic transfers: Move money right after payday — you’re less likely to miss it if it’s gone early.
- Cut non-essential expenses: Track subscriptions, eating out, and impulse purchases — even small cuts make a difference.
- Review your rent: Consider downsizing or negotiating if it helps you save more quickly.
- Use financial apps: Tools like budgeting apps or bank tools can help you stay disciplined.
Stay motivated
Set a target, track your progress, and celebrate small wins. Saving for a home is a marathon, not a sprint — but every euro saved is a step closer to the keys in your hand.