Cyprus vs Greece: which to buy in, and what really differs

Cyprus and Greece are the two Eastern Mediterranean EU markets that foreign buyers compare most often. The climate and the lifestyle pitch are similar, and both link residency to a property purchase. Underneath, they differ on who is allowed to buy, how the purchase is taxed, what you pay every year and how the exit works. This guide compares them on the points that change a decision. Figures are a snapshot of what we found reported in 2026, so confirm them locally before you commit.

Market and prices

Cyprus is a compact island market built around Limassol, Paphos, Larnaca and Nicosia, with Limassol as the premium, internationally driven centre. Reported averages for Limassol range from roughly 4,100 to 5,500 euro per square metre depending on the source and the type of property, with seafront areas higher. Paphos is generally cheaper, but published averages vary widely, so compare actual listings rather than a headline figure.

Greece is a much larger and more varied market, and Athens, Thessaloniki, the islands and the mainland behave differently. The average asking price in the Municipality of Athens was reported at about 2,560 euro per square metre in the second quarter of 2026, up about 2.6% on the year, while the Bank of Greece reported Athens apartment prices up about 5.2% year on year in the first quarter.

On rental yield, an aggregator reports an average gross yield of about 4.9% in Cyprus (first quarter of 2026), roughly 5.3% in Limassol and 4.7% in Paphos, and about 4.4% across Greece (second quarter of 2026), with higher gross figures of around 5.5% to 5.9% in some Athens neighbourhoods. These are gross asking-price yields from a secondary source; the same source notes that net yields in Cyprus run about 1.5 to 2 points lower.

Who can buy

Both are EU members, so EU citizens face no general ownership limits in either country. For buyers from outside the EU the position differs:

• Cyprus: non-EU buyers need permission, formally from the Council of Ministers and handled in practice through the District Administration. Practice allows one residence, and in some cases up to two properties per family, with a plot for a single house capped at about three donums. In February 2026 the Ministry of Interior confirmed that it is drafting a revised framework after several bills proposed stricter limits on third-country buyers. No new law had been adopted when we checked.
• Greece: no general restriction for non-EU buyers, but a prior permit is required in designated border and military zones, and a purchase without it is void. One legal summary lists much of the Dodecanese, Lesvos, Chios and Samos and several northern mainland border districts. The permit takes months and refusals are reported as rare.

For a non-EU buyer Greece is usually the simpler purchase unless the address is in a restricted zone. In Cyprus a permit step is part of the process, and the rules are under review.

Costs at purchase

The tax logic is different, so compare a specific property rather than the national rates. Our guides on new build versus resale in each country go into the detail.

• Cyprus: a new build from a VAT-registered developer carries 19% VAT, with a reduced 5% rate available for a main residence under conditions. A resale is generally outside VAT and pays transfer fees of 3%, 5% and 8% in bands, with a 50% reduction. Stamp duty was reported abolished from 1 January 2026. New builds can come with long waits for the title deed.
• Greece: new builds are subject to 24% VAT by default, though developers may opt to suspend it, in which case transfer tax of about 3.09% applies instead. The option was extended to 31 December 2026. A resale pays transfer tax. Greek law does not require off-plan deposits to be escrowed or bank-guaranteed, so protection comes from your contract.

Costs of holding

Cyprus abolished its state immovable property tax from 1 January 2017, so there is no annual national charge on property value. Municipal and local charges remain and vary by location. Greece levies ENFIA every year: the reported 2025 rates, which carry into 2026, run from about 2.00 to 16.20 euro per square metre depending on the zone value of the address, plus a supplementary tax on higher total holdings. If recurring tax matters to your model, price a specific address in both countries.

Residency routes

• Cyprus: the fast-track permanent residence route requires a new property of at least 300,000 euro plus VAT bought from a developer, secured income from abroad of 50,000 euro for the main applicant, and a deposit. It is permanent residency rather than a renewable permit, but not a passport; the citizenship-by-investment scheme closed in 2020.
• Greece: the Golden Visa runs on 800,000 euro in Attica, Thessaloniki, Mykonos, Santorini and larger islands, 400,000 euro elsewhere, and 250,000 euro for conversions and restorations. The permit is for five years and renewable, one property of at least 120 square metres is required, and short-term letting of that property is not allowed.
• Remote workers: both countries ask for 3,500 euro in net monthly income. Greece has accepted applications only at consulates since 2026, and Cyprus runs a capped annual quota.

See our guides on each country's golden visa for the full conditions.

Rental rules and the exit

• Short-term letting: Cyprus requires registration with the Deputy Ministry of Tourism for every holiday let, with a number on each listing. Practitioner guides report a fee of 222 euro for three years and fines of up to 5,000 euro for letting without it. Greece requires an AMA registration number from the tax authority AADE and sets standards for the property itself.
• Capital gains tax: Cyprus taxes gains at 20% for every seller, including non-residents, and raised its lifetime exemptions on 1 January 2026, to 30,000 euro in general and 150,000 euro for a main residence. Greece has a 15% tax in the law, but it is suspended for individuals until 31 December 2026. What happens after that date is not settled, so treat Greek tax as a risk to model if you plan to sell later.

In both cases your home country may also tax the gain.

Which suits which goal

• Non-EU buyer who wants a simple purchase process: Greece, outside restricted border zones.
• Buyer who wants permanent residency from a new-build purchase: Cyprus, accepting the developer-only and title-deed risks.
• Buyer who wants a larger, more varied market, from Athens apartments to islands: Greece.
• Buyer who wants a compact market with a strong international community and no annual national property tax: Cyprus.
• Buyer whose plan relies on holiday letting: check the licence and building rules for the exact address in either country before counting income.

FAQ

Which is cheaper to buy? It depends on the city: Limassol averages are reported above Athens averages, while Paphos and many Greek regions are lower, so compare listings. Which gives residency more easily? Cyprus offers permanent residency from a new-build purchase and Greece a renewable five-year permit, each with conditions that differ, so the better fit depends on your plan. Can a non-EU citizen buy in both? Yes, but Cyprus needs a permit and Greece needs one only in restricted zones. Which has the lower tax on selling? Today Greece charges no tax on individuals because of a suspension that runs to the end of 2026, while Cyprus charges 20% with generous lifetime exemptions.

How we help

We shortlist across both markets to your goal, model net costs and coordinate local lawyers. This is general information, not investment, legal or tax advice, and the rules in both countries change, so confirm current terms with a qualified local adviser.