When selling property in Cyprus, there are many questions. In this article, we analyze the most important and exciting.
Selling property in Cyprus: 5 professional tips
Property sales in Cyprus in 2022 show high values compared to the previous year. Experts say that buyers’ interest in local real estate is only increasing. The largest number of transactions took place in Limassol, Paphos, Larnaca and Nicosia.
If you are thinking about how to sell your property in Cyprus, look for expert advice.
- Analyze the situation in the real estate market. Before selling a property in Cyprus, analyze the situation of supply and demand. In Cyprus, the demand is growing every year not only for real estate in new buildings, but also for resale housing. A detailed analysis will make it clear which options are liquid, what happens to real estate prices. You will come to a conclusion: to sell an apartment or a villa now or to postpone it until a better moment.
- Study peak buying activity. During the sale of resale property in Cyprus, analyze the purchasing power of not only local, but also foreign citizens. In Cyprus, there is a trend of buying activity, when the volume of sales of real estate increases. If we turn to the data of the Land Registry of Cyprus, then in the period from January to November, the number of transactions for the purchase of real estate increases. It is also worth considering that the Cyprus real estate market is quickly adapting to new realities associated with an increase in consumer demand from both local and foreign citizens.
- Determine the value of your home. Profitably sell property in Cyprus will help analysis of the pricing of the secondary real estate market. You need to find out how much your type of property costs. After that, calculate the average cost and focus on it. If it is important for you to sell property in Cyprus as soon as possible, then reduce the price by 10-25%. This will attract more potential buyers.
- Prepare your apartment for sale. In order to maximize the profitability of selling resale property in Cyprus, make sure that potential buyers like it. Get rid of everything unnecessary in the room. When viewing an object, potential buyers pay attention to square meters, ceiling height, area of each room, lighting. If the apartment has old furniture and it is filled with things, they can visually eat up space and form the wrong impression of housing.
- Use the services of an agency. In order not to be mistaken with the cost of resale property in Cyprus, use the services of a professional realtor. Professionals will assess the level of resale housing, determine whether the object needs repairs, warn about the payment of all necessary taxes. They will help to set a fair price for resale real estate.
Sale of real estate in the resale market of Cyprus
The resale real estate market in Cyprus is quite diverse. Here are apartments, apartments, townhouses, houses and villas. You can sell apartments in Cyprus or any other type of housing with the help of a lawyer or a real estate agency. The real estate agency undertakes the main work on the preparation of the property. They evaluate housing based on the market situation, find buyers, and prepare all necessary documents.
Demand for resale property in Cyprus is growing every year. It is no coincidence that potential buyers show interest in this type of property, the main reason for this choice is an attractive price.
How to sell property in Cyprus
Property owners abroad often ask the question: “How to profitably sell property in Cyprus?”. Currently, foreign citizens consider Cyprus as a reliable platform for the implementation of business ideas, as well as for saving capital and receiving a stable income from investments. In this case, property owners can put their option up for sale and thus realize it profitably.
In order to get the most out of selling a resale apartment in Cyprus, place your ad on a real estate website, prepare a detailed description in several languages, and publish informative photos. Do not forget to write in which area the property is located, how far it is from the sea, what amenities are within walking distance, and which you need to get to by car. Check if there are bus stations and public transport stops nearby. This point is relevant for those who prefer public transport. The responses will not be long in coming. Profile sites are viewed daily by a huge number of people who are looking for housing in Cyprus. It can be local residents, as well as foreign citizens.
Once a buyer has been found, we recommend contacting a lawyer. He will correctly draw up a pledge agreement, monitor the movement of funds, the movement of the amount of the reservation, and also provide advice on all legal issues of interest. Don’t ignore the tax aspect. Check that all required taxes on your property have been paid.
Please note that property taxes and property duty are not currently in effect. Changes have taken place in the tax system of Cyprus. These types of taxes have been abolished. The main tax that must be paid (with a few exceptions) is capital gains tax. The capital gains tax in Cyprus is 20%.
You can leave a request on our website to get the help you need to sell real estate.