How to sell a property in Cyprus, via an Estate Agent, an agent who specializes in overseas property, or if selling a property.
To sell a house, apartment, villa or any type of property in Cyprus, you'll need to:
Prepare documents
Gather all necessary documents and certificates, including the property ownership title, tax clearance certificates, and proof of identity. You'll also need to ensure your property is compliant with current laws.
Hire a real estate agent, or if selling ensure you work with a legal professional to comeplete all the required paperwork.
Find an agent with experience in your area and discuss their services and commission rates. They can help you market your property and arrange viewings.
In Cyprus, you may be liable for Capital Gains Tax (CGT) on the profit made from selling the property.
Get a valuation - Hire a professional to determine the market value of your property, or research to see what was sold around you, or establish a price that you think is fair. The price is only going to be what the buyer thinks is fair, irrespective of if you get professional help os not.
Prepare for the sale - Make any necessary repairs or improvements to increase the property's value. Arrange for professional photographs and virtual tours.
Sign the preliminary agreement - Once you've accepted an offer, both parties will sign a preliminary agreement prepared by a lawyer or notary. The buyer will pay a deposit, usually 10% of the purchase price.
Sign the final sale contract.
A Cypriot lawyer can guide you through the legalities of selling the property, ensure the contract is correct, and help with the transfer of the title deed. It is especially important for non-residents or those unfamiliar with Cypriot law.
Once all legal requirements are met, both parties will sign the final sale contract. The notary will prepare a property transfer declaration for the buyer to submit to the tax office.
The process for selling a property in Cyprus is the same for both Cypriots and foreign sellers. However, sellers are responsible for collecting most of the required documents and certificate.
You can work with a team of attorneys, accountants, and real estate agents during the sale or a mix of those professions depending on how you wish to sell your property.
Note this information is purely a guide, and if selling or renting in Cyprus, we advise you to seek professional help as relates to your specific needs.
Find out how to list a property in Cyprus for sale here.
