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Sell Property in Cyprus

A Guide on How to Sell Property in Cyprus

Cyprus is the most amusing and unique island in the eastern Mediterranean Sea. It is an island country. The official name of Cyprus is ”The Republic of Cyprus”. Cyprus is noted for its innate beauty, engaging culture, and mineral wealth. The beauty of Cyprus is an incredible wonder of nature. It is one of the most pretty tourist spots. Cyprus diverts tourists’ attention toward itself with its lovely beaches, nature, and rocky coves.

In terms of extent, Cyprus is the third most extensive island in the Mediterranean Sea. It is famous for its intriguing culture and great history. Moreover, it is an ideal blend of stunning history and nature. It attracts tourists’ attention toward itself by its majestic cliffs. Besides this, tourists are intrigued by its rocky coves and endless spreads of golden sand.

Cyprus – The Republic of Cyprus is very notable for its real estate. The reason is that it has outlived and defied the threats of terrorism and xenophobia. This action has caused positive impacts on the inner habitat of the country. Moreover, The Republic of Cyprus exhibits steady and stable economic growth. Also, Cyprus shows stable expansion and growth.

The real estate of Cyprus is one of the firmest real estate industries in the world. Cyprus has a very vibrant culture and EU citizenship perks. More property development projects are added daily there. It makes the country one of the best spots to market to potential buyers. Wants to sell your property in Cyprus and don’t know much? No problem, you are at the right place. All the steps are mentioned below:

  1. Choose the right estate agent: Award-winning registered and licensed real estate agents are the best. (Four Vision Development)
  2. Appointing a lawyer: The sale of your property can depend on how efficient your lawyer is. Thus, you need to choose an independent lawyer. The lawyer should be instructed adequately about your intention to sell your property.
  3. Preparations before presenting your property for Sale: There should be some preparations done before presenting your home for sale. These preparations can take time, including a fresh coat of paint and tidying up the outside space or garden.
  4. Promotion: Promoting your property through a company can be beneficial in many regards. It is the most crucial part of the selling process. Always choose the right company to advertise your property. 
  5. Viewings: Make sure your property is available: Always make sure that your property can be accessed for viewing on any day. Research shows that most buyers prefer to look around a property without the owners present. For this purpose, leaving keys to the property with trustworthy neighbours is ideal. You can even ask them to have an eye from afar when buyers come.
  6. Receiving an Offer:  All offers, whether oral or written, should be considered. If any prerequisites are attached to the offer, review them with care.
  7. Reservation Agreement: A non-refundable reservation deposit will be paid to you after the agreement. Both buyer and seller sign this agreement. The period for which it will be last is mentioned on it. Usually, it is about one month.
  8. Contract of Sale (CoS): A contract of sale is a much-needed requirement in the selling process. 30 to 50 % of the purchased or agreed amount is paid to the seller on signing this contract.
  9. Completion of the selling Process: After the allotted period ends, the remaining money is given to the seller. Meetings between the seller and buyer and their lawyers should always occur at the (LRD) Land Registry department.

A quick guide and all other vital details to know about when choosing to sell property in The Republic of Cyprus are given below:

Outlook of the Cyprus Real Estate Market:

The first and foremost step in selling a property in Cyprus is to view the real estate market there. Determining the right time to begin the process is also crucial. Besides this, getting a good working knowledge of how to sell property in Cyprus with the additional associated cost is necessary. Hiring a professional real estate agent is recommended. He can ensure that all steps are followed and completed. Besides this, he can streamline the selling process.

Choosing the Listing price of the property:

Deciding the listing price is an important step. Because, in the end, the listing price is what you sell the property. The listing price is the money the potential buyers are willing to pay to buy your property. The seller decides the listing price based on the property’s current demand and location. There are some expenditures for which deduction occurs during the selling process, which are given below. The seller must have a good of these expenditures. 

  1. Payment of outstanding loans.
  2. Agent fees.
  3. Solicitors’ fees.
  4. Capital Gains Tax.
  5. Remaining unpaid property tax.

Hiring a Real Estate Agent:

It is highly recommended to call for experts when buying or selling property in Cyprus or anywhere in the world. Licensed realtors can help you sell property in Cyprus with the least hassle and financial success. With these agents, you can even have peace of mind. The real estate agents in Cyprus can do your sale process correctly and professionally.

Achieving a Sale:

Understanding the basics of readying to sell property in Cyprus is beneficial. It can help in attaining a smooth and stress-free process of selling. Real estate in Cyprus is a booming sector there. Moreover, putting an ideal price tag on your property can further ease the selling process. The benefits of the Cyprus lifestyle are one of the essential facets of getting your property to sell out quickly.

Thinks to keep in mind while selling property in Cyprus:

  • Always work with licensed and freed real estate agents. It is vital for an accurate property valuation.
  • For the intent of selling your property, please update it.
  • Do not forget to establish a Power of Attorney. It is required to determine how to sell real estate in the Republic of Cyprus per local regulations.
  • Offers must be received both in written and oral form.
  • Always set the Cos (Contract of Sale) with the licensed lawyer.
  • To complete the title deeds, payments, and other transfer transactions, always meet at the (LRD) Land Registry department with the other party’s lawyer.

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