Easier to Buy Home in Cyprus Than to Resell It Later

Купить жильё на Кипре проще, чем потом его перепродать
15 July 2021 Liza Medvetskaya

For the last 5-7 years, active construction continues in Cyprus - 8 thousand properties are built on the island every year.

The number of options for buying a home in the country is really huge: from luxurious villas and apartments in large cities to cozy townhouses in small villages. In any case, when investing in real estate in Cyprus, several important nuances should be taken into account.

Buying a home on the island is not as difficult as reselling it later. Developers and numerous agencies today are in great competition with ordinary owners.

Therefore, if you are thinking about further resale of property even at the stage of its purchase, you need to take into account, first of all, the demand for the property on the market, and not your preferences. In this case, not only the proximity of the property to the sea plays a role, but the city area and even the district.

The more liquid the real estate is in the market, the less time it will take to sell it in the future and the higher the potential profit will be.

When trying to sell real estate, experienced professionals advise you to first place “For Sale” signs directly on the property. Of course, if you are not afraid that your door will be constantly called with inquiries.

A much more reliable option is to turn to trusted professionals at one of the real estate agencies in Cyprus. You will have to pay a small commission for agency services (usually about 3-4% of the cost of home sales in Nicosia and 5% in coastal cities, although there are agents, mainly in the Paphos region, who charge 8%). On the other hand, you get rid of unnecessary hassle.

In any case, it is better to agree on the agent's commission in advance.

Do not settle for a deal when an agent wants to sell your home for a commission in excess of a fixed price. Some greedy agents can inflate the price of your property and, as a result, make it illiquid.

A good option is to use the services of a qualified appraiser who will determine the value of your property and the terms of the sale.

Contact the Cyprus Association of Professional Quantity Surveyors for recommendations, as you may underestimate or overestimate your property.

Assign several (two or three) agents, but first learn a little more about them. Your bank manager and the Association of Surveyors can recommend reputable professionals.

If local advertisements or agents have not helped sell your home, try placing advertisements in local newspapers or online. Consider taxes payable (if any), exchange rate and export sales amount.

Once a buyer is found, transferring the property to the new owner is a straightforward procedure.

You just go to the Land Registry office with the buyer and sign the sale form. If you have a clean title, the deal is closed within an hour. Please be aware that prior to transfer, you must pay all outstanding property taxes and obtain a Certificate of Income Tax Exemption. In addition, before entering into a sale-purchase transaction, make sure that the municipal taxes for garbage, water, electricity, etc. are also paid.

Be aware that when you sell your property, it is subject to Capital Gains Tax. At the same time, due to various exceptions and tax incentive schemes, it may be minimal if this is your main place of residence. Don't take it for granted that you will only be paying capital gains. If you regularly buy and sell real estate, you will find that you are required to pay income tax. To sell real estate to a non-EU citizen, you need to obtain permission from the Council of Ministers to transfer it.

Be prepared to answer buyers' questions regarding title deeds, planning and building permits, certificates of final approval, etc.

If you are a buyer, then be prepared for the fact that some owners, even at the final stage of the transaction, may cancel it, because they will not want to part with their property. Unfortunately, this is not uncommon in Cyprus.

Купить жильё на Кипре проще, чем потом его перепродать

Thinking about buying or selling real estate in Cyprus? Check out the DOM Real Estate! Experienced specialists of the agency will competently advise you on the sale of housing, and, if necessary, will select the option for buying real estate that suits you, for free.
Source: financialmirror.com
Photos: pixabay.com
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