How to sell an illiquid property in Cyprus: 8 life hacks

Как продать неликвидную квартиру на Кипре: 8 лайфхаков
27 April 2022 Irina Zholnirova

Illiquid property is the real estate which has low attractiveness to buyers and is rarely sold at an average market price. But illiquid does not mean hopeless! It is quite possible to sell a 'difficult' apartment in Cyprus, and in some cases it is not even necessary to significantly reduce the price.

Are you sure that your property is illiquid?

Because a 100 percent illiquid is an apartment in a completely destroyed house that is subject to demolition. Then it is better to wait for this demolition and exchange for normal housing.

In all other cases, the property is not complete illiquid. Any 'flaw' can either be corrected or presented in a different light.

Remember the golden salesman rule: there is a buyer for every product!

Of course, if the apartment has significant disadvantages, you will have to make a discount and reduce the price. But do not immediately drop half the cost. It may be possible to manage with minor losses.

5 reasons for illiquidity of housing

Realtors consider illiquid real estate any object that has been put up for sale for a long time, but has not found its buyer. There may be many reasons for this, and which of them are real and which are far-fetched, we will try to find out.

Reason 1: the price is too high

Surprisingly, many sellers just inflate the price of an apartment. They do not look at the market, the condition of housing, the area, the demand – therefore, an unjustified cost is obtained.

If your apartment has not been sold for a long time and there are few views, then take a look at the average prices for similar apartments in your area. Perhaps you are really asking for more than your neighbors, which is why the demand is low.

Reason 2: location and view from the window

The district. It's no secret that properties with the same characteristics can have very different prices. A lot depends on the location.

Here you need to understand that the area is a matter of taste. In Cyprus, there is no criminal areas. Therefore, there are only one characteristic: the distance to the sea.

And here the taste of buyers plays a big role. A "remote place" for one can become "quiet and peaceful" for another. And if you consider that more than 80% of the entire population (that is, all adults) are driving in Cyprus, then the availability of any location is not even in question.

The view from the window is an important indicator, especially for those who move to Cyprus in order to see the sea more often. Of course, an apartment without a sea view loses to an apartment with such a view. But! There are other equally attractive options. For example, the view of the city and the mountains is no worse than the seascape. So here, too, is a matter of taste.

Reason 3: Apartment characteristics

As a rule, a number of items can be included here. The doubtful (but not hopeless) characteristics of a Cyprus apartment include:

  1. groundfloor and the first floor in Cyprus
  2. angular location
  3. non-standard layout
  4. south side for rooms
  5. condition repair, age of the property and so on.

Each of the minuses can be turned into a plus. For example, the ground floors are ideal for young families (it is convenient to enter with a stroller) and pensioners who find it difficult to overcome flights of stairs. In addition, in Cyprus, the first floor is valuable because it keeps cool better in summer.

The angular location will appeal to those who do not want to have many neighbors behind the wall. A non-standard layout will take longer to find its buyer, but in the end it will become a highlight for those who decide to buy it.

The south side means the sunny side. It will appeal to those who are used to living in a large and bright space.

It is generally possible to talk about repairs for a long time. Sometimes it does not matter at all, if the apartment is otherwise good, the buyer will agree to take a house without repair. The only thing that can be done in this case is to give a small discount.

Reason 4: unusual situations

This can include everything that concerns any incidents: this is housing after accidents, noisy neighbors nearby and so on. Here you need to understand that it is unlikely to be possible to sell real estate at an average market price, and it will take some time. But efforts to sell should be distributed in such a way as not to lose too much money.

Reason 5: Legal issues

Perhaps this reason is the most intractable of all problems. Most often it is associated with difficulties in inheritance or illegal redevelopment/extension.

Solving such issues takes a long time, so the seller needs to decide for himself what they are willing to sacrifice: money or time. But, if the choice is made in favor of a quick transaction, it should be carried out with a competent lawyer.

So, the main reasons for the illiquidity of the apartment are named. And, as you have noticed, all of them can be minimized, if not eliminated. To do this, we give 8 life hacks.

Life hack #1: sometimes even a small reduction in cost is enough

If you have not been able to sell an apartment for a long time, this does not mean that you need to reduce its cost by 30%. It is likely that 5-10% discounts will do the trick.

Another interesting option is to offer a discount to the buyer personally. If he hesitates, then even a small amount in his favor can solve the case.

Life hack #2: study the location and highlight its advantages

Of course, you all know about your apartment. But it's far from a fact that you know your neighborhood! Therefore, it is recommended to clarify some details before selling. Take a walk around. Anything can be an advantage:

  1. either silence and solitude, or proximity to the center
  2. the presence of schools and kindergartens within walking distance is always a plus
  3. find out if there are places for walking nearby: parks, promenades, etc.
  4. note the time it takes to get to the sea on foot or by car
  5. mark all the good stores both shopping malls and shops that sell something fresh and delicious
  6. the polyclinic and the bank are also not the last plus for the location
  7. cultural institutions can also be important for buyers
  8. see how well everything is arranged around: whether there are enough lights on, whether the exits are not blocked and whether there are parking spaces, whether the asphalt is smooth, whether there are safe places for children's games and so on.

The more good and interesting things you tell about your area of residence, the more carefully potential buyers will read your ad.

Life hack #3: Don't hide your disadvantages

Of course, you can hide the disadvantages of your property. But if a potential buyer accidentally finds it out, then everybody will know it.

If there are several minor minuses, tell about them on a call, an online show or a personal meeting. Do it as early as possible so as not to waste your time neither your own, nor failed buyers.

If the price of your apartment is lower than the average market by 10% or more, then you should immediately specify why it happened. Believe me: quite a lot of people are ready to buy a property with some problems, but for a small price. Therefore, honestly voicing a disadvantage, you will get more potential buyers, at least thanks to honesty.

Life hack #4: repair

It is much easier to sell an apartment in Cyprus in a relatively good condition than in a frankly bad one. It is not so difficult to put new wallpaper or paint. Even if the repair will cost you 2 thousand euros, you will be able to sell an apartment for 10 thousand euro more expensive calculate the benefits!

However, there are situations when cosmetic repairs will not solve the problem. Then it is easier to "remove" all repairs and leave the condition of rough or pre-finishing. Such premises, although they look uncomfortable, immediately lose their neglect and pollution. So think about it: maybe it's really easier to dismantle and sell the apartment in this condition.

Life hack #5: Create artificial demand

This does not mean that you need to write a lot of reviews on behalf of different people under your ad. Another trick works here: assign impressions at intervals of 15-20 minutes so that previous buyers see the next buyers and understand the competition situation.

Of course, this option is not very suitable for apartments that have too low demand. But if there is an opportunity, it should definitely be used.

Life hack #6: Turn disadvantages into advantages

There have already been examples above of how the same feature can be turned into both a minus and a plus. Therefore, take a closer look at your target audience: young people are ready to put up with minor shortcomings for the sake of one big advantage, families with children value comfort and safety, the elderly prefer silence and simplicity.

Once again, we will list all those nuances that can be turned into advantages:

  1. south side lots of light all day
  2. corner apartment few neighbors
  3. grounf floor is cool in summer, plus it is convenient for some categories of people to descend
  4. remoteness from the center, even strong an ecologically clean, quiet area or an area with prospects (for example, in the next 5 years it is promised to improve, and real estate will increase in price).

Remember that any disadvantage pays off with a discount. Many people are ready to save money and subsequently solve a problem that seems unsolvable to you.

Life hack #7: create comfort

There is an article on our portal about how to make an apartment more attractive and cozy. The recommendations are aimed at attracting tenants, but they will also be useful to the seller of the apartment. For example:

  1. Keep an eye on the aromas in the apartment. If no one lives in it, come 15-20 minutes before the show to ventilate it, make coffee, fill the room with "live" air.
  2. Choose a convenient time of day for you. For example, it is better to show apartments with a not very picturesque view from the window at night, and small rooms during the day, so that they appear larger in natural light.
  3. Remove all unnecessary: the more free space, the more attractive the housing looks for the buyer.

Provide a comfortable environment. It is better if there are no small children, animals, a loud TV and so on at home. All this will give an advantage and an opportunity to calmly discuss the details.

Life Hack #8: Bet on investments

If there is even the slightest hint that the price of the property being sold will grow be sure to voice it! In Cyprus, many buyers purchase housing in order not only to use it, but also to invest. Therefore, pay attention to the following points:

  1. Even if any infrastructure has just begun to develop in your area, this is already an indicator that in a few years apartments here will be more expensive.
  2. Some real estate can be converted to commercial. Many low-rise buildings are bought for hotels and guest houses, and the first floors can be sold for trading halls.
  3. If they promise to build a good road to the center near you, the property will rise in price as soon as this happens.
  4. Foreign buyers have started to be interested in your area. This means that it is profitable to invest in this location others will soon appreciate it.

Of course, it is quite difficult for a beginner to assess the probability of a rise in real estate prices. It is more reasonable to turn to professionals with this question. But the result can be quite unexpected and pleasant.

Bonus life hack: contact specialists

It is quite difficult to sell illiquid real estate without any professional assistance. This requires not only time, but also knowledge: it is necessary to delve into the nuances and know the market well. Therefore, the help of specialists in such matters is not only necessary, but also profitable.

DOM Cyprus real estate agency will help you sell your property, even if you have not been able to find buyers for it for a long time. Our specialists:

  1. assess real estate according to the current market situation
  2. note all the advantages of this housing
  3. make free photo and video shooting
  4. find buyers
  5. conduct legal consultations
  6. execute a turnkey transaction
  7. they help foreign buyers to deal with the ownership of real estate (for example, with the payment of utilities).

And remember: there is no illiquid real estate there are only some difficulties. And they can always be solved!

Leave a request for the sale of your property.

Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website has a huge selection of real estate —residential and commercial. Experienced agency specialists will be happy to help you make the right choice.

See also:

  1. Mission "To sell an apartment in Cyprus": how to set the right price for housing?
  2. How to remotely buy a property to quickly get permanent residence and move to live in Cyprus?
  3. Buying real estate in Cyprus for cryptocurrency
  4. How to sell a property in Cyprus if there is a minor owner
  5. Permanent residence in Cyprus - permanent residence permit through real estate investments
  6. Land Registry Department in Cyprus
  7. Zena Complex: The Sleeping Giant of Nicosia
Source: DOM
Photos: DOM, free
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