We have reported in the past that whereas buying a property
in Cyprus is not difficult due to the abundance of supply,
selling your own property may be more difficult than buying,
since you will have to compete against the well organised
developers and agents. For this reason the selling time may
take up to six months and even more (depending on how
marketable your property is). Consequently, if resale of the
property is in your mind when buying, bear in mind the
general market needs and not your own.
The more marketable and of a wide financial appeal your
property is, the lesser the time required to sell and the
greater the possible gains.
In selling your property you must try on-the-spot
advertising first. Placing a “for sale” sign on your
land/house/flat is the best form of advertising [some
people, however, feel embarrassed to do this, whereas others
do not want the hassle with people knocking on their door at
The appointment of estate agents (avoid exclusivity) is
recommended. The commission payable is normally 3% (Nicosia)
and 5% in the seaside towns on the sale price, although
there are agents, mainly in Paphos area, who charge 8% (note
that when dealing with foreign agents, this may reach over
10%). For this reason agree on the agent’s commission
beforehand. Do not accept the deal whereby the price is
fixed by yourself and the agent gets the commission plus
what he can obtain in excess of the fixed price (greedy
agents may overprice your property and, consequently, render
We suggest that you appoint a qualified valuer (contact
the Cyprus Association of Surveyors for a recommendation)
who will ascertain the value of your property and its sales
terms. You may find that you are undervaluing or overvaluing
your property, with negative results on your sales prices
and period of sale.
Appoint several (2-3) selling agents but check who they
are (your Bank Manager and the Association of Surveyors may
recommend reputable ones).
If the on-the-spot advertising/agents do not achieve a
sale, try to advertise through the local press (or internet)
Bear in mind the payable taxation (if any), the exchange
rate and the exportation of the sales amount etc prior to
The sales/transfer of a property’s ownership is a
straightforward and simple procedure. You simply present
yourself at the Lands' Office counter, together with the
purchaser and you sign a sales form. Provided that there are
no registered impediments and there is a clear title, the
deal is concluded within the hour. Bear in mind that prior
to the transfer you must have paid all outstanding property
taxes on your holding and obtained a certificate of tax
release from the Inland Revenue.
Bear in mind that when you sell your property you are
liable to Capital Gains tax (although having in mind the
various exceptions and tax relieves, this will be minimal if
it is your main residence).
Do not take for granted that you will pay only capital
gains. If you do this often [i.e. buy and sell] you will
find that you are liable for income tax [higher tax rate].
If you are not the registered owner and you sell “your”
property, you need the cooperation of the original owner to
cancel/assign the sales agreement (see our past articles on resales/cancellation agreement) or you can opt for an
assignment of the original sales contacts.
In order for one to sell the property to a non E.U. member
you need to have the Council of Ministers approval when
transfer. Bear in mind that you may have to pay transfer
fees and if the property is not registered on your name in
case of a resale.
Whatever you do when you buy/sell your property we suggest
that you employ a reputable legal firm (preferably one who
is not connected with a developer/or has his own property
for sale). Agree on the fee beforehand.
Be prepared to answer the buyers’ questions regarding the
title, financiers release, town planning and building
permit, certificate of final approval etc (these items refer
to non title properties).
Finally prepare yourselves psychologically since some
owners when it actually comes to it, they have second
thoughts for the sale. Our recent experience was with the
seller insisting to leave in the house her cat (with a
written agreement binding the buyer to look after the
animal] is an example in hand.