Find out how best to approach the process of buying and selling property in Cyprus, so you can minimise problems and achieve your investment goals.
If you are thinking about entering the Cyprus real estate market as either a buyer or seller, there are a few things you need to know before you get started, so you can help to prevent or minimise any issues occurring later on.
For this reason, we have decided to put together a handy step-by-step guide to real estate in Cyprus, so we can help you to navigate your way through the process.
Buying Real Estate in Cyprus
Research the market
When looking at real estate investment opportunities in Cyprus, the first step is to research the market, including understanding: the types of properties available, the prices of properties in different areas, and the current market conditions. You can use property websites and Cyprus real estate agents to gather this information.
Get a mortgage
If you are not a cash buyer, you will need to get a mortgage. There are a number of different lenders available in Cyprus, so it is important to compare rates and terms before you decide on a lender. Online resources such as mortgage calculators and comparison websites can help you with this.
Find a property
Once you have done your research and secured a mortgage, you can start looking at Cyprus property for sale. Using key search terms like ‘real estate Cyprus’ and ‘apartments for sale Cyprus’ online will help you find properties that meet your specific needs and budget.
Make an offer
After you have found a property that you like, you can make an offer to the seller. The seller may accept your offer, reject it, or make a counteroffer. Whether it concerns Cyprus commercial properties, or a residential investment, you will need to negotiate with the seller until you reach an agreement on the price and terms of the sale.
Hire a lawyer
Once an agreement is reached, you will need to hire the use of Cyprus property legal services to help you with the legal process of buying the property. A lawyer will check the title deeds to make sure that the property is free of any obstacles, and they will also help to draw up the contract of sale.
Pay the deposit
You will need to pay a deposit to the seller, once the contract of sale has been signed, which is usually around 10% of the purchase price.
Complete the sale
When the deposit is paid, the sale is officially completed. This involves the transfer of ownership of the property from the seller to the buyer. As the buyer, you will also need to pay the balance of the purchase price, as well as any applicable stamp duty and other taxes.
Selling Real Estate in Cyprus
Prepare your property for sale
Before you can sell your property, you will need to get it ready for sale. This includes cleaning the property and making any necessary repairs. You may also want to hire a professional photographer to take photos of your property.
List your property
The best way to sell your property is to list it with a real estate agent or even with property developers in Cyprus, as they have access to a large pool of potential buyers, and can help you to negotiate a good price for your property.
Market your property
In addition to listing your property with a real estate agent, you should also market your property yourself. You can do this by creating a listing on online property websites or by contacting Cyprus property management services to make an advertisement request.
Show your property to potential buyers
If you are listing, for example, villas for sale in Cyprus, you will start receiving inquiries from potential buyers. It is important to show your property to multiple interested parties, as it will also help you to get the best possible price.
Negotiate the price
Once you have found a buyer for your property, you will need to negotiate the price. This will depend on a number of factors, including the condition of the property, the location of the property, and the current situation with Cyprus property prices.
Close the sale
After agreeing on a price with the buyer, you will need to close the sale. This involves transferring ownership of the property from the seller to the buyer, alongside paying the necessary taxes and fees.
Attend REALTYon EXPO
If you would like to take the next step and explore a wealth of real estate opportunities in Cyprus, look no further than REALTYon EXPO Cyprus 2023, taking place at Parklane Hotel resort in Limassol on 28 and 29 June. Register now and get your free pass here: https://realtyon.com/register/
We hope to see you there!