It is rarely an easy decision to make when deciding if you would like to, or should, sell your property. There are many potential situations that can trigger a property sale decision by an owner, and every seller’s situation, timescale, sentimentality and circumstance is unique – Comark Estates pride ourselves on taking all of this into consideration when we are signed up as estate agents for a property sale, which, paired with our expertise of the selling process in Cyprus, is what sets us apart.
With more than 50 years’ combined experience in real estate and having lived in Cyprus for over 30 years, our high sales volumes, achieved through hard work, knowledge and excellent communication, speak for themselves. It is so important for sellers to select the right estate agents, not only to make sure that your property is sold at the correct market value, but also to make sure that the legal process is made clear and followed correctly throughout the sale.
It is obligatory in Cyprus for Estate Agents to be licensed. This is a good time to remind you that Comark Estates are a fully licensed and registered real estate company.
Where do I start with Selling My Property in Cyprus?
This is easy! Get in touch with us at Comark Estates and we will be happy to offer you a free consultation on the sales process in Cyprus so that you can learn more about the various stages of a sale. We are always happy to answer any questions that you might have about what service we can offer you as your Estate Agents.
Frequently asked question: Can I sell my property in Cyprus if I don’t have title deeds? The answer is a little more complex than a simple yes or no, but in many cases yes, you can, but it does depend on individual cases, as they can vary. Comark Estates can assist you with these such questions at the time of initial consultation.
We have also put together a Step by Step Guide on how to sell property in Cyprus, which you can find a little further down the page.
Is now the right time to Sell My Property?
Absolutely. Thankfully the real estate market in Cyprus has remained very strong, even in the face of the challenges that have been faced worldwide by the pandemic. As an example – the first nine months of 2022 were the best nine-month period for the property market in Cyprus since 2008.
Before you get started:
- Documents: Comark Estates will require property documents for the sale, so it’s a good idea to get these ready early on. For example, we normally request your sales agreement and a final building certificate (if your property has one).
- Consider if you will require to appoint a power of attorney. Are you planning on leaving Cyprus and relocate to another country before or during the sales process?
- Make sure you have a lawyer: we can recommend law firms that we know are proficient and efficient in property law in Cyprus, who will guide you through the legal aspect of the sales procedure. You will be given a list of documents to prepare for the process by your lawyers, these can vary but normally include purchase contract, mortgage papers, information about the property etc.
Our Step by Step Guide on How to Sell Property in Cyprus:
1. Choose an Agent:
Well, this is straightforward… get in touch with Comark Estates today! We are ready and waiting to sell your property.
2. Marketing Appraisal:
What is the correct market value for your property? Comark Estates will visit your property to carry out a full marketing appraisal, ensuring that you sell your property for the maximum profit by placing it correctly within today’s market prices.
3. Decide if you need a power of attorney here in Cyprus:
If you have any intention of leaving the country during the selling process then you will need to appoint a power of attorney here in Cyprus. Comark Estates can recommend a law firm to assist you with this.
4. Instruct a lawyer of your intent to sell:
If you do not already have a lawyer then Comark Estates can introduce you to our recommended law firms that we know, and trust, that are both proficient and efficient in Property Law in Cyprus. It is key to appoint a lawyer that is prompt at responding as this is essential in keeping the process moving forward at the right pace for both you, the seller, and the buyer.
5. Consider the presentation of your property for sale:
Are there things that you can do to improve the presentation of your home to make it more appealing to potential buyers? The team at Comark Estates are well versed in how you can ensure that your property is looking its very best for photos and viewings, from little things like decluttering your interiors, tidying up the garden, and painting – through to bigger things such as cutting down trees that are obstructing views.
6. Promoting your property for sale:
Comark Estates will carry out a photoshoot and create a description of your property, including its key features to use in any promotional sales material, such as the property listing on our website, social media promotion and listings on third party websites (we send this to you to check before publishing too). We also ensure to display one of our distinctive branded ‘For Sale’ signs at a visible place outside your property.
By listing with us at Comark Estates you also benefit from being presented within our large network of connections that puts us at the forefront of potential investors.
We know what buyers are looking for and how and where to promote your property throughout our various channels of advertising.
7. Viewings:
Viewings are a crucial part of a property sale and this is where Comark Estates excel! Our sales agents have a very high ratio of viewings to sales, not only because we are great at sales (we hate to brag), but also because we are experienced at narrowing down the right potential buyers for your property ahead of any visits. Important to note – we will always make sure that viewings are arranged promptly for the buyer at times that are convenient to you. Our great communication ensures that this process is done smoothly.
8. Receive an Offer:
The buyer makes a price offer, for you to consider. Comark Estates will guide you through any negotiation process.
9. Reservation Agreement:
Once an offer is accepted, a reservation fee is agreed. This can be refundable or non-refundable, depending on the agreed terms between both parties, which will then be specified in the Reservation Agreement that will be drawn up for you.
10. Contract of Sale:
At this stage your lawyer will proceed with the contract of sale with the agreed price outlined in the Reservation Agreement. The terms of sale will be detailed in this document, which will be legally binding, and usually a minimum of 20% of the purchase price is paid upon signature.
11. Completion of Sale – Congratulations!
A completion date will be set, and upon this date your lawyer will be required to provide a Tax clearance certificate to show that all taxes and outstanding bills are paid. Both parties’ lawyers meet at the Land Registry department where the remaining balance of the purchase price should be paid to your lawyer, and then the title deeds / contract will be transferred to the buyer’s name.
What are the fees involved in Selling a Property in Cyprus?
The following are the typical expenditures to consider when you are selling your property, in order to understand what your final profit will work out at:
- Agent fees
- Lawyer fees
- Payment of any outstanding loans
- Any potential prepayment penalties due on a mortgage
- Capital Gains Tax
- Any remaining unpaid property tax
The largest of these expenses is the Capital Gains tax which is quoted at a fixed rate of 20%. This is calculated on the gains from the disposal of immovable property in Cyprus, subtracting the original cost and any additional expenses from the proceeds of the sale. The final amount of taxable gains will also factor in inflation and allowable expenses.
Many exceptions and exemptions apply with Capital Gains Taxi, the best guide for which can be found on this: Government web page.
Experience speaks volumes...
Our team at Comark Estates boast over 50 years’ combined experience in real estate, with extensive and specialist knowledge of the Cyprus Real Estate market. Importantly – we are a fully licenced and registered real estate company in Cyprus. We are here to take the hard work and stress out of the selling process for you…we can, and will sell your property quickly, without any fuss, and at the right best possible price for you, our valued seller.
Get in touch today: contact@comarkestates.com
Disclaimer: the information provided by Comark Estates on this page is for general informational purposes only, and is provided in good faith. Comark Estates are not liable to any changes in this information.
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