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Easier to sell

Selling your property in Cyprus

Priority is to sell your property and sell it for the best possible price. There are many factors to consider when selecting an estate agent that can achieve this.

Urban Keys makes it easier, faster and more efficient to sell your property in Cyprus. Consider our selling competitive advantages:


  • Longer opening hours, hence greater availability to accept enquiries and conduct property viewings
  • Dynamic sales and marketing force, with fresh and innovative ideas to selling
  • Experienced real estate agents in English, Greek, French, Russian and Chinese-Mandarin
  • Professional photography and overall A-grade presentation of your property
  • Leading real estate website in Cyprus; access to the largest sales distribution channel

Property valuations: Urban Keys Real Estate & Chartered Surveyors carry out thousands of fully certified valuations, providing intimate and unparalleled knowledge of true and realistic market property values in Cyprus. This then puts us in the best possible position to negotiate terms on your behalf when selling your property.

 

SELL ONLINE: CYPRUS' LEADING REAL ESTATE WEBSITE

No obligation and free-of-charge. Sell your property faster and more efficiently by posting it online with Urban Keys, Cyprus' leading real estate web platform.

We all know the power of the Internet and how much it now influences our daily lives. How often do people first search online for property to buy; from home, work or on their tablet and mobile? Especially if looking for property to buy or rent from another country. And the simple truth is that it is only going to grow, particularly as the Internet becomes more readily available and as new generations enter the buying market – indeed younger generations have emerged and grown up with the Internet, intuitively utilising it for all sorts of shopping, research and browsing. Thus, to boost the chances of selling your property in Cyprus you must list it online, and list it on the leading web platform available in the market.

Competitive advantages of Urban Keys online:

  • Extensive list of properties throughout Cyprus
  • Fresh, modern-looking and user-friendly website
  • Easy search functionality to buy or rent properties
  • Innovative map functionality for searching
  • Extensive resources for buyers and renters
  • Regularly updated with information and news
  • Increasing online presence; fast-growing search engine optimisation
Post it online now

SELLING PROPERTY IN CYPRUS – VITAL STEPS

1

Prepare & present your property nicely to sell

First impressions count. Prepare your property to impress potential buyers. Address those little DIY issues you've been meaning to do; add a fresh coat of neutral-coloured paint; enhance natural light, remove ALL clutter; keep it spotless.

2

Effective real estate marketing and exposure works

You must increase enquiries. Give your property maximum exposure by listing it online with Urban Keys, then helping to boost awareness by 'sharing' over social media and e-mailing contacts. Statistically, it increases chances.

3

Accessibility to more property viewings for buyers

More flexibility with property viewings, better chances to sell. This is supported by longer opening hours at Urban Keys, maximising accompanied viewing opportunities – over 55% of our viewings take place after work and on weekends.

4

Receiving an offer to buy

As soon as an offer has been made and received, we will notify you verbally and in writing. Price and any special conditions will be stated in writing. We will cross-check buyer's ability to proceed before you decide to accept or counter offer.

5

Offer to buy is accepted

Once a final offer is accepted by you (the property seller), including for fixtures and fittings, Urban Keys will prepare a memorandum of sale and write to all parties to confirm the agreed price, as well as stipulated terms and conditions.

6

Exchange of property contracts

Until contracts are exchanged, neither party has legal obligation to buy or sell the property, and both can pull out without penalty (or only loss of deposit). Both buyer and seller sign identical contracts, and formally exchanged by solicitors.

Your property is now sold: Completion is when residual monies (usually 90%) are transferred from your solicitor to the seller's solicitor's account. Your solicitor will call you when the money has cleared into your account and will inform us to release the keys. Congratulations, your property is now sold!

Contact Urban Keys List your property to sell online

FAQs on selling property in Cyprus

If any of your questions are not answered here, call Urban Keys on +357 22 27 00 19 or e-mail us directly for a more personalised and confidential response.

How much will it cost to sell my property?

The costs involved in selling your property consist of:

Energy Performance Certificate: It is a legal requirement to have commissioned an EPC before marketing can start. Urban Keys can organise this legally required document on your behalf at a cost of €200 + VAT

Estate agent commission: Commission fees become payable once your estate agent sells your property and contracts are signed. This is charged as a percentage of the sale price + VAT.

Legal fees for the conveyancing process: These vary depending on the bank you choose.

As the property seller, do I have to pay Stamp Duty?

No, the buyer is responsible for paying Stamp Duty.

Are there any additional marketing costs?

Urban Keys includes all marketing expenses within the commission fee. Indeed, it is our responsibility to market and sell your property.

As your chosen real estate representative, we endeavour to do our utmost in order for you to sell your property, and sell it at the right price. Of course the more effort we put into it, the more likely we will be able to sell it together.

As per our marketing standards, we will post it on our online system, share it with our sales distribution networks and online channels, distribute e-mail campaigns, market it to both domestic and international markets, promote it with property banners, organise regular accompanied viewings, and where necessary advertise in selected newspapers and publications.

Do I need to do any work to my property (such as redecorate) before its put on the market? Any tips and advice.

It is not essential but highly advisable, as it will generate more enquiries and significantly boost the chances of making a sale. Of course it also very much depends on the current state of your property. Contact Urban Keys for a viewing, and our agent will make an initial assessment and advise accordingly.

Remember, keep your property in the best condition possible. Here are some quick and easy tips that make a huge difference when it comes to selling your property.

  • Remove all clutter, thereby avoiding a messy state – store everything away in boxes and in storage.
  • Keep interior at a minimum and very neutral. This allows potential buyers to envisage their own interior design. No one wants to see a property with wild extravagant interior. This can be very off-putting.
  • Keep it spotless everyday almost, as you never know when a viewing will 'pop-in'.
  • Make sure it smells fresh and nice. Do not underestimate the power of a fowl odour in deterring a possible sale. But also do not overdo it with smelling agents. Just keep it smelling fresh and neutral.
  • Try to enhance natural light, and when doing so, make sure all windows and glass doors are spotless.
  • Fresh coat of paint does amazing wonders. It helps spruce up the place, make it look more new and clean. It is best to maintain a neutral colour, thereby allowing the potential buy to imagine their own future colours.
  • Keep toilet spotless, and the toilet seat down during viewings.
  • Kitchen is usually known to be sale winner. So make sure it is extra clean, no clutter, smelling fresh and looking modern, including the cooker, over, stove, the sink, and all appliances. Do not leave the rubbish bin lying around, and make sure all cupboards are also clean.

Just remember how you expect to see a property when buying, and then go out of your way to make this even better. The little things really do make a difference. And anyway, don't you want to give yourself every extra chance and advantage to selling the property…?

Who will conduct viewings on my property and when will they occur?

Urban Keys estate agents will conduct property viewings with potential buyers. We will try to find the best time possible for both parties. It is advisable that greater flexibility and accessibility is provided, hence why we also have longer opening hours. Accommodating this will encourage more viewings and then more chance of making a sale.

Naturally, most viewings take place after working hours and on weekends. Of course during reasonable hours. Occasionally, potential buyers request a second random viewing. This is actually a very positive sign, as it means they are genuinely interested to purchase your property.

Do I need to be present for property viewings?

Since we accompany viewings – and assuming we have the access codes and keys to your property – it is not essential.

Many times it is actually better to not have the owner there, as it allows the buyer to feel more comfortable and relaxed, freely looking around the property and asking questions. Whatever improves the chances of making a sale is a good thing. Let the experts handle the situation.

If I accept an offer, will my property still be open for viewings?

This depends on the conditions of the offer and at what exact stage, as well as what your preferences are.

Sometimes accepting an offer does not necessarily mean the sale is finalised, and could still fall through. As such, you do not really want to loose out on other potential buyers. In fact, it may even be a strong bargaining power to have another viewing during this time, and explain to the potential buyer that it might not be available soon.

When do I have to move out?

On the completion date, which is mutually agreed by yourself and the buyer and as stipulated in the drawn contract. Usually one month from the final transaction and documentation.

What is CAPITAL GAINS Tax in Cyprus and do I have to pay this?

Subject to certain exemptions, capital gains tax is imposed in accordance with the Capital Gains Tax Laws 1980-2002, on capital gains arising after 1/1/1980, from the disposal of immovable property in Cyprus or shares of companies in Cyprus which own immovable property.

The gain that is taxable is the difference between the proceeds of sale and the initial cost of the property, plus the cost of improvements cost, adjusted for inflation from the date of acquisition. The first 85,430 euro (at the time of purchase and documented) of a gain made by an individual on disposal of a personal property is exempt from tax. This exemption is available only once.

Capital gains tax does not apply to profits from the sale of overseas real estate by non-residents, by offshore entities, or by residents who were not resident when they purchased the asset. Under the Capital Gains Tax (Amendment) Law, No. N119(I) of 2002, 1st January 2003, gains accruing from disposal of shares listed on any recognised Stock Exchange will be exempted from tax. Gains accruing from disposal of immovable property held outside Cyprus and shares in companies, the property whereof consists of immovable property held outside Cyprus, will be exempted from capital gains tax.

The capital gain, as determined by the Capital Gains Tax Law, is liable to tax at the rate of 20% on gains arising from the disposal of immovable property in Cyprus or the disposal of shares of companies which own immovable property in Cyprus. Gains from the sale of shares listed on the stock exchange are excluded from capital gains tax.

In some cases, disposals are except from capital gains tax, such as the transfer by reason of death and gifts between relatives. In some circumstances, rollover relief might also be available if a gain is used for the purchase of additional property.

Individuals may, subject to certain conditions claim certain deductions from the applicable taxable gain, such as:

  • if the disposal relates to a private residence - up to 85,430 euro
  • if the disposal is made by a farmer and it relates to agricultural land - up to 25,629 euro
  • any other disposal - up to 17,086 euro

These values represent the direct conversion from the form Cypriot Pound. These deductions are granted once in the lifetime of the individual, until fully exhausted and if an individual claims a combination of them, the maximum deduction granted cannot exceed 85,430 euro.

On what value is IMMOVABLE PROPERTY TAX in Cyprus imposed?

Immovable property tax is imposed in accordance with the Immovable Property Tax Laws 1980-2004, on the value of immovable property in Cyprus, on the 1/1/1980. This value relates to the value of immovable property which belongs to an individual or a company, on the 1st January each year.

Value up to CY£100.000 - 0‰, value over CY£100.000 and up to CY£250.000 - 2,5‰, value over CY£250.000 and up to CY£500.000 - 3,5‰ and value over CY£500.000 - 4,0‰.

There is an annual real estate tax based on the market value of property. It can however be divided between multiple owners in order to remain in the lower bracket). Until January 1, 2012, tax on immovable property was levied on the following scale:

  • Value up to 170,860 euro – nil
  • 170,861 - 427,150 euro – 0.25%
  • EUR427,151-854,300 euro – 0.35%
  • Above EUR854,300 euro – 0.4%

These values represent the direct conversion from the form Cypriot Pound.

As of January 1, 2012, real estate will be taxed has been amended as follows:

  • Value up to 120,000 euro – 0%
  • 120,000 to 170,000 euro – 0.4%
  • 170,000 to 300,000 euro – 0.5%
  • 300,000 to 500,000 euro – 0.6%
  • 500,000 to 800,000 euro – 0.7%
  • 800,000 euro and above – 0.8%

Further property taxes between 0.1% and 0.5% per annum are levied by local authorities. As of January 1, 2012, transfer fees were abolished on new properties and halved on other properties. There is a small transfer tax on gifts of real estate within a family.

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