Cyprus attracts a lot of attention from wealthy cash-rich buyers from Britain at most times. But because of the confusion over Brexit, the British interest in Cyprus has flagged off a bit recently.
That should not worry you if you have a property for sale in Cyprus, as there is a huge interest coming in from Germany, Ireland, Russia, Israel, China and Scandinavia. There are a number of high-net-worth individuals from these countries who have expressed a strong inclination to invest heavily in Cyprus property.
Chinese and Russian investors are also attracted by the Golden Visa scheme, through which the Government of Cyprus offers residency permits to any non-EU national and their families that invest 300,000 EUR in Cyprus real estate.
Since Cyprus is a member of the European Union, a Cyprus Golden Visa means the right to travel without restrictions through all EU member states that are party to the Schengen Treaty. This makes Cyprus an attractive destination indeed.
Here’s a quick guide to selling property in Cyprus.
#1: Hire a UK estate agent or an overseas property specialist. You should certainly hire a UK estate agent for selling your resale property in Cyprus compared to hiring a local agency as they are more adept at promoting the property on online as well as offline channels, and have a large agent network that extends to Asia and covers the whole of Europe. They are more likely to find cash-rich buyers from Germany, Ireland, Russia, China, and Scandinavia who can make an all-cash offer for your property. This is the most important thing you’ll need to do.
#2: Hire a local real estate lawyer – It would really help to hire a local lawyer who is well-versed in the real estate laws of the country to help you with the transaction. The lawyer will go through your paperwork and tell you where you are lacking and how to get the documents you need for the sale. He will handle the details such as visiting various government offices to get the required documents.
#3: Make your property look presentable – Here’s the question – would you want to buy your property? Think about it – if you don’t find anything in the property that attracts you anymore, it is highly unlikely that anybody else would. You will need to invest a little in renovating the property. Pay specific attention to the kitchen and the bathrooms as that’s the first thing a potential home buyer would look at. Spruce up the garden, re-do the living room and bedrooms if needed, get the whole property repainted in attractive colors.
#4: Make the property available for viewings – There’s no telling when a buyer might want to visit. In that case, you should make arrangements for the viewing of the property. In fact, it would be much better for you not to be present when the buyer is visiting, as buyers feel uncomfortable when viewing the property in the presence of the owner. You can trust your estate agent to handle the viewings for you.
#5: Frame up the contract of sale – Ask your lawyer to draw up the contract of sale once a buyer shows interest. About 30% to 50% of the purchase price is paid at the signing of this agreement. The rest of the payment is made according to a set timeline. Contact us to know more about selling your property in Cyprus.