We’d like to know whether you’re seeking to sell your apartment or villa in Cyprus. If that’s the case, following pointers for selling a home quickly in Cyprus will come in handy. Consider first the state of affairs in Cyprus.
Cyprus is and has always been a popular foreign property location. Holiday houses in Cyprus are a popular choice for wealthy Chinese and Russians. The majority of property purchases in Cyprus are made by British citizens.
The worldwide recession of 2008 had a devastating effect on Cyprus. At this period, homeowners in Cyprus had no choice but to see their property values fall by 40 to 60 percent across the island.
As it turned out, the worst was yet to come for Cyprus’ banks, which crumbled under the weight of non-performing assets. Cyprus’ banks were burdened with too many delinquent borrowers as a result of their inclination to lend irresponsibly without doing due diligence during good times.
Cypriot economy and real estate market were both decimated by this. Cyprus’ economy has only lately been able to get back on track thanks to financial help from the ECB and IMF as well as the implementation of tough austerity measures.
Even yet, it will be some time before the Cyprus real estate market returns to its pre-recession levels. Cyprus had a fantastic year in 2021, with a 20% increase in property sales. That’s a really respectable showing. 2022 looks set to be even better post pandemic.
It’s good to know that many of the laws that made it difficult for foreign investors to acquire property in Cyprus have been relaxed, if you plan on selling your Cyprus property soon. Obtaining title deeds to a property used to take six months or longer due to the lengthy process and inefficiency of the previous property laws in Cyprus. A number of overseas investors were turned off from purchasing property in Cyprus because of this.
Purchasers no longer have to wait months for the deeds to a property to be delivered to them; now, title deeds may be obtained within two weeks. Every aspect of the Cyprus Land Registry Office’s computer system has been implemented. You may now sell your house more quickly than ever before, and the purchasers will receive their title deeds nearly immediately following the transaction.
The property transfer tax has been reduced by half to 3 to 8 percent, which is a welcome move. Immovable property tax and inheritance tax have been eliminated, so homeowners no longer have to worry about them.
The capital gains tax has been abolished, which is the nicest component of the deal. You won’t have to pay any taxes on the acquisition of the property, and you’ll be able to retain all of the earnings. These are welcome changes from the previous system of 20 percent fixed capital gains tax. While local brokers in Cyprus may be able to help you sell your home swiftly in Cyprus, you’ll need to work with agents that specialise in selling international property, especially to Russian and Chinese purchasers with large amounts of cash on hand.
In order to sell property in Cyprus, you’ll need to promote the lifestyle here as well as the house itself. Research the area your property is in include descriptions of local attractions.
There are a variety of ways to advertise your home in other countries, including on European Russian and Chinese property portals and on social media platforms like Facebook and Twitter. This is clearly not something you can accomplish on your own; instead, you need contact international property professionals to advertise your property abroad. In order to sell your home in cyprus quickly to cash-rich investors from across the world, contact us immediately.
