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Do you have a holiday home in Cyprus that you are looking to sell? Then you will find these tips to sell property in Cyprus fast, very useful indeed. Let’s begin by analysing the situation in Cyprus.
Cyprus is a popular overseas property destination, and always has been so. Holiday homes in Cyprus are a major hit with cash rich, high net worth individuals from China and Russia. Britons, however, are the biggest buyers of properties in Cyprus.
Cyprus was badly hit by the global economic recession of 2008. It wasn’t a good time for homeowners in Cyprus, as they could only watch helplessly as the value of their properties fell by 40 to 60 percent across Cyprus.
Indeed, the worst was yet to come as the banks in Cyprus collapsed under the weight of non-performing assets. Because of the tendency of banks in Cyprus to lend recklessly without performing due diligence during the good times, they found themselves saddled with too many borrowers who defaulted on their loan payments.
That destroyed the Cyprus economy and took down the real estate market with it. It is only recently that because of financial assistance from the ECB and IMF and through the enforcement of strict austerity measures that Cyprus has been able to get its economy back on track.
But there is still a long way to go before the property market in Cyprus gets back to how it was before the 2008 recession. 2015 was actually a good year for Cyprus - home sales rose by 20% nationwide. That’s not bad at all.
If you are looking forward to selling your property in Cyprus, you will be pleased to know that the country has simplified many of the rules that made it difficult for foreign investors to buy property here. Earlier the property laws in Cyprus were too complicated and plagued by an inefficient bureaucracy, because of which getting title deeds to a property would take 6 months or more. This put off several international investors from buying property in Cyprus.
Now, the property laws have been simplified and buyers can get the title deeds to a property within 2 weeks. Everything at Cyprus’ Land Registry Office has been computerized. You can sell your home faster than ever before and the buyers of your property will get their title deeds almost immediately after the transaction.
There are other positive changes as well, such as the property transfer tax, which has been cut by half to 3 to 8 percent. Homeowners don’t have to worry about the immovable property tax and inheritance tax either, which have been scrapped.
The best part is that the capital gains tax has been scrapped. You won’t need to pay the government any tax over the purchase of the property and get to keep all the profits for yourself. This is excellent news indeed and a big change from the past when capital gains tax was fixed at 20 percent. However, to sell your property in Cyprus quickly, you will need to hire estate agents specializing in selling overseas property, especially to cash rich individuals in Russia and China – you cannot simply depend on local agents in Cyprus as they do not have such connections with overseas buyers.
Selling a property in Cyprus requires marketing, more than anything, and this means promoting the lifestyle in Cyprus as much as the property itself.
You will need to market the property overseas, in the Russian and Chinese markets, on property portals, websites and blogs, and on the social media. Clearly, this is not something you can do by yourself, it’s better to hire overseas property specialists to market the property in international markets. Contact us today to sell property in Cyprus fast to cash rich overseas property investors.