Real Estate


As you might imagine, real estate agents field quite a few questions every day. People are naturally curious, and it’s an agent’s job to guide folks through the often-complex world of home buying and selling.

You might also imagine that some questions about real estate come up more often than others. Whether you’re a first time buyer or repeat buyer who could use a refresher on how deals get done, here’s are some answers to the questions that come up most often.

Will I have to pay the VAT for plots/land in Cyprus, and how much is the current rate?

In most cases when buying a plot/land in Cyprus you must pay VAT. There are some exceptions, usually when the seller is a private owner and he/she didn’t sell any other piece of land in the past and the buyer is buying the land for personal use for his/her personal residence then most probably the transaction might not have VAT.

Will I have to pay the VAT if I acquire old properties?

No. We never pay VAT on old/used properties. If a property is currently rented or people lived in it in he past, it is considered used and there is no VAT payable by the buyer.

How can I set the best price for the property I am about to sell?

Find other similar properties that were sold in your area (at least 2-3 of them) within the last 6 months, then find how much they were sold per square meter and finally, using this information, calculate the value of your property per square meter.

Will I have to pay the VAT for the acquisition of newly build properties?

Yes. Always when a property is sold for the first time by the developer/construction company, the purchaser must pay the VAT. It usually comes to 19% of the purchase price.

How can I make my property more attractive to potential buyers?

During the time you have your property in the market, it must always be maintained in good condition and of course always be clean and tidy. Even small maintenance issues can cause potential buyers to lose their interest in the property.

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