Alpha Real Estate Services

Are there any restrictions on the resale of property in Cyprus?

There are generally no significant restrictions on reselling property in Cyprus, but sellers must comply with legal requirements and may be subject to certain taxes and fees associated with the sale. Property owners in Cyprus have the right to sell their properties at any time and to any buyer, subject to the terms and conditions of their ownership and any applicable laws or regulations. However, sellers should be aware of their obligations and responsibilities when reselling property in Cyprus, including:

- Compliance with legal requirements: Sellers must comply with all relevant laws and regulations governing property transactions in Cyprus, including obtaining any required permits or approvals and adhering to tax obligations and reporting requirements.

- Payment of taxes and fees: Sellers may be required to pay certain taxes and fees associated with the sale of their property, such as capital gains tax, real estate agent commissions, legal fees, and transfer fees. The tax rate and exemptions may vary depending on factors such as the length of ownership, the type of property, and the seller's residency status.

- Disclosure of material defects: Sellers must accurately disclose any material defects or issues with the property to potential buyers to avoid legal disputes or liability after the sale. Failure to disclose material defects or issues could result in legal action and financial consequences for the seller.

It's essential for sellers to work with qualified professionals, such as real estate agents, lawyers, and notaries, to ensure compliance with all legal requirements and maximize their chances of a successful property sale. By addressing any potential issues proactively and seeking professional guidance, sellers can streamline the selling process and achieve their desired outcome with minimal stress and hassle.

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