What are the costs associated with selling property in Cyprus?
Selling property in Cyprus involves various costs and expenses that sellers should be aware of when planning their property sale. Some common costs associated with selling property in Cyprus include real estate agent commissions, legal fees, capital gains tax, and other transaction-related expenses. Real estate agent commissions are typically calculated as a percentage of the final sale price and are payable to the agent or agency responsible for marketing and selling the property. Legal fees may include fees for drafting contracts, conducting due diligence, and representing the seller's interests throughout the sale process. Capital gains tax is a tax levied on the profit generated from the sale of property or other assets and is payable by the seller upon completion of the sale. 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. Additionally, sellers may be responsible for other transaction-related expenses, such as notary fees, transfer fees, and any outstanding utility bills or maintenance costs. It's essential for sellers to carefully review and understand all expenses associated with selling their property in Cyprus and factor them into their pricing strategy to ensure a successful and financially rewarding sale.