North Cyprus Sellers Guide
Why sell with Korinia?
Established in 1984, Korinia Estate Agency has have helped thousands of happy clients to sell their properties – no matter where you go along the North coast of Cyprus you are never far from one of the beautiful homes that we have sold over the years!
Korinia Estate Agency specialise in property sales and our main company objective is the sale of properties in North Cyprus – by this we mean that our sole focus is not on construction or anything else.
Advice on selling your property
‘For Sale’
For property re-sales we recommend that you allow us to display a small sign outside your home (only 0.5m x 0.5m) not only so that passers by can see that your property is available – but also so they are aware that it is available through a reputable, professional estate agent.
For developers with new projects and multiple properties we are happy to place a larger billboard to advertise your project.
Sole Agents
Korinia are happy to offer Sole Agency to any of our clients at a much reduced agency fee. Properties that we are the sole agent for are guaranteed a higher profile in our advertisments and a regular spot within our much viewed window displays.
Preparing Your Property
Generally, it is not necessary to go to the extreme lengths that some home sellers do in Europe to sell their property, such as completely refurnishing the whole house! It is certainly important to present your property as best you can, but the old cliche’s of putting some dough in the oven and a pot of warm coffee in the kitchen are rarely called for!
Every property is different and we will be happy to give you honest advice about anything that we feel you can do to help sell your property. A few general pointers from our experience:
- First impressions are most important! Make the entrance to your property feel welcoming by keeping the entrance uncluttered and neat and tidy. If you have a front garden, then don’t let it become overgrown!
- On days that we are showing your property to prospective buyers, please open all curtains, blinds and shutters to let as much light into your property as possible.
- Think about the approach to your property too. Remember that buyers are looking at the surrounding area of your property – so if there’s an eyesore of some kind that you see every day on your way home, see if there is anything that can be done about it.
- An exterior lick of paint works wonders! A single coat will make your house look like new and is often a lot cheaper than you might expect. Korinia have experienced tradesmen for any job and we will be happy to arrange a free, no-obligation quote.
- The most common issue in any property in North Cyprus is paint peeling off around the bottoms of walls, especially around patio doors or where exterior walls meet terraces. Buyers from colder, wetter countries will almost always mistakenly interpret this as being the ‘dreaded rising damp’ – so have any affected areas rubbed down and re-painted. If you have a problem with water ingress during winter, there are now various sealants and treatments available in North Cyprus which were previously hard to find.
All people, whether they are North Cyprus citizens or foreign nationals, are entitled to sell one property each in North Cyprus absolutely tax free. If you wish to, you can ‘carry over’ this tax exemption to another property at a later date if you are planning on buying and selling more than one property in Northern Cyprus.
When the title deeds of your property are ready to be transferred to a new buyer, the authorities will make a valuation of your North Cyprus property (most often 70% to 80% of its sale price) and for each taxable property that you sell you will be liable to pay 3% of its valuation.
If an individual sells (i.e. transfers the title deeds for) more than 3 properties in a single year then that person becomes liable to pay professional home seller tax for all properties thereafter at a rate of 6.5% of the North Cyprus property valuation. Only after a period of 3 years of not selling any properties can that persons Northern Cyprus property tax revert to the standard 3%.
Testimonials
I just wanted to say a huge thanks for all your help selling our bungalow this year! From the valuation until we handed over the keys, you've been first class. We wish you all the best for the future :)...