When diving into the exciting process of acquiring property in Cyprus, selecting the right estate agent is crucial. They are one of the experts who can make all the major steps of your purchase smoother.
A skilled estate agent will not only guide you through the nuances of the Cypriot real estate market, but they will also help you find a suitable location that aligns with your lifestyle and budget.
Therefore, you shouldn’t race through this part of the journey.
Contents
- Researching and choosing an estate agent in Cyprus
- How to choose a reliable agent
- The role of the estate agent in Cyprus
- Questions to ask potential agents
A good estate agent will help you narrow down your search swiftly
Researching and choosing an estate agent in Cyprus
While Cyprus may be a small island, it boasts a vast array of estate agents. Many of these professionals are particularly well-versed in catering to international buyers, because many are originally from the UK, and can communicate fluently in English.
In Cyprus, estate agents typically earn a commission ranging from 3% to 5% of the property price. Although this fee is higher than what is standard in the UK, it is important to note that these costs are the responsibility of the seller, not the buyer.
Estate agents will present you with extensive portfolios of diverse properties. To ensure a successful search, it’s vital to maintain focus on your specific needs, prioritising your budget and preferred location while allowing for a degree of spontaneity during property viewings.
For peace of mind, confirm that any agent you consider is licensed and regulated. Ideally, they should be registered with the Cyprus Real Estate Agents Association (CREAA) or the International Real Estate Federation (FIABCI). This ensures compliance with Cypriot laws governing real estate practices. Most reputable agents will be CREAA members, which means they are obliged to carry indemnity insurance. It’s wise to ask for their registration number and verify it online to confirm their credentials.
How to choose a reliable agent
Most prospective buyers initiate their search online, often finding trustworthy agents through property queries. If you’re currently in Cyprus or plan to visit, a quick online search can reveal essential information about an estate agent’s reputation via review sites and forums.
When purchasing from abroad, it’s beneficial to engage with someone experienced in international transactions, which almost all established agents in Cyprus will have.
Consider the following factors when selecting an estate agent in Cyprus:
- Credentials and experience: Ensure the agent is registered with the CREAA and has a verified track record.
- Local knowledge: Choose an agent with deep understanding of the specific regions you’re interested in.
- Language and communication: Opt for an agent proficient in your language, making it easier to express your needs.
- Services offered: Confirm that the agent provides a complete range of services, from property searches to negotiation assistance and, if needed, property management.
- Testimonials: Look for agents with positive reviews from previous clients, particularly from international buyers.
The role of the estate agent in Cyprus
The responsibilities of estate agents in Cyprus align closely to those in many other countries. Their primary role is to assist you in locating a property that meets your criteria and liaise with the sellers on your behalf. An effective estate agent will:
- Present a curated selection of properties tailored to your preferences.
- Provide insights into prevailing market conditions and trends.
- Assist with the administrative aspects throughout the purchasing process.
- Negotiate on your behalf to achieve the best possible deal.
- Support you from the initial search all the way through to final acquisition.
Being aware of the unique needs of international clients, many agents extend their services by recommending local schools, facilitating utility setups, and assisting with bank account openings.
For more information on every step of the purchase process, download our free Cyprus buying guide today:
Questions to ask potential agents
Being an active participant during property viewings is essential, so don’t hesitate to ask your estate agent numerous questions. Therefore, preparing your inquiries in advance can lead to fruitful discussions and prevent you from overlooking properties that could be suitable investments.
Consider these key questions to gauge the property’s value and any potential for negotiation:
- How long has the property been on the market, and have there been any previous offers?
- Has the asking price been adjusted at any stage?
- Are title deeds available for this property?
- Have comparable properties in the vicinity sold recently?
- What motivates the current owners to sell?
- How long have the current owners resided in the property?
- Were there any recent renovations performed?
- If you were buying this property, what would you consider doing?
- What ongoing taxes should I be mindful of as a future owner?
- Are there any limitations regarding rentals for this property?
- What amenities are available in the local area?
