Selling property in North Cyprus

mint1955



Joined: 30/05/2007
Posts: 988

Message Posted:
26/07/2010 11:30

What fees costs or taxes do we need to be aware of when selling a property in North Cyprus?

Do we have to use an estate agent or can we do it privately?

Hints and tips from anyone that has sold recently.



Yes I know there are more properties than potential owners but just want to be aware of the costs and pitfalls that may arise should we go down this route.

Sheila

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
26/07/2010 11:37

i know estate agents were taking 6% of the sale but this might have changed due to economy.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
26/07/2010 11:40

Sheila,



You do not have to use an Estate Agent , you can do it privately,and unless you are in a real rush I would suggest placing your own ads on this forum and others to gauge interest.



Also,some Agents are now unwilling to market property unless deeds are "in place".



If you do use an Agent then do shop around....many of them seem to think that charging 5% is acceptable for the little that they do ....I disagreed !



We recently sold ours through Alex at Abbey Estates who was very professional and efficient,and we negotiated a fee of 3% which I thought was reasonable.



Good luck !

mint1955



Joined: 30/05/2007
Posts: 988

Message Posted:
26/07/2010 15:50

Thanks for the replies so far

cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
26/07/2010 19:30

Message 3 - was that as a sole agency?

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
26/07/2010 20:50

cypgab....msg 5



Good point.....we agreed on 3% because the estate agent had a buyer in place who particularly wanted a property on our small development.

As it turned out we did not need to advertise it with other agents.

In this market I would suggest that 3% is a reasonable figure irrespective of whether it is sole agency or not.

Give Alex a try at Abbey Estates...I'm sure she'll listen !



I've also heard that some agents will sell your property on a lump sum basis rather than a percentage eg £2500 for an apartment , £4000 for a viilla.

With the TRNC property market being as depressed as it is,I would suggest that you could drive a hard bargain !

kezspot


Joined: 26/11/2007
Posts: 443

Message Posted:
26/07/2010 21:10

I sold my 2 bed property one mth ago, maybe I was lucky. Remax estate agent, Deborah were the only ones who frequently bought viewers to my hse, and kept me informed what was going on. Though 5% they were worth every penny.

blade


Joined: 19/06/2010
Posts: 1286

Message Posted:
27/07/2010 10:01

5% is normally the fee for multi agent.

kezspot


Joined: 26/11/2007
Posts: 443

Message Posted:
27/07/2010 11:05

Yes was multi agent, but Remax were the only ones who got people to view my house, all the other agents I was on with were useless.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
27/07/2010 11:15

All I'm suggesting is that in a severely depressed market then negotiation of fees is an option.



For example , on a property valued at £100K ,I'm sure that most agents would be happy to make £3K rather than not market it at all !

Estate agents aren't exactly busy at the moment....on our last trip I couldn't believe how many agent's windows were still full of sun faded ads for properties we first saw advertised 4 years ago !



It may be better to try the Brit agents first......any "local" agencies,faced with a lack of customers,will have probably put their fees up to 6% to compensate !

mint1955



Joined: 30/05/2007
Posts: 988

Message Posted:
09/08/2010 11:13

Apart from the Estate agents fees (negotiated if used at all) what other fees and taxes would we need to budget for ?



Sheila

mint1955



Joined: 30/05/2007
Posts: 988

Message Posted:
09/08/2010 12:57

Cronos, ........ It may be better to try the Brit agents first......any "local" agencies,faced with a lack of customers,will have probably put their fees up to 6% to compensate !



Who are the Brit agencies or was that a joke?

Sheila

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/08/2010 22:50

I think you have to pay KDV on the Estate Agents fee. The agent also has to pay KDV on the fee.



It's mad, I know.