Finding an estate agent in Cyprus
When embarking on the exciting journey of purchasing property in Cyprus, finding the right estate agent is a pivotal step. An adept estate agent can provide invaluable assistance, guiding you through the intricacies of the Cypriot real estate market.
More than that, the right estate agent in Cyprus will help you choose the right location for your lifestyle and budget, and offer essential help in settling in.
Researching and choosing an estate agent in Cyprus
It may be a small island but there are hundreds of estate agents across Cyprus. Many will be geared towards helping international – especially British – buyers, and will speak English.
Estate agents earn a commission of 3–5% of the price, much higher than most British estate agents, but don’t worry, these fees are paid by the seller in Cyprus.
Estate agents will have a large portfolio of properties to show you. With that in mind, it’s important to focus on what you really want. That includes sticking to your budget and your chosen location. Having said that, there should be place for spontaneity in your property viewing too.
For peace of mind, check that your chosen estate agent is licensed and regulated. Are they members of the International Real Estate Federation (FIABCI), or the Cyprus Real Estate Agents Association (CREAA)? They should be licensed as a Real Estate Agency and ideally registered in the Council of Cyprus Real Estate Agents, which is governed under Cypriot Law.
You’ll find that most agents are members of the CREAA. This organisation is one of the most pro-active on the island in monitoring those that are operating illegally as consultants or as property finders. As a member of the CREAA, estate agent members must have indemnity insurance. You can check on an estate agent’s registration simply by asking for their registration number and checking it on the website.
How to choose a reliable agent
Most buyers start with an online search, and enquiring on the property automatically puts you in touch with a reliable agent in the right area.
If heading out to Cyprus, or already there and glancing though estate agent windows, a brief internet search should allow you to check their reputation via review sites, online forums or Google.
Ideally, if you’re buying from abroad, you want someone with experience handing international property purchases. In Cyprus that will include most estate agents.
Here are a few things to consider when choosing estate agents in Cyprus:
- Credentials and experience: Ensure the agent is registered with the Cyprus Real Estate Agents Association (CREAA) and has a solid track record.
- Local knowledge: Choose an agent with extensive knowledge in the area or areas you wish to buy in Cyprus.
- Language and communication: Opt for an agent who speaks your language and with whom you can easily communicate your needs.
- Services offered: Confirm that the agent provides comprehensive services, including property searches, negotiation assistance and perhaps management services (if applicable).
- Testimonials: Look for agents with positive feedback from previous international clients.
The role of the estate agent in Cyprus
The role of estate agents in Cyprus is largely similar to that in your home country.
Their main role is to help you find a property that suits your needs and requirements, then liaise with the seller on your behalf. A good estate agent will:
- Offer a curated selection of properties that match your criteria
- Provide insights into the local market conditions and trends
- Assist (where possible) with the administrative aspects of the process
- Negotiate on your behalf to secure the best deal
- Support you throughout the buying process, from initial search to property acquisition.
However, aware of the specific needs of international clients, many will go further, suggesting local schools, helping set up utilities, opening bank accounts and much more.
Questions to ask potential agents
When viewing properties, it’s important to be proactive with your estate agent by asking plenty of questions. Preparing some questions in advance can be particularly helpful. A good conversation with your agent can prevent you from dismissing a property prematurely. Remember, this is a significant investment and you want to make the right choice.
Here are some useful questions to determine if the price is fair or if there’s room for negotiation:
- How long has the property been on the market and have there been any offers?
- Has the price been reduced at any point?
- Does this property have title deeds?
- Have similar properties in the area sold recently?
- What is the reason for the current owners selling?
- How long have the current owners lived there?
- Have there been any recent renovations?
- What would the estate agent do with the property if they were buying it?
- What are the ongoing taxes to be aware of?
- Are there any rental restrictions?
- What are the local amenities like?
Discover the secret to a successful property purchase by understanding the potential pitfalls for foreign buyers in Cyprus