Costs when selling a property

Costs when selling a property

There are several costs you need to consider before selling your property. Here we will discuss shortly with an easy to follow example what are the main costs. 

Your costs usually are:
  • Estate Agent Fee (apprx. 5%+VAT of the selling price)
  • Solicitor Fee (apprx. 1%+VAT of the selling price)
  • Capital Gain Tax (CGT, if applicable)
  • Any outstanding fees (e.g. government, communal fees, electricity, rubbish, etc)
Quick example of CGT.
  • You purchase a property in 2010 for €100,000.
  • You are selling the same property in 2020 for €130,000
  • Inflation in 2010 is at 200 and inflation in 2020 is 250 according to Tax Department.
(250/200)*100,000 = €125,000. 
So the difference between the selling price and the calculation is your profit. 
In this case €130,000-€125,000=€5,000. 
Because you are making a profit you will have to pay 20% OF THE PROFIT to the government which in this case will be €1,000.(€5,000*20%)
Also the fee of the estate agent and the solicitor are tax deductable. In the above example if the fee is €5,000 then you will just break even and will not have to pay any tax.

You can find the prices of inflation on the Tax Department of Cyprus here.

Source: C.N. Property Canvas Ltd. All rights reserved. No unauthorised publication is permitted of any form.
Christos Nikolaou

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Costs when selling a property” and is a certified advance negotiator.


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