Cyprus real estate agents in Limassol

We are real estate agents in Limassol, advertising and selling properties in all areas of southern Cyprus, including Paphos, Larnaca, Nicosia, and Famagusta. Along with property development, our team has been providing the following estate services since 1982:

• Specialized assistance for international buyers navigating the local real estate market and legal requirements, including obtaining residency permits and understanding local laws.
• Assistance and guidance throughout the property buying process, including legal advice, design, construction of custom properties, and sales of unique projects tailored to clients' needs, along with support for obtaining necessary permits.
• Professional market insights, property valuations, marketing, contract negotiations, and closing support for buying, selling, or renting properties.
• Management of rental properties, including short-term and long-term rentals, collection of rental fees, and handling of common expenses and property visits to ensure profitability and maintenance.
• High-standard property management services for overseas buyers, including maintenance, upkeep, payment of utility bills, record-keeping, and assistance with property insurance.
• Structuring and managing real estate investments focused on building value and providing tailor-made investment solutions.
• Handling legal and administrative tasks associated with property transactions, including paperwork, compliance with local regulations, and ensuring smooth and timely processes.

Navigating the range of available properties, price lists, individual owners or landlords, and required paperwork can be challenging. Estate agents at DevelopersCyprus have the expertise and knowledge of the local market necessary to help you find the best property to suit your needs.

Our estate agent will pay attention to your needs, give you clear, honest and practical advice and be easy to reach and consult. The reasons why you need such a good estate agent are, in summary, as follows:

• They will give you objective information about the market and available properties and personalised advice depending on your budget and requirements.
• You will avoid mistakes, pitfalls and delays with a good estate agent. They have the local knowledge to help you navigate the market until you find the right property.
• Estate agents will deal with the (sometimes complicated) paperwork, filing and documentation necessary to rent or buy property. They also know all the rules and regulations to be followed when buying or renting property. This will save you time and energy and take a weight off your shoulders.
• The real estate agent is experienced and skilled in negotiating. They will ensure you buy or rent the right property at the right price.
• Don’t underestimate the emotional side: when things get overwhelming, the estate agent will give you calm advice and help you remain focused. It is also good to know that you have a professional by your side during the transaction.
• A real estate agent is networked and can connect you with other professionals you might need, such as evaluators, builders, decorators, technicians, and so on.
• A code of ethics binds real estate professionals. They may even be stricken off the estate agents register if they act unethically. You can rely on their honesty and business integrity.

Although the global property market is under pressure, the Cyprus real estate market is resilient. This is partly because of Cyprus's economy's flexibility and ability to meet challenges.

Other positive factors include the country's natural beauty and social and financial stability, which attract foreigners, local demand, and steps taken by the government to attract investors.

The Cyprus property market has consistently grown in residential property prices over the past three years. In 2022, the Residential Property Price Index (RPPI) saw annual gains of 7,4%, reflecting strong demand and limited supply.

This trend continued into 2023, with the RPPI recording yearly increases of:

• Q1 - 7,7%,
• Q2 - 7,4%,
• Q3 - 7,6%,
• Q4 - 8,3%.

For individual properties, we provide residential market analysis that will determine a property's current market value compared to other similar properties. It can help you know how much you:

• Can offer for the property.
• Can ask for the property.
• Can pay as rent.
• Moreover, the amount is helpful for banks, insurance companies and court disputes.

Cyprus real estate agents' law comprises the following fields:

• The real estate profession and code of conduct.
• Anti-money laundering and due diligence obligations.
• Laws relating to the carrying out of their duties and estate agency work.

The main legislation on real estate agents in Cyprus is the Real Estate Agents Law 71(I)/ 2010. This legislation sets out the procedure for licensing a real estate agent, creates the Real Estate Agents Registration Council of Cyprus, and describes the rights and duties of a real estate broker.

Moreover, law 71(I)/ 2010 outlines the qualifications necessary for a real estate agent:

• they must be citizens of Cyprus or the EU,
• have a clean criminal record,
• have a relevant degree from a University or third-level education institution and 12 months of training as assistant real estate agents.

An assistant real estate agent has a school leaving certificate and works for a real estate agent.

Under the law, the real estate agent must:

• Disclose conflicts of interest. If asked, they can give an opinion on the value of the transaction.
• Renew their license annually.
• Act honestly and in a way compatible with the profession's standards, or they may be subject to enquiry, disciplinary action, or criminal procedure.
• Have their certificate of registration visible in their office.
• Write their name (or company name), the words “licensed real estate agent”, and their registration number on their office facade.

The main legislation is The Prevention and Suppression of Money Laundering Activities Law 188(I)/ 2007. Under this law, a real estate agent has AML and due diligence obligations.

They must carry out due diligence in certain circumstances, including:

• When they first establish a relationship with a client.
• When there is suspicion of money laundering or financing of terrorism.
• When they carry out a one-off transaction worth more than 15,000 euros.

The real estate agent must follow the procedures and requirements set out by the laws relating to land transactions, mortgages, planning, etc. Some relevant legislation regulating our business is:

• The Immovable Property (Tenure, Registration and Valuation Law), Cap. 224.
• The Acquisition of Immovable Property (Aliens) Law, Cap. 109.
• The Immovable Property (Transfer and Mortgage) Law, No, 9/65.
• The Sale of Immovable Property (Specific Performance) Law of 2011.