Real estate agents acting as an intermediaries in the sale or rental process of properties in Cyprus receive a commission at the rate specified by the law in TRNC. In this article we will focus on the topic of “How much is the commission rate for properties for sale and rent in Cyprus?”.
It is possible to buy a house without paying commission rates to real estate agents by purchasing property sold directly by the owner. However, if you are new to investing in the TRNC we strongly recommend for you to work with a local real estate agent who knows the market well. For more information on how to pick a real estate agent in Cyprus, visit: What Should I Pay Attention to When Picking a Real Estate Agent in Cyprus?
How Much Are Realtor Commission Rates in Cyprus?
The commission rate that real estate agents can receive in the process of renting or selling a property in Northern Cyprus is determined by the Law on Registration and Transactions of Realtors. According to this law, real estate agents have the right to receive commission rates of not less than 3%, and not more than 5% of the sale or rental price. BUT this law is not officially applied yet . The commission rate applied today varies according to the region and the type of real estate. So how much commission is charged?
Realtor Commission Rate in Property Rentals
Realtor commission rates in Cyprus that are determined by the Law on Registration and Transactions of Realtors is between 3% and 5%. However, as we mentioned above, this law is not yet officially implemented in Northern Cyprus. Today, the commission rate applied for rentals is, on average, one month’s rent of the property in question.
Realtor Commission Rates in Property Sales
The commission rate determined by the law no. 38-2007 in the TRNC is applied between 3% and 5% in real estate sales transactions. However, as we mentioned above, this law is not yet fully implemented in Northern Cyprus. The commission rate applied today for real estate sales is usually between 3% and 20%. This percentage differs in differ Cities in Cyprus. But who pays for the commission?
Who pays for the realtor commission fees in Cyprus?
If you are thinking of buying a house in Cyprus and you are going to work with a real estate agent, consult your real estate agent about this issue. Some real estate agents receive commissions from both the buyer and the seller (50/50), while some real estate agents receive commissions from only one of the parties.
Is it possible to buy property without paying commission fees to the realtor?
If you started the process with a real estate agent and completed it, you will unfortunately have to make this payment. We recommend that you do not take any steps to avoid paying the fee such as dismissing the real estate agent or contacting the property owner directly.
If you want to buy or rent real estate without paying commission, you can choose real estate that is sold or rented from the owner. If you wish, you can examine the Cyprus real estate projects page and own a house, an apartment, or a villa without paying commission.
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If you want to buy a house in Cyprus, we recommend that you work with a real estate agent who knows local dynamics. If you wish, you can make use of our free real estate consultancy service via the contact button at the bottom of the page.
