Selling apartment with sitting tenant

[oldmanofthesea]

Hi Nigel, I'm considering selling my one bedroom apartment in central Limassol this year. However, it is currently leased to a university student with the lease ending in June 2016. Could you advise if it's more or less advantageous to market the property with a sitting tenant or wait until there is vacant possession of the apartment? The title deeds are available. Many Thanks.
Best Regards, oldmanofthesea

[Nigel Howarth]

Hi oldmanofthesea

Your first priority should be to get the deeds to the apartment as this will increase the chances of making a sale. Currently there are Property Transfer Fee discounts in operation - 100% discount if you paid VAT on the purchase price - and a 50% discount if you did not pay VAT. The discount applies to all transfers that take place by the 31st December 2016.

You can market the property today - I assume you can arrange viewings at convenient times with your tenant? I think it will look better to potential buyers if they see that someone is living in the apartment.

If you are lucky enough to find a buyer between now and June you can explain the situation and ask them whether they want to wait or buy immediately.

Regards,