Frequently asked questions

1.    How much is my property worth?

The market value of a property depends on various factors: location, micro-location, floor, the condition of the building and its common areas, interior decoration, the year of renovation and construction, outside space, parking availability etc. Experienced real estate agencies will define the most accurate market price based on their own transactions and access to transactional prices from the Tax Administration's database, which is not accessible to the general public.

2.    How long will it take to sell my flat, house or office?

The time required to sell primarily depends on setting the appropriate asking price, which should be in the most optimal ratio to the property's characteristics. A well-maintained property that doesn't require significant investments will sell more easily.

3.    What condition should the property be in before I list it?

Flats and houses in various conditions, both well-maintained and those needing renovation, are in demand due to lack of stock. However, it's important that the price reflects the property's condition and the necessary investments that the buyer will have to make. If a property needs renovation, it's important to depersonalise it as much as possible, removing old belongings and at least tidying up.

4.    What documentation do I need before I start selling my flat or house?

You should have a 'clean' title  (free from encumbrances and liens that would impede the sale, excluding mortgages or other institutional claims), a building and usage permit, an energy performance certificate, and, if possible, a floor plan.

5.    What should I consider when selecting a real estate agency?

The first step is to check whether the real estate agency is legal and licensed by verifying if it is listed in the Licensed Mediators Register. Do not collaborate with an unlicensed agency! The quality of the agency's service not only depends on its legality, but also on the experience of its management and agents, and their marketing, sales, negotiation, and legal knowledge. Carefully choose a partner for one of the most important transactions your may ever be involved in. 

6.    What is an exclusive mediation agreement?

An exclusive mediation agreement with a real estate agency means that you will pay the agency commission regardless of how the property is sold, whether through that agency, another agency, or directly to the buyer.

7.    What is the typical brokerage fee for a property seller?

According to the Real Estate Brokerage Act, real estate agencies can freely negotiate the brokerage fee and any additional costs. Most experienced and reputable agencies typically charge sellers a 3% commission (plus VAT if the agency is within the VAT system) of the sale price.

8.    What is condominium division, condominium ownership, and condominium ownership with a specified or unspecified share?

Condominium division is the process by which the ownership of a flat and its associated parts within a building is established, and these rights recorded in the land book registry. According to the current Property and Other Real Rights Act, condominium ownership refers exclusively to the ownership of a specific part of a property (e.g., a flat, parking space, storage unit) that arises and remains inseparably linked to the co-owned parts of the property. Ownership cannot be established over parts of the property that serve all co-owners collectively (e.g., hallways, staircases, land, roof); instead, they remain in co-ownership among all co-owners in proportion.
Condominium ownership with an unspecified share is a partial solution that requires the consent of 50% of the co-owners. It allows you to determine the surfacearea of your apartment and have it registered in the land book registry. This does not determine what is in your ownership in the other parts of the building, but you continue to be a co-owner of ALL the common parts in an ideal share.
Condominium ownership with a specified share is a comprehensive solution that requires the agreement of all co-owners. It defines the exact square footage of apartments, your ownership of other parts, and the ideal co-ownership shares in common areas. It precisely determines which additional parts of the building, along with your apartment, are in your ownership.

9.    Why is it important to divide a building into condominiums?

Condominium division is important because it provides you with rights to specific parts of a building, rather than just ideal shares of all common spaces. You have full ownership rights over the parts in your possession and can freely dispose of them. By identifying all the parts that belong to you and recording them in the land registry, you increase the value of your property.
A condominium unit that has been divided is easier to sell because it is clear which parts of the building are in your ownership, and buyers know exactly what they are purchasing.

10.    Who performs condominium division?

Condominium division is carried out by qualified individuals, often court experts, who prepare a report on the division at the request of co-owners. The cost is typically covered by the common building funds established through service sharge payments.