You can sell the property at any time and with no restrictions. However there are two different cases:

a) If the property is sold to a non-Cypriot who is paying from external funds, then the whole amount can be repatriated without any requirements. 

b) If the property is sold to a Cypriot, who is paying in Cyprus pounds then the seller is entitled to repatriate an amount equal to:

1) what he paid to buy the property
2) plus any other (proved) costs involved with additions or extensions of the property
3) plus the transfer fees
4) plus the inflation
5) plus CY£ 50,000 (fifty thousand pounds) per person per year.