You can sell the property at any time and with no restrictions. However there are two different scenarios:
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: a) what he paid to buy the property, b) plus any other (proved) costs involved with additions or extensions of the property, c) plus the transfer fees, d) plus the inflation.