As real estate prices in new buildings rise in Cyprus, so does the demand for secondary housing.
At the same time, the number of offers is rapidly decreasing, which is associated with the high activity of both local and foreign buyers.
Especially popular in the country are now apartments or houses which age does not exceed 7-10 years. Most often, buyers prefer buildings in good or excellent condition, in complexes with special services.
Local residents in most cases buy housing by resorting to lending. And this is understandable. Borrowing today is much more attractive than saving. For many, this is a smart decision. Demand remains consistently high and less volatile than in the market for new buildings.
There is a noticeable difference between the cost of new and old apartments in the Cyprus property market. Depending on the condition, age of the building and the quality of construction, the price discrepancy can be very significant.
On the other hand, if you do not take into account the price, then the secondary housing on a number of criteria loses to new buildings. For example, old apartments often do not have storage rooms and private parking spaces. When buying a second home, you should also take into account the poor quality of the finishing of apartments, non-payment of common expenses by some tenants and conflicts with neighbors over the already meantioned parking spaces.
It is not superfluous to ask before buying a second home in Cyprus if there is a building management committee in the house. By the way, its presence is important, since it is they who usually solve the typical problems of the residents. It is also a good idea to meet and talk with 3-4 neighbors to find out hidden problems that the owner may have in the future.
Another fact that should be taken into account is the analysis of the total costs of old and new apartments. Here you need to know that the maintenance of new buildings is higher than the secondary housing, since the total costs of more modern apartments lead to an increase in the payment of general costs. It should also be borne in mind that new apartments are purchased mainly by foreign buyers.
Finally, as for profitability, as practice shows, the best option is to buy apartments that are 10-20 years old. In this case, the apartment must be in good condition and preferably in the city center. Then, as a rule, you can get about 5% if you decide to rent them out.
You can find profitable options for buying and renting real estate in Cyprus on the DOM Real Estate portal. The website has a large number of objects - more than 20,000 options for residential and commercial real estate. Choose and contact professionals who will help you make the right choice!