Inexpensive housing in Cyprus is the dream of many people who want to move to a sunny island. If you search carefully, if you spare no effort and time, you can find an excellent property at the low price.
What are "hot deals" in the real estate market?
Real estate hot deals are an urgent sale at a reduced price. Time is sometimes more valuable than money, which is why excellent housing in Cyprus can be sold at unbelievably low cost.
Hot deals can be sold in 1-2 days, rarely can be stuck in the market for a week. But no longer.
And if the hot deal is still on sale for a long time, it is worth considering. Most likely, this property requires a lot of investment.
Where to look? Scenario one: from the owners
More than half of the hot deals of real estate in Cyprus are properties that the owner wants to sell as soon as possible.
There may be several reasons:
- an apartment or house is an inherited property
- the owner is planning an urgent move to another city or country
- the family needs new living space: for example, the adult child gets married, or the young family is expected to have kids
- other reasons - money is urgently needed, so the owner sells their housing and buys a smaller apartment / farther from the center.
In this case, there should not be a catch in it. If the property needs repairs or has some kind of defect, it will be reported. And, most likely, the seller may even reduce its price, as they need to quickly sell a house or apartment.
Scenario two: bank sale
Bank of Cyprus regularly publishes hottest deals on the real estate market. For example, there is a chance to buy a 2 bedroom apartment in Larnaca for €60-70,000. A house in the Paphos suburb can be purchased for €150-180,000. Why such prices?
Why are they so cheap? The bank is selling the property which was confiscated for debt. There is no reason for a large organization to bargain for extra tens thousands as they need compensation here and now.
Despite the fact that not all housing is in perfect condition, it goes under the hammer very quickly. Even if we take into account the cost of repairs, the total price is still small.
Finally, Bank of Cyprus is a reputable organization that doesn't deceive its clients. Therefore, their hot offers are completely safe.
Scenario three: auctions and sales
Probably everyone knows that there are real estate auctions. They exist in Cyprus as well.
Both small companies and large organizations are engaged in such business. In Cyprus, for example, there are real estate agencies that sell confiscated real estate (including land) and sell it at low prices.
Sometimes they are too low. They can sell a land plot for €5,000! Yep, the bid goes up at the auction. But the offers are sold here within a few hours after the start.
Hot deals pitfalls
If you are looking for cheap housing, you need to calculate the risks and possible pitfalls. Moreover, it is not only about unscrupulous sellers as often owners or realtors explain every disadvantage, but the buyer simply does not fully understand what they mean.
The most common "pitfalls" that are encountered when buying a "burning" property in Cyprus:
- Housing requires major repairs. And this renovation can exceed the amount which was saved. For example, you bought a house for €10,000 cheaper, but you will have to spend €15-20,000 on renovations.
- The plot requires additional preparation for construction. The same story. You can buy a plot on a hillslope, but then you have to pay a big sum for its leveling.
- The buyer needs to be flexible. Do not count on a specific option, if the main task is to save money. Everything else is not so important.
- Real with bad stories. Sometimes housing with a bad history forces the owner to greatly reduce the price so that there are people willing to buy it. Many people really do not want to live in an apartment where some kind of tragedy happened.
- Inconvenient place. It looks like the house/apartment is ok, but the price is very low. This happens if the housing is in a very inconvenient place: for example, there are no corner stores nearby. Or the area near the house is regularly flooded. Or landslides cover the road in winter. Finally, housing can be sold cheaply due to bad neighbors.
- Problems with documents. This often happens when a property is divided or inherited. Relatives deliberately or unintentionally make a mistake, which then turns out to be critical.
All these troubles can be avoided, but it is not so easy for a non-specialist. What to do in this case?
How to search: with or without a realtor?
There is no definite answer. If you are not very well versed in Cyprus real estate, but live on an island, you can monitor the best deals without any advice.
The main thing is to adhere to the following rules:
- Look for new options every day, or better, twice a day: early in the morning and in the evening
- Do not trust dubious sources and platforms and choose only trusted sites. For example, the website of the DOM real estate agency can help you
- Check the news on the official website of the Bank of Cyprus or in big news resources. If the site is in Greek, then use an automatic translator, that's enough
- When inspecting real estate, be sure to clarify for what reason its cost has been reduced. If the owner cannot specifically and honestly answer this question, it is better not to make a deal
- Be sure to check all the papers of the owner. If you are unsure, find a specialist who can helps
- Inspect the real estate attentively. The online tour in this case is a pig in a poke.
- Do not be afraid to bargain, if an owner really wants to sell the property as soon as possible, they can reduce price even more
- Make a decision quickly: the hottest deals are sold in a matter of hours.
If you do not live in Cyprus or feel that you need help, it is better to contact a realtor in Cyprus. Make it clear that you want to buy exactly the hot deal. Tell them how much you are willing to spend.
A specialist with a large database can quickly find a couple of options that suit you. At the same time, they can make sure that all documents are ok. And this is what will save your nerves and money.
You can find housing on the island through the DOM Real Estate Agency in Cyprus. For all questions, you can contact the company's specialists and get free advice on your expectations, on the execution of contracts, verification of the necessary documents and the nuances of buying real estate in Cyprus.
Read more:
- How to prepare an apartment or house in Cyprus for sale (link)
- Humidity and mold in your Cyprus home (link)
- Mortgages in Cyprus (link)
- Renovation in a rented apartment in Cyprus: all the pros and cons (link)
- Sale and purchase of property in Cyprus. Most important things to know (link)
- Types of property in Cyprus (link)
- Recommended appliances and furniture to be in a rental property (link)
- How to look for your dream home in Cyprus (link)
