When buying real estate in Cyprus, you need to get the maximum benefit!
Each customer understands it differently. Someone wants to invest the minimum and get the maximum profit, while others seek to acquire the most comfortable and convenient housing for a family. So, what Cyprus real estate to choose: a secondary property or a new building?
How is the Cyprus property market going?
It is worth mentioning upfront: any trustworthy foreigner can buy real estate on the island. Moreover, they can become the owner of both a residential / commercial property and land.
There are not so many restrictions:
- a foreign buyer can only receive one title deed
- if the buyer is wanted by Interpol, the deal is refused
- to purchase real estate, a foreigner needs to request permission from the authorities, but this is simple.
Since a citizen of a third country can easily buy a home in Cyprus, they have a wide choice: houses, apartments, and land plots. And you also need to choose between secondary and primary real estate!
There are a lot of new buildings and secondary housing on the island. The only thing that can be noted is the small number of secondary elite housing. This is due to the fact that a large number of luxury apartments have just begun to appear in the new high-rise buildings of Cyprus. And the elite real estate owners usually don't sell it: it is obvious that it suits them very well.
Business-class housing is even more simpler: there are proposals both in new buildings and in the secondary sector. The same is for the economy class.
Pros and cons of resale property in Cyprus
The big and obvious disadvantage of the secondary is its condition. It happens that a relatively new apartment (10-20 years old) need the major repairs. Therefore, you should be especially careful when choosing a home.
Another problem that can be faced when buying a secondary property is documents. Maybe the former owner does not have permission to redevelop but they actually did it, or the former spouses are dividing the property. All this can slow down and complicate the purchase. In such cases, it is better to contact a trusted real estate agency.
Another small disadvantage of the elite sector is a large number of new buildings and a small number of secondary housing.
Otherwise resale property has a number of indisputable benefits:
- The title deed can be obtained much faster, within 1 year. If you have a new building, you can wait up to 5 years!
- As a rule, hot offers are found in the secondary real estate sector. Such offers can be found if the bank holds an auction or the owners want to sell their property as soon as possible.
- You can profitably invest in real estate that requires major repairs. Yes, in Cyprus there are a lot of buildings in a bad condition (including cultural objects), which, after renovation, are sold several times more expensive or rented out, making a very large profit.
- Resale property is a great option to save money. This is especially important if you are looking for an inexpensive option for your family.
- As a rule, when buying a secondary home, the buyer gets a developed area in terms of infrastructure. The neighborhood has shops, restaurants, kindergartens and medical clinics. New buildings, on the other hand, are often placed in a new territory and the area needs modern infrastructure.
- Fast move-in. Yes, secondary renovated housing with furniture and appliances can be purchased as well. This is convenient both for those who are going to live in the apartment, and for those who want to rent it out.
When buying a second home, there are more options. There are always much more ready-to-live properties than new buildings.
Pros and cons of primary real estate in Cyprus
Perhaps the most obvious disadvantage of primary real estate in Cyprus is the time it takes to obtain the title. If the buyer acquires a land plot for subsequent building, the process of obtaining paper for the property may take up to 5 years! Title to apartments can be obtained a little earlier, but also not immediately.
Primary property also has smaller disadvantages: repairs are often needed, you cannot move into an apartment or house right after you purchase it, there are no hot offers, the area of residence is not always developed.
But new buildings also have enough advantages:
- You can change or correct the layout if the purchase is made during the construction phase.
- The new apartment will be in excellent condition: it has good electrical wiring and plumbing, clean walls and ceilings, no mold, dampness and other unpleasant surprises.
- There are no legal problems with documents thus no problems and delays in the transaction will arise.
- When buying new real estate for EUR 300+ thousand, a foreign citizen gets the right to obtain permanent residence in Cyprus according to a simplified scheme. And not only the buyer, but their whole family.
It should be borne in mind that purchasing an apartment in a new building is a very profitable investment today. Such real estate will only grow in value, and the demand for it will not fall for many-many years.
What to choose if you want to move in?
If the goal is to obtain permanent residence in Cyprus, then you need to buy a new building. Since the resale property does not participate in the program.
In all other cases, it is worth focusing not so much on building novelty as on the desired area, its infrastructure, proximity to the sea or to work, etc. There are areas in Cyprus where there are practically no new buildings and this is not a reason to put these neighborhoods on the "black list"... But some new buildings are located right in the city center.
What to choose for subsequent rental?
It all depends on to whom and for how long you plan to rent out your home. For short-term tourist rentals, it is better to choose beautiful new buildings on the coast.
And for long-term leases, it is often easier to buy an already repaired and furnished secondary property, so you can find the first tenants and don't spend time and money.
Of course, this is not a rule, but rather a recommendation. In any case, the choice is yours. It is more reasonable to evaluate all the pros and cons of housing, and not just its age.
The site DOM has a large database of real estate to purchase or rent in Cyprus, both in new buildings and in secondary housing. You can also contact the agents of the company, and the specialists will advise you on all issues.