Buying real estate in Cyprus is one of the biggest investments in anyone's life. Some prefer to invest their money in new buildings to maximize the benefits. And some do not want to wait, so they prioritize secondary housing. It should be remembered that any real estate transaction is a complex and risky operation. The financial value of square meters creates favorable conditions for all sorts of machinations on the part of dishonest sellers and fraudsters. Overjoyed buyers (especially foreigners) lose vigilance when the dream of owning an apartment is about to come true! And together with the Cypriot residence often get into big trouble. By the way, if you don't have a local passport, you have no rights. Legal proceedings can last for years.
Today we will talk about what surprises can expect buyers of secondary housing in Cyprus and what you should pay attention to before concluding a contract of sale.
Secondary real estate in Cyprus - what is it?
Secondary housing is a fully finished property, with title deeds and registered property rights. In the process of the sale, for example, the apartment passes into the "second hands", and therefore is called "secondary". In this case, the secondary real estate market is not limited to houses of old construction, it can be newly built complexes, where the owner has already registered ownership. The primary owner in Cyprus can be an individual, a legal entity, or the developer himself.
What are the risks to the buyer of purchasing secondary housing in Cyprus?
All objects on the secondary market have a legal history, and it happens that it is not quite transparent. By the way, the greater the number of transactions was in the history of the property, the more serious the risks for the new buyer. If the investor does not check all the documents and does not detect possible pitfalls, the court may invalidate the deal, and the buyer risks being left without money and housing. By law, of course, the seller is obliged to return the money after the invalidation of the transaction, but often he does not have it anymore.
Aspects to pay attention to when choosing a secondary property in Cyprus
The first thing that buyers usually look for when choosing a secondary apartment is its location, condition, and meterage. However, several other more significant factors should not be overlooked. These include:
Ownership
The most important task when making a sale and purchase transaction of secondary housing is to check the ownership documents. There are some important nuances to consider here:
- How long has the property been in ownership?
- How (inheritance, purchase, mortgage, gift)?
- Who was the previous owner (if there is such information)?
- If there are several owners - do they agree with the division of shares and in general all agree to the transaction?
Such meticulousness will not be superfluous. Since not so rare cases when the heir sold the apartment, and then his right of inheritance was recognized invalid. And this is only one of the options! So it is worth checking the "cleanliness" of the property and do not be afraid to ask a variety of questions.
Debts
Another important point to check is the documentation. As a rule, it is better to entrust this task to a specialist. If there is an encumbrance, then the problem can be solved, but it will require some effort from the one who will soon become the owner. Therefore, it is necessary to either refuse the deal or ask for a discount, which will cover the material and moral costs of further actions.
Title Deed
Title Deed is the main document that confirms the ownership of the property and includes all the information about it. As a rule, when buying primary real estate with receipt of no problems - the documents are dealt with by the developer, he also gives them to the new owner quite quickly. With secondary real estate is more complicated. Re-registration to the new owner can take quite a long time. If the selling party has recently bought the property, it may not have the Title in hand, as it is still being re-registered. This is usually not a significant obstacle, but will still add extra hassle. If the age of the house is 5-10 years old and the condo is still not Title Deeded, you should think about the advisability of such a transaction. As a rule, it can speak about any violations in the construction of the object. In general, buying secondary housing in Cyprus without a Title Deed is a very risky business.
General conditions of the building
Many buyers of secondary real estate in Cyprus take this point very lightly, focusing on the age and appearance of the complex. However, even the most expensive elite objects can look unsightly after a few years, and houses built 30 years ago in compliance with all technical standards, are quite presentable. By the way, a building with falling off the perimeter of the plaster is more likely to indicate an inability to agree among themselves about cosmetic repairs neighbors or unscrupulous contractors who saved on finishing, than the physical condition of the structure itself.
But, we do not advise you to buy apartments in Cyprus in houses that are more than 50 years old. Such buildings often suffer from fungus. Any old house should first of all be inspected externally: blackness on the corner may be the first sign of mold, which is very difficult to get rid of. Inspect the ceilings and clarify the time of the last major repairs, as well as the presence of a management company. By the way, when buying an apartment in a house where there is a supermarket or grocery store, you can run into uninvited guests in the form of cockroaches or ants. Unfortunately, this is a common occurrence in Cyprus.
Remodeling
Remodeling is allowed, but only if it is fully confirmed and approved. Then the owner will have the relevant documents in hand. If there are no documents - it is better to refuse the deal. Otherwise, you may be subject to a very large fine and a whole series of court proceedings.
Energy efficiency and communications
Ask about the energy efficiency class of the building and the size of the utility bills (summer and winter). Class A will save a lot on electricity bills, as the complex is practically self-sufficient in electricity. Class B implies self-sufficiency of about half. But for an apartment in a class C or D building, you will have to shell out a lot of money every month.
Seismic and fire resistance
Not many people used to think about this. However recent events in neighboring countries have made Cypriots more responsibly approach the issue of safety in residential complexes. When buying real estate, be sure to check the documents for compliance with the construction of all safety points. This applies not only to earthquakes but also to the proximity of fields, which in case of severe drought in summer can burn. Ask whether there have been unpleasant incidents in the area where the complex is located, and if so - what are the consequences.
If the seller has difficulty answering, do not be stingy and invite a disinterested builder to inspect the building, preferably specializing in the reconstruction of old high-rise housing. Remember that no one will give you a guarantee that the house will not be on the list of emergencies after the next earthquake in Cyprus.
Assessing social homogeneity
This is one of the most important nuances because life even in the most beautiful apartment can be poisoned by neighbors. And this is not about scandals or their slovenliness, but about their inability or unwillingness to maintain normal maintenance of the building. You can assess your future neighbors by external signs of the condition of the building: cleanliness on the stairs and in the elevator, the presence of smoking areas, and the appearance of windows and doors. If you like the apartment, visit the chosen house at different times of the day and days of the week, and observe the life of the yard and the house.
Keep in mind that apartment buildings are somewhere in the center, and the largest percentage of owners which are foreigners - this is a classic example of guaranteed problems with building maintenance. Often, Cypriots, who remain in the minority, fight among themselves over who and how much to pay for amenities such as elevator use or cleaning. As a result, not only the tenants are inconvenienced, but also the building is gradually falling apart.
Purchase price and deposit amount
Be sure to spell out aloud all the amounts that appear in the deal. Of course, they will be spelled out in the documents, but verbal agreement is an important part of communication. In addition, it will help to avoid unscrupulous realtors who call buyers one amount, but the price of the property is lower. It is desirable that you can contact the owner and with him also to discuss all the amounts.
Infrastructure
Of course, you can make a promenade and independently inspect all the necessary "points" that are within walking distance. These include, first of all, grocery stores, and gas stations, for families with children playgrounds, kindergartens and schools are of great importance. Be sure to assess how much noise is produced by the street to which the windows of your potential housing overlook.
If you plan to live in an apartment or house on your own, ask the owners (or tenants) about where it is better to go for groceries, where the nearest shopping centers and so on. Pay attention to exactly how much actual time it takes to get to a particular property.
Choosing a property on the secondary market is a serious step that requires careful analysis.
There are many factors to consider when making a decision, such as location, condition of the property, financial capacity, legal aspects, and growth potential. At DOM Real Estate Agency we are ready to provide you with professional assistance and advice to help you make an informed choice and purchase a quality property. With our proven properties, you can be assured of the quality and reliability of your investment. Don't forget about planning for the future and growth opportunities for your property.
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