Property Maintenance Costs in Cyprus
If you plan to purchase housing in Cyprus and settle here permanently or permanently, then..
Today, Cypriot banks are actively selling mortgage real estate. Stable demand for such housing has been holding for more than one year, and many foreign investors are interested in banking property in Cyprus. The high popularity of this type of construction projects has a simple explanation – for a small cost you can purchase a cost-effective housing in good condition.
This is the type of real estate that is pledged (mortgage) at the creditor bank or on its balance sheet after collection from the debtor. If, for example, a construction company cannot fulfill its debt obligations to the bank, or a price collapse occurs and the developer goes bankrupt, then the property is transferred to a banking organization, and it puts it up for sale. This practice allows the borrower to quickly sell the object, but at a cost lower than the market.
Mortgaged real estate of banks is mainly secondary housing, but there are a large number of primary offers. Commercial premises are also for sale. Buying property in Cyprus from banks is an opportunity to save very well. It’s like a big sale housing market, where liquid apartments are sold at a reduced (sometimes up to 50%) price. You can find profitable options in comfortable residential complexes with sea views or in central areas. If urgent sale of objects is necessary, then the cost can be reduced up to 70%, but local realtors very quickly pick up such offers.
It will also be possible to buy an apartment from a bank in a mortgage. For foreign investors, they have loyal credit conditions and affordable interest (4-5% of the finished). And due to the fact that Cypriot housing prices are rising, then after paying off the mortgage it turns out that you did not overpay such a huge amount. Almost all banks in Cyprus put up for sale this type of property, the largest of which is Bank of Cyprus. The collateral real estate of this bank is occupied by the company REMU. Credit conditions for everyone are different, but, in any case, buying a home in this way will save you money. You can familiarize yourself with the collateral real estate of the second largest Hellenic Bank in Cyprus on the APS Holding website.
It is advantageous to purchase collateral housing for subsequent leasing. In addition, experienced investors are actively investing in objects of this type for resale. Often, housing on the banking market is secondary and needs reconstruction. There are many old apartments and houses where you need to make redecoration. But even taking into account the amount of costs for such work, resale of collateral real estate will give a very good profit.
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