New building in Cyprus or resale? What to choose? Many are considering Cyprus to buy a home, but do not know what to choose. And if you are lost in the choice, this article will answer many of your questions.
The fact is that the real estate market in Cyprus is very diverse. There are so many options that many do not know where to stop. Among this variety of new buildings and secondary real estate in Cyprus, everyone wants to choose the most comfortable option. Especially if the budget is limited and you are thinking about how best to invest your money.
Let’s take a look at the pros and cons of each property type.
Buy property in Cyprus: general information
To begin with, it is worth noting that regardless of the type of property in Cyprus, it will not be difficult to buy it. Even for a foreigner, buying property in Cyprus will not cause many difficulties.
It is a bit more difficult than for a local due to some formalities. For example, it is necessary to open a bank account in Cyprus and pay for the purchase of real estate from a local bank account.
However, even as a citizen of the Russian Federation, you can easily buy a home in Cyprus.
Now let’s return directly to the topic: resale or new building in Cyprus.
Buy a secondary property in Cyprus
Cyprus has a large selection of good quality resale properties. You will have a choice of many good options for business and economy class real estate in Cyprus. You will be able to view houses of different ages, in different locations, renovated or in need of finishing. In short, a variety of housing options in Cyprus for any budget.
However, for those who want to buy an elite resale, the choice is not so great. Alas, high-rise buildings with luxurious apartments began to be built in Cyprus relatively recently. And those who buy them do not often seek to part with their luxury real estate.
There are several other disadvantages of secondary housing. The most obvious of them is not the first freshness of the property. Of course, it all depends on the former owner, on whether the apartment was rented out, how many tenants there were, etc. But this is not always the case. The main thing is to look at the property yourself, and not rely only on the photo. So you can really assess the condition of the property. Conclusion: choose carefully.
In addition, resale properties can be more of a hassle because of the previous owners. Illegal redevelopment, division of property and other formalities can lead to additional paperwork. But do not be afraid of this, housing will still be yours. To speed up the process, just contact a real estate agency. It will provide you with a lawyer and help with other issues that arise.
But that’s where the shortcomings end, so let’s move on to the more pleasant part. The main advantages of secondary housing:
- for secondary housing, the closing of the transaction along with the re-registration of the title takes up to 2 months. A deal to buy a new home in Cyprus will take the same time. That’s just getting the title will have to wait up to 2 years.
- for secondary real estate there are always more discounts and promotions, special offers and deals with the maximum benefit. For example, if the owner needed to urgently sell housing.
- sometimes refurbishing a property in the most unusable condition can be more profitable than buying a new home.
- there is no VAT on resale in Cyprus (19% rate).
Definitely, real estate in the secondary housing market in Cyprus is a great opportunity to save money. Contrary to many stereotypes, good quality secondary housing in Cyprus comes across very often. You save a lot, but at the same time you get real estate with all the listed advantages.
Now let’s move on to all the pros and cons of new buildings.
Should I buy a new building in Cyprus?
Despite the impressive number of benefits of resale housing, many people still dream of a new home. The feeling of a completely new home, which you completely adjust to yourself and your needs, haunts … But is it worth it? Let’s break it down.
It is quite obvious that the advantages of resale are the weaknesses of new housing. First of all, obtaining a title to a new property in Cyprus takes up to 2 years. This is not a problem, because you will still be listed as the owner in all registries. Before obtaining the title, an architect’s conclusion is required that the load-bearing structures in the new housing are not violated. This issue is handled by the builder.
Another disadvantage is that the price of a new building in Cyprus is much higher than housing on the secondary market.The cost per square meter differs by 2-3 times. And if you compare elite housing and secondary housing, it can reach a dozen times.
But if you are ready for a long wait, and high prices do not scare you, then let’s look at the advantages of new buildings:
- when buying a property in Cyprus under construction, you can negotiate and make changes to its layout.
- at the initial stage of construction, you can buy real estate for 25-30% cheaper.
- there will be no delays with documents.
- often new real estate has panoramic windows with a beautiful view.
- modern construction technologies.
- often new buildings have an energy efficiency class of – A, which gives significant savings on electricity
- underfloor heating and double glazing
Many may wonder: why do you need underfloor heating in Cyprus, in a warm country? The fact is that in winter it is cold here in apartments, but there is no heating in Cyprus. For this period, new buildings are more prepared than the property of the secondary housing market in Cyprus: they perfectly retain heat and you will not have to freeze.
In addition, investing in new buildings in Cyprus is very profitable in terms of long-term investment.
New building or resale in Cyprus – how to decide?
Resale property or a new building is not a defining characteristic for buying a home in Cyprus for obtaining a residence permit. If you want to get a residence permit, the main criterion is not the type of housing, but its cost – real estate should cost from 300,000 €.
Don’t know what to choose? It is best to consider each option, visit the apartments and find out more about the area where they are located. Rely on infrastructure, proximity to the sea and other characteristics that are valuable to you.
If your financial capabilities allow, then it is best to give preference to new real estate in the center or near the sea. Modern technology and more efficient heat retention are the benefits that you overpay for when choosing a new building.
If your budget is limited, then you are more likely to pay attention to secondary housing in Cyprus. And it will be the right decision to save money. After all, the conditions are completely suitable for life, such housing is inferior only in modern equipment. But this is fixable, with a special desire, you can make repairs. In addition, secondary housing is already ready both for living and for renting, while new buildings are most often bought at the construction stage.
If your main goal is to buy property in Cyprus for rent, then it all depends on your plans. If you plan to rent housing for a long time – new apartments and cottages by the sea in Cyprus are more suitable. And in order to rent out real estate in Cyprus by the day, it is more practical to consider resale properties. Of course, when renting a new property, you will receive 2-3 times more for rent.However, not everyone will want to use a brand new property to rent out. So it’s also up to you.
Having analyzed all the advantages and disadvantages of each of the options, we have not come to a consensus which is better. And this is quite understandable: for every goal and budget, your own housing.
resale property in Cyprus, if:
- I want to quickly draw up documents and immediately get housing ready for life;
- consider real estate for daily rent;
- Your budget is limited and you want to save money.
new building in Cyprus, if:
- are considering investing in property in Cyprus;
- want to rent out housing for 2-3 times more expensive;
- new technologies and modern quality are your priority;
- do not rush anywhere;
- want to furnish your own home.
This was the key information about each type of property in Cyprus. Each of the options has its strengths and weaknesses, and it all depends on what attracts you more. It doesn’t matter what exactly you are looking for, a resale or a new building, it is best to approach the process responsibly.
In order not to make a mistake with the choice and invest your savings correctly, you can seek the help of experts. Get a free consultation from experienced realtors and support throughout the purchase process from a real estate agency at the link!