One of the ways to profitably purchase real estate is to buy secondary housing. The market of Cyprus construction projects is full of offers of apartments, houses, town houses, which are for sale at an affordable price. At the same time, the island’s secondary real estate is comfortable, well-maintained facilities. The apartments may need redecorating, but they will be located in a good residential complex near the sea. Or you can buy an apartment in Cyprus inexpensively in an area remote from the coast, but on the territory of the house there will be its own pool. Or you can find a chic old villa, which after a small reconstruction will become a chic southern mansion. The secondary real estate market is a lot of housing options for every taste, which you can buy at an affordable price and enjoy life on a sunny island or rent an object, getting a good passive income.
In this article we will tell you what types of secondary real estate are in Cyprus, at what price you can buy a home, and who is suitable for this type of property.
Resale real estate: types and prices
The most popular type of real estate in which investors invest is apartments. You can buy an apartment in Cyprus cheaply, repair it and rent it out, so that the costs of the reconstruction will gradually be covered by rental payments. The cheapest apartments in the province of Limassol. There you can buy a secondary apartment at a cost of 1,666 euros per m². There are also very advantageous offers in Larnaca – from 1076 euros per m². And in the province of Paphos, you can find second-hand apartments for 2000 euros per m².
A mansion or villa in Cyprus is also a sought after type of resale. You can buy a house abroad inexpensively, make cosmetic repairs there and turn it into a real palace. It will be your ideal place for a family vacation or permanent residence, as well as a good investment for making a profit from renting. Buying a second home is very profitable on the beach. It will be in stable demand during the tourist season, which in Cyprus lasts about six months.
Buying cheap housing in Cyprus is possible at a price of 50,000 euros. These are old houses that need reconstruction, but they are equipped with everything necessary for the comfort of residents. For example, in Paphos, an old villa is sold for 49,000 euros, and such offers the secondary real estate market can make you a ton.
They sell not only housing, but also commercial facilities. The most profitable investment is to buy property in Cyprus inexpensively, which relates to the tourism sector: hotels, restaurants, boutiques, entertainment centers. In the beach season, such objects will bring a consistently high income.
Who buy resale property in Cyprus?
The resale is mainly of interest to people of two categories: buyers who have no financial opportunities to purchase housing in a new building, as well as businessmen investing in cheap real estate for its reconstruction and subsequent resale.
Many people who moved to the island chose resale property, because the housing is of good quality, with all the amenities and well-developed infrastructure, and all this at an affordable price. Real estate in Cyprus is also cheaply bought from banks (mortgage) – this is an opportunity to become the owner of cost-effective real estate with a 50% discount. The condition of the resale apartments, houses and territories around them in Cyprus is much better than in many resorts, and their price can be equivalent or even lower.
Businessmen are buying inexpensive apartments in Cyprus in order to get benefits: renting or reselling. It is also a good way to invest your money in order to protect them from crises and changes in the exchange rate.
You can buy resale property with the help of our agency. Take a look at the catalog where we have collected inexpensive options for the resale. We will be happy to help you make a profitable investment!