Purchasing Real Estate in Cyprus

Buying a new apartment in Cyprus is a very good and important decision. When buying a new property and change of residence, it is worth considering some nuances, which this article will tell you about.

Here are the main proofs that a new building is a very important decision:

• Off-plan is several times cheaper than an already completed and/or furnished apartment, but the closer the apartment is to sale, the higher the price
• the building is no older than 2 years
• first-time ownership
• the ability to make everything to your liking
• in most cases, all documents are ready and you do not need to deal with paperwork
• big choice
• security
• new technologies have been implemented.

But there are some disadvantages of this solution, which is worth familiarizing yourself with before you move into a new building:

• frequent noise (if moving into a new building, you need to be prepared for the noise of workers in the morning)
• new neighbors
• incompetence of the builder
• construction freeze

Monitor the market

No one can give you a better answer than an expert that knows the market. As a professional, it is easy to trust him and find the most suitable option.

Trust your flair

When something confuses you when choosing a certain property, it is better to walk around and check the condition of the apartment yourself. You should not be afraid to ask questions, because you will have to live in this apartment in the future.

Also, you should talk to the owner personally and listen to your opinion if there is anything that bothers you. After all, behind the smiling salesman may not be very respectable person, who can hide the defects or delay the term after the contract is signed. Most often inexperienced newcomers encounter this problem.

Pay attention to the location

It determines the cost of housing. Among the most expensive areas are those that are closer to the coast. The farther from the city – the cheaper. Also, the cost depends on the age of construction. Buildings of 10 years and younger are considered “young”, so their price is higher.

Bargain offers can be found in the suburbs, but you must have your own transport so that there is a convenient way to travel. Count on the fact that Cyprus is small and you can walk in little time and for long distances is not worth it, because in the heat of 45+ the road becomes a “sandy plain”.

Seeking the services of a notary

To collect the necessary documents, you will need the help of a qualified specialist, because not all cases it is possible to get a complete package of ready-made documents.

Most law firms in Cyprus open whole departments that deal with this issue. Through ignorance or inexperience, especially when this is the first such purchase, the process can take an indefinite amount of time. Therefore, a good result will only help a specialist – it is better to pay once, than in the future to overpay unnecessarily.

Make a copy of the documents

Another good way to protect yourself. If the builder is not honest, he will keep quiet about it. In such a case, it may turn out to be a crook, but it is very rare here.

With copies in hand, you can always correct certain points or remind the landlord of his obligations to the buyer and the law.

Think about the risks

There are times when circumstances can change and the construction of the building is suspended indefinitely, or the completion date is postponed. Here there is a risk that you can wait longer for your home than planned. Therefore, it is necessary to take the choice of a construction company seriously and check everything thoroughly.

The inconveniences and risks of buying a new building:

• Delayed construction and deadlines – the builder may not meet the deadline will have to wait indefinitely

• Errors in the construction of the building – this can cause inconvenience in the future

Payment

You need to make an important decision – to pay the full amount at once or take out a mortgage. It is best to consult with a notary.

There are three types of payments:

1. Payment on the spot in full
2. Mortgage
3. Installment

It is worthwhile asking experienced people or people who have lived in Cyprus for a long time, because there are nuances that you do not know. There will always be a suitable option, you just need to study the question.

Liquidity of the apartment

Liquid apartments, as a rule, do not stagnate for a long time, because these are the most profitable offers on the market. Most often these are studios, one-bedroom, two-bedroom and less often three-bedroom apartments.

Their distinctive features:

• Good repair. This is the most important distinguishing feature. If the house has only cosmetic repairs, but the equipment is rotten (it is also found in new buildings), then the level of comfort will be significantly reduced and the stay in the apartment will not be long.
• Not older than 10 years. If we talk about new construction, ideally the construction should not stop because of unforeseen circumstances. Because this adds years to the building, because some materials have the property to deteriorate due to natural phenomena.
• Location. Proximity to the sea, the center, stores, etc.
• A good view from the window. There are those who are principled on this issue.
• Beneficial price. Most often, apartments with non-standard squares, when there is a large and empty space that is difficult to fill with something, are harder to sell.
• Clean history. Everyone wants to live in an apartment with a pleasant “past.
• Adequate neighbors. Relationship with them is important, because there are plenty of times when people move because of disagreements with neighbors.
• A favorable neighborhood. This is a guarantee of peace of mind.
• A closed complex. Additional security for all family members.

Credibility of the builder 

The most important thing is documentation, reputation, deadlines and quality. There are different generations of builders – those who have been in business for a long time and those who have just entered the market. It’s easy to check this: the older builders have a reputation and a portfolio. Also, there is an opportunity to review past objects and assess the quality of the built building.

Criteria for evaluating the builder:

• how many years on the market
• quality of the objects
• feedback from people living in the old facilities
• office availability
• documentation

The documentation should include: how legally the company works, whether it has debts, partners in the market, the use of expensive or cheap materials in the construction of buildings, how was the previous construction, how worked with contractors and buyers on the timing and finances, whether deadlines (given the pandemics and crises) were met.

It is most difficult with young developers – these may be foreign companies, which are more difficult to check. But there are advantages here: novelty, new technology, interesting projects, attracting new interesting architects.