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Why Buy a Resale Property in Cyprus

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Why Buy a Resale Property in Cyprus

Unlike in other countries in Cyprus there are 2 distinct markets: the new properties’ or Developer’s market and the resale or secondary market for properties owned by private individuals and sold through agencies like ours.

Only 10 years ago there was very little in the way of ready property in Cyprus. The boom years have resulted in a massive expansion of the amount of ready property on the open market. The choice of resale properties available is now wide and varied. Among the quality resale properties you can find homes built by all the main developing companies.

The mentality of our property buyers has also changed with years. While it was possible during the boom times to take buyers into an empty field with just an artist impression, set of floor plans and easily sell a future build, today things are very different. Now buyers are generally much savvier. Many are doing their research before arriving to Cyprus and often have a “Eureka” moment when they discover the Cypus Resales website.

So what are the main benefits of resale property and why is it becoming increasingly popular?

  • 1st and foremost is the absolute ownership. Most of our properties have “clean” Title Deeds free of any encumbrances. You may not know that many properties in Cyprus do not have a separate title deed. If a separate deed is not yet issued we do all due diligence checks on the property to ensure it is free from developer debts, making it a safe purchase.
  • Location. Developers purchased and developed most of the choice plots first while land prices where low. Even during the crisis land prices remain very high making development of "choice" locations uneconomic.
  • What you see is what you get. No need to imagine what you will be buying - walk in the property and try it out for size.
  • Finance. It is easier to ensure finance on a property where the actual asset can be used as collateral. This is the case with deeded property.
  • Certification and permits are all in place. Developing companies sometimes have a habit of bending the planning laws leaving you with the headache. Resale property already has all the certification approved.
  • Very often properties are sold fully furnished. Furniture along with white goods, ACs etc. can be expensive if you need to purchase it from new. Buy a resale and you will get most of that in the price.
  • Lawyers love resales! Cut your Cypriot lawyer a break and make their job easy by choosing a resale property from Cyprus Resales. Title deeds are synonymous with safe sales and make it easy for solicitors to recommend you to proceed with the purchase.
  • Prices are generally much better on the resale market. As the costs of land and raw materials have soared developers are struggling to hold on to their huge profits. Many of our sellers purchased before the boom times meaning they can afford to sell for a realistic price.
  • Avoid rental expense while the property is being built. Move into your new home in a few weeks and avoid any delays in starting you new life.

Get better for less – buy a resale property from Cyprus Resales.

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