How to Decide Between New or Resale Properties in Cyprus?

When buying property in Cyprus, you might be unsure whether you should go with the new build homes or secondary housing. As TEKCE real estate professionals, we understand your concerns because it really is an important decision to make. We can say that both of these options have distinct advantages and disadvantages based on the price, costs, energy efficiency, legal issues and investment potential. In order to keep your ROI (Return on Investment) high, we will be examining the pros and cons of Cyprus resale properties and new homes in this blog. This way, you will be able to decide between these options to guarantee your future!

What Are the Advantages of New Homes in the Cyprus Real Estate Market?

1. You Can Enjoy Modern Design!

When searching for Cyprus new build properties, you will come across contemporary architecture. They emphasise open-plan living, natural light and stylish finishes. Also according to the latest building regulations, you can even find soundproofing and thermal insulation in the new homes. The main aim that they are built like this is to ensure durability and comfort for the buyer. So, when you buy an apartment in a new building in Cyprus, you don’t need to doubt if it will meet your needs.

2. You Can Ensure a Sustainable Life with Energy Efficiency!

One of the strongest advantages of a new build in Cyprus​ would be the superior energy efficiency. This leads you to pay significantly lower electricity bills and heating costs. Additionally, many developers tend to adopt sustainable building practices in recent years which helps you reduce the environmental footprint. Therefore, you can live a sustainable life while keeping your economy stable!

3. You Can Personalize Your Home!

By buying a new build, you can customize your home including paint colors and kitchen fittings as you desire. You can even add a private pool or landscaping to your home! Meanwhile, this kind of personalization is rarely possible with resale homes. So new homes give you the chance to create the home of your dreams that perfectly suits your needs.

4. You Can Have a Developer Guarantee!

Options for a Cyprus new build property​ often come with developer guarantees. They cover structural defects and major appliances. This way, you can be at peace that you won’t have to deal with the idea if something happens to your home because you will have financial protection against unexpected issues.

5. You Can Take Advantage of Tax Benefits with Payment Options!

The country offers reduced VAT rates on new builds for qualified buyers. Currently it’s staging as low as 5%, making the new homes more affordable despite Cyprus property costs. It can also be useful for navigating the taxes in Cyprus too. In addition to this, developers generally provide flexible payment plans linked to construction milestones, so it will be easy for you to prevent the financial burden you might face.

6. You Can Secure Your Future with Their Investment Potential!

These days, new properties are highly sought after in the Cyprus real estate market. They are easy to rent due to their features we have mentioned above. So the dream of your Cyprus real estate investment, can bring you great potential with high rental income.

7. You Can Get Residency!

New homes generally involve fewer legal risks compared to resale properties when you are going through the buying process in Cyprus. Because new properties come up with recently registered titles, reducing the chance of legal disputes for you. Further, since buying new property above certain prices can qualify foreign buyers of the Permanent Residency by Investment program, Cyprus stands out in property investments for the past few years. This can be useful for you if you are thinking of a buy-sell investment option. Or you can just take advantage of the long-term residence rights to make a pathway to get citizenship as well. The choice is yours!

What Are the Challenges About New Homes in the Cyprus Real Estate Market?

1. You Might Wait for Construction Delays:

Cyprus new build properties, particularly off-plan, often involve a waiting period when buying. For it can stretch from several months to years until they are ready for occupancy, you might be overwhelmed. To minimise the construction delay risk, we can advise you to choose reputable developers with proven records of timely delivery.

2. You Should Consider Construction Issues:

Some new developments may suffer from poor workmanship, incomplete construction, or substandard materials. This can lead to costly repairs and dissatisfaction after you bought the home. In order to protect yourself, it is important to work with developers who offer comprehensive warranties.

3. You Might Deal with Complex Bureaucracy and Paperwork:

We understand that administrative procedures can be time-consuming and confusing, especially for foreign buyers. That’s why we aim to help you all the way through with patience!

What are the Advantages of Resale Homes in the Cyprus Real Estate Market?

1. You Can See the Characteristics of the Area!

Options for Cyprus resale properties for sale are often situated in well-established neighborhoods with good transportation links. Unlike the new homes that may be located in less central areas where no one lives yet, these homes may provide you a clear understanding of the neighborhood’s lifestyle. You can talk to your potential neighbours about the characteristics of the area before moving!

2. You Can Move-In Immediately!

As a major advantage over new builds, Cyprus resales​ are typically ready for immediate occupancy. It gives you the chance to move in or rent out the property without delay, if that’s what you are seeking for!

3. You Can Arrange a Viewing Tour!

With Cyprus resale properties​, you can physically inspect the home, its condition, layout, and surroundings unlike properties that are not built yet. This way, you won’t have to try to imagine how it would look when it’s done!

4. You Can Take Advantage of Better Pricing!

Since resales generally come at a lower price point compared to new builds in Cyprus, many buyers say that this is one of the most advantageous things about them. The reason behind sellers setting a lower price tag is that they bought their properties before the boom of the Cyprus real estate market. While this allows them to offer realistic and competitive prices, it gives you the chance to buy more affordable homes compared to new ones!

5. You Can Get All Certifications and Permits Easily!

Since Cyprus resale homes already have all necessary certifications, permits, and approvals, you won’t have to deal with all of the approvals one by one! This way, you can eliminate the effort of planning permission or building regulations that sometimes affect new developments.

6. You Don’t Have to Deal with VAT!

Unlike newly built homes, resale properties in Cyprus are generally not subject to VAT. And this can help you save a significant amount of your budget. When purchasing resale homes you only need to pay the purchase price without the additional 5% or 19% VAT that new properties may include.

What Are the Challenges About Resale Homes in the Cyprus Real Estate Market?

1. You Might Face Outdated Design:

Resale properties in Cyprus sometimes may not meet your preferences since they feature older architectural styles rather than having open-plan living or contemporary finishes like new ones. Since they often lack the energy-efficient features, you might be able to pay higher utility bills and have less comfort compared to newer homes.

2. You Might Pay for Potential Repairs:

Issues like outdated plumbing, electrical systems, dampness, or structural wear in resale homes may not be visible at first, but it can result in significant additional costs and inconvenience for you. That’s why you should budget for these potential expenses if you are thinking of purchasing old properties here.

3. You Might Need to Take More Responsibility:

Unlike new developments where maintenance of common areas is managed by developers or owners’ associations, as a resale property owner you may face higher Cyprus property costs for ongoing maintenance.

Time to Decide for Cyprus Real Estate Options! New or Resale?

In summary, to choose the best one among off-plan, new or resale properties, you need to consider your priorities first. If you are still unsure which one to buy, as TEKCE Real Estate, a global leader in the industry, we are here to present you all the available alternatives for you.

With our experienced team offering services in over 30 languages, we ensure a seamless process for your Cyprus real estate investment by providing legal consultancy and property management. Contact us today to find the property you desire in Cyprus!

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