Investing in Cyprus resale property can be a savvy financial move for those looking to own a piece of this Mediterranean paradise. While the allure of customizing a new off-plan property is undeniable, the resale market offers significant savings and advantages that are often overlooked. From fully furnished homes to properties with existing rental income potential, the Cyprus resale market is ripe with opportunities for discerning buyers.
Cyprus's real estate market is diverse, offering everything from brand-new luxury villas to charming, traditionally Cypriot homes. Resale properties, which have been previously owned, can include houses and apartments that are virtually new, some never having been occupied. These properties often come with attractive price tags and additional perks, such as fully fitted kitchens, white goods, and air conditioning systems.
Resale properties in Cyprus often come from investors who purchased off-plan with the intention of selling for a profit once the development neared completion. These motivated sellers are typically eager to liquidate their assets to reinvest in new projects, which can translate into better deals for buyers.
Many resale properties, especially luxury villas with private pools, are designed with the holiday rental market in mind. A well-appointed 3-bedroom detached villa with a pool can command upwards of £800 per week in rental income, making it an attractive investment for those looking to capitalize on Cyprus's tourism industry.
For buyers seeking authenticity, the resale market offers a deeper dive into properties with traditional Cypriot character. These homes may not be prominently featured by larger real estate agents, who often focus on new developments, but local estate agents can provide a more diverse selection.
One significant advantage of buying resale property in Cyprus is the potential to avoid the lengthy and costly process of obtaining title deeds. New properties can take 5-10 years to receive individual deeds, during which time owners hold a contract with the developer. Resale properties often come with deeds already in place, saving buyers from an additional tax that can amount to around cyp5000 for a cyp160,000 house.
The Cyprus resale property market presents a compelling case for buyers looking to maximize their investment. Here are some key financial considerations:
In conclusion, while the allure of customizing a new property is strong, the advantages of buying resale property in Cyprus are numerous and financially sound. From cost savings to immediate rental potential, the resale market is an attractive option for those looking to invest in Cyprus real estate. Whether you're drawn to modern luxury or traditional charm, the resale market has something to offer every buyer.
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