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Cyprus: Buying a Resale Property

Overview

The most popular ways of acquiring a property in Cyprus are buying off plan (see Buying Off Plan Fact Sheet) and building your own home; buying a resale property isn’t as common as in many other European countries, although buying an older property in a village with a view to renovation is increasingly popular. However, modern resale properties are available all over the island and often represent good value, particularly in resort areas. With a resale property you can see exactly what you will get for your money and save the cost of installing water and electricity meters and telephone lines, or the cost of extending these services to a property.

Much of the development on the island has taken place over the last 30 years, so if you buy a resale property in a development, it may be only a few years old. If you’re thinking of doing this, ask the neighbours about any problems, planned developments and anything else that may affect your enjoyment of the property. Most residents are usually happy to tell you – unless of course they’re trying to sell you their own property! You should also consider having a survey carried out (see Inspections & Surveys Fact Sheet) on a resale property, particularly a detached house, as major problems can be found even in properties less than five years old. Be wary of buying a property designed for tourist accommodation, as these are sometimes built with inferior materials and workmanship – cavity walls and good insulation are essential if a property is to be used as a permanent home.

Owners often advertise properties in the local and expatriate press or by simply putting a ‘for sale’ sign in a window. Note that, although you can save money by buying direct from an owner, particularly when he’s forced to sell, you should always employ a lawyer to carry out the necessary checks. If you’re unsure of the value of a property, you should obtain a professional valuation.

© Survival Books Limited 2005

“Buying a Home in Cyprus” 3rd Edition, Anne Hall.

Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying a Home in Cyprus” 3rd edition, by Anne Hall.

For extensive information about buying a property in Cyprus, you can purchase this book at www.survivalbooks.net


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