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Buying real estate in Cyprus is becoming increasingly popular with foreigners, and this is largely due to the mild climate, high standards of living and convenient location of the island. But when choosing a place to live there is always the question of what to do it in favor of: buy an apartment from the developer or prefer the secondary market? To get an objective answer, it is worth considering the advantages and disadvantages of both options.

Buying real estate from a developer

Purchasing a new home from a developer is a great idea due to the many advantages the apartment owner receives. Among them it is worth highlighting:

• the use of modern technology and design. New buildings usually meet the latest construction standards, equipped with modern equipment, energy-efficient solutions and pleasantly pleased with the current design solutions;
• quality guarantees from the developer for the proposed property, which protects the buyer from unexpected defects or problems;
• absolute novelty and lack of wear and tear of engineering systems, so you will not need to repair or replace communications for a long time;
• the opportunity at the construction stage to agree on the changes in the construction of the new building; the possibility of the construction of a new building, which is not necessary for a long time.

However, this option also has significant disadvantages:

• higher price of housing, especially that being built in popular areas;
• risk of construction delays. If the purchase is made at this stage, unfortunately, delivery dates are often violated;
• not fully developed infrastructure (often areas of new buildings do not immediately provide residents with all the amenities in the form of different stores or schools).

Buying real estate on the secondary market

Buying housing on the secondary market is still quite popular, despite the rapid growth of new buildings. The main advantages of this choice are:

• affordable price of apartments, which are cheaper, especially if they require repair;
• established infrastructure, because secondary real estate is located in already settled areas with the necessary infrastructure facilities for the comfort of people;
• visible condition, and here it is important to emphasize that the buyer sees what condition the apartment is in, what neighbors are around;
• speed of registration, because the deal is much faster than when waiting for the delivery of the apartment.

This option of purchasing housing also has disadvantages, and they are quite significant:

• wear and tear of the dwelling and communications, and here may require significant additional costs for repairs and modernization;
• outdated technologies of house construction, and therefore many secondary apartments do not meet modern standards of energy efficiency and comfort;
• legal risks. This is a particularly important point. When buying on the secondary market, you should definitely check the cleanliness of the transaction and the history of the apartment to avoid fraud.

Conclusion: Which is more profitable – housing from a developer or from the secondary market?

The choice between buying an apartment from a developer or from the secondary market depends on your goals, budget and priorities. If you are looking for modern housing with minimal investment in renovation and want to participate in the design choice, new buildings may be the best choice. However, if economy, developed infrastructure and fast transaction process are important, then the secondary market looks more attractive. In any case, it is recommended to study the market thoroughly, consult experts and consider your long-term plans.

The services of specialists who will conduct an independent real estate inspection for you will allow you to feel safe and eliminate many risks.

Purchasing a home in Cyprus, especially one under construction, can be an excellent investment. However, the risk of encountering an unscrupulous developer is quite high, and it makes checking the company’s reputation a critical step. A reliable developer guarantees quality and timely construction, minimizes potential problems and provides peace of mind to the buyer.

Why is it important to make sure of the reputation of the builder?

An impeccable reputation of the developer and his responsible attitude to the obligations assumed – this is your “everything”, confidence in housing and financial security. In the form of arguments of this statement we can say that::

• Experienced and reliable developers use proven materials and technologies, which directly affects the durability and comfort of real estate;
• The reputation of a construction company is often linked to its ability to commission objects in a timely manner, which means that you will receive housing by the promised deadline;
• Cooperating with a proven developer, the buyer minimizes the risk of encountering unfinished projects or legal problems.

In addition, a new building from a well-known builder has a high investment appeal. Housing in its buildings is much easier to sell or rent, which makes it a valuable asset.

How do I check the reputation of a real estate developer?

It is not as easy to check the reputation of a real estate developer if you are far away from the place of its activity (living in another, remote country) as it would be if you were a local resident. However, there is a basic algorithm of actions that all potential clients (real estate investors) adhere to, and it is advisable to adhere to it.

1. Study reviews and ratings. Read the reviews of previous buyers on the Internet or on specialized forums. They often tell about the quality of construction and the experience of interaction with a particular company.
2. Familiarize yourself with previous projects that have previously been implemented by the developer. To get an objective and complete picture, it is desirable to visit such an object, and if you can not do it yourself, you need to entrust the task to an independent inspector. When considering the project, it is worth paying attention to the quality of materials, design, the state of the infrastructure.
3. Check the permit documentation. Make sure the builder has all the necessary licenses and permits. In Cyprus, construction activities are regulated by state authorities.
4. Examine the duration of the company’s existence. A developer with a long history of existence is often more reliable. He has experience in overcoming difficulties.
5. Check the developer’s ties with banks. This is a simple secret to check its reliability. If banks are willing to provide mortgages for the developer’s properties, it is a good sign of trust on the part of financial institutions.

Useful tips for foreign buyers

In order to guarantee your own safety, avoid problems and do not lose the money invested in the purchase of real estate, we recommend you to remember and take into account that:

• before signing the contract you should carefully study all the terms and conditions, make sure that the contract protects your interests and contains a clear timeline for completion of construction;
• foreign buyers in Cyprus have the right to purchase property subject to certain rules, and here the law protects your interests;
• you should not be afraid to ask questions about the purchase of real estate in Cyprus;

The assistance of an independent company in real estate inspection will be invaluable to you. Checking the object for compliance with building regulations, project documentation, quality of work and materials used – all this also protects your interests. In general, the reliability of the developer is the key to a successful and safe investment in Cyprus real estate.

Cyprus is not only a sunny island with a wonderful climate and amazing nature, but it is also a promising place for real estate investment. Due to stable price growth, high demand for rentals due to the increased influx of tourists and attractive tax conditions, buying an apartment in Cyprus can be a very profitable investment. If you are interested in buying real estate, then you are definitely wondering which apartments have the greatest investment potential and what is important to consider for a foreign buyer.

Which apartments in Cyprus are the most attractive for investment?

To answer this question, it is better to make a division into types of objects and zones, paying attention to some of their nuances. As a result, we will get the following picture.

1. Apartments in tourist areas.

Cyprus cities such as Limassol, Paphos and Larnaca are very popular with tourists. There is a high demand for short-term rentals, especially during the summer season. At the same time, apartments with sea views or near beaches have an additional advantage.

2. New buildings.

Modern residential complexes with energy-efficient technologies and developed infrastructure (swimming pools, gyms, security) attract tenants and buyers. New buildings often offer lower operating costs.

3. Apartments in business districts.

Nicosia, the capital of Cyprus, as well as the central areas of Limassol are popular with businessmen and expats, which provides a stable demand for long-term rentals.

4. Properties with the potential to increase in value.

Apartments in developing areas or suburbs, where prices are still lower but infrastructure and demand are expected to increase.

Useful recommendations for a foreign buyer

Profitable investment in real estate in Cyprus, finding the ideal apartment for your requirements and opportunities, minimize risks – all this is real, especially if you use the following recommendations:

1. Study the market. Analyze the prices, demand and development prospects of the areas. Contact local real estate agents for up-to-date information.
2. Check that the property is legally clean. Make sure there are no encumbrances on the apartment, such as mortgages or legal disputes. For this purpose, contact an experienced lawyer.
3. Pay attention to the tax advantages. Cyprus has low taxes on rental income and no inheritance tax. Owners of real estate worth 300,000 euros or more can obtain a residence permit. Consequently, real estate in Cyprus is really profitable for investment.
4. Determine the purpose of the investment. If you plan to rent out the apartment, then choose objects in popular tourist and business districts. For subsequent resale with the purpose of making a profit in the future will be suitable for apartments in areas with an expected rise in prices.
5. Evaluate the infrastructure. When buying an apartment, you should pay attention to the infrastructural development of the area. Important moments will be the proximity to schools, stores, hospitals and transportation hubs, it increases the attractiveness of the apartment for tenants.
6. Plan your budget properly. When thinking about budgeting, take into account additional costs, such as stamp duty, VAT, as well as the services of professionals (realtor, lawyer, real estate inspection expert), without which it is impossible to quickly and safely cope with the task of finding and buying an apartment.

Investing in real estate in Cyprus is an opportunity not only to save but also to multiply capital. The main thing is to carefully choose the object, take into account the peculiarities of the market and attract professionals to support the transaction. The sunny island with its comfortable climate and stable economy will become a reliable basis for your investment.

Buying a property in Cyprus is a pleasant and at the same time responsible step that requires a balanced approach. One of the key questions that often arises before the buyer is whether to choose a property with rough finish or with ready-made renovation. Regardless of the choice, it is important to properly assess the quality of the property to avoid additional costs and possible risks. But this question is very interesting and relevant, so let’s consider it in detail.

Draft finishing: pros, cons and what to pay attention to

“Draft” finishing implies that the internal design of housing is not completed. This option is usually attractive to buyers who want to create a unique interior, exclusively to their own taste, but it also requires careful inspection.

Pros of rough finishing:

• the opportunity to realize your own ideas and develop an exceptionally customized interior design;
• most often lower cost compared to ready-made housing.

Minuses of this option:

• the need for additional investments for repairs;
• difficulties in finding qualified contractors who will be able to do exactly what you want, and will perform everything exactly as you dream.

Before making a purchase of real estate with a rough finish, you should check the following points:

• the quality of the building materials used (make sure that the walls, flooring and insulation are done securely);
• communications (pay attention to whether pipes, electrical wires and other engineering systems are correctly laid);
• consistency with the project (make sure that the object complies with the architectural plan and safety requirements).

Ready repair: pros, cons and what to check when buying

Ready real estate with repair (in other words – “clean” version) assumes that the housing is fully ready for living or renting, and there is nothing to finish – bring things in and live! However, the finished repair should also be carefully checked.

The advantages of the room with a clean finish:

• there is no need to spend time and money on repairs;
• you can immediately move in or start using the apartment or house.

A significant disadvantage of buying real estate with a finished repair called hidden defects, which are difficult to detect without a detailed inspection.

Taking the property with a fully completed repair, you need to check the following points:

• quality of finishing of walls, ceilings, floors;
• functionality of engineering systems (heating, water supply, electricity);
• documentation (quality certificates) for the materials used and the work done.

General recommendations for both options

To make the purchase of real estate in Cyprus you are happy and did not bring the slightest disappointment, use a few more of our tips.

1. Use independent professionals. To avoid mistakes and hidden risks, use the services of professionals who specialize in real estate inspection. Experts will conduct a professional assessment and provide a report on the condition of the property.
2. Check the legal cleanliness of the property. Consult a lawyer to make sure the property is free of encumbrances and complies with legal requirements.
3. Evaluate the investment prospects. Make sure that the chosen property is located in a convenient neighborhood and meets your goals – whether for residential or commercial use.

The choice between rough or finished renovation depends on your preferences and capabilities. However, in any case, a thorough inspection of a property in Cyprus before purchase is a necessary step to avoid unnecessary costs and problems. Hiring an independent inspection company will be a reliable solution to protect your interests.

The acceptance of a commercial property in Cyprus is an important stage that requires a thorough inspection to ensure that the buyer is satisfied that the property is safe, legally sound and in accordance with the contractual terms. To avoid mistakes and problems in the future, it is important to pay attention to both the technical and legal aspects of the process. This is important, so let’s take a look at the key points to look out for when inspecting non-residential properties in Cyprus.

Document verification

In the purchase of a non-residential property, the most important point becomes the completeness of the documentation package and the correctness of each document placed in it from a legal point of view. In this part it is necessary to check:

• Title Deed to make sure that the property is registered to the current owner and has no encumbrances;
• Authorizations to use the property for commercial purposes;
• Draft of the proposed sales contract and compliance of the terms of the transaction with legal requirements;
• Utility documents to make sure there are no debts for electricity, water and other services.

To be sure that the documents are correct, it is recommended to engage an experienced lawyer who specializes in real estate. He will also carefully proofread the contract to ensure that the interests of his client (buyer of commercial real estate in Cyprus) are protected.

Technical audit

The technical assessment of the condition of the premises plays an equally important role, and should include:

• construction expertise (it is necessary to check the quality of building materials, the absence of hidden defects such as cracks, leaks or insulation problems, etc.);
• assessment of the functionality and suitability of engineering systems (before buying, it is necessary to make sure that the existing systems (water supply, heating, air conditioning, electricity) work properly);
• checking whether the layout of the premises complies with the stated characteristics and safety requirements.

To perform such an audit, it is best to contact the experts of a company specializing in independent inspection of real estate. The experts will conduct a detailed inspection and provide a report on the condition of the premises.

Legal nuances

Some peculiarities of Cypriot law require special attention and knowledge of these nuances. For example, for a foreign buyer there is a requirement that the transaction must be registered with the Land Registry Department.

You also need to make sure that all documents are completed in accordance with local regulations and signed by both parties. Be sure to check the insurance for the property and the terms and conditions stipulated therein. In general, there are a lot of nuances, but the involvement of an experienced lawyer will help you avoid possible legal complications and protect your interests.

Useful recommendations

When deciding to buy non-residential premises in Cyprus, for the purpose of quality acceptance and inspection, we recommend you:

• engage the assistance of professionals, as independent inspectors and lawyers will help minimize risks;
• do not make final payment for the property until all inspections have been completed;
• document the results of the inspections accordingly (draw up an inspection report in which all defects identified and agreements to rectify them are specified).

Safe acceptance of non-residential property in Cyprus requires careful attention and professional support. Involvement of specialists from an independent inspection company will allow you to avoid mistakes and be confident in the quality and legal cleanliness of the object. This approach will ensure the success of the transaction and give you peace of mind in the future operation of commercial real estate.

The construction of a house requires careful supervision wherever you are, even if too far away. To ensure that all stages are completed in a timely manner and to gain confidence that the quality of the work is being adhered to, it is important to establish effective communication with professionals. They will be able to provide you with the appropriate services, and follow the proven steps we will discuss next.

Selection of a developer

Everyone who plans to invest their money in a new building in another country wants to be sure of their future home. Therefore, he needs to know how to competently organize the control of the construction process in Cyprus while in the UK, as well as minimize the risks.

It all starts with the selection of a reliable and trustworthy developer. Before signing the contract and entering into the deal, you need to:

• check the reviews of the company, its reputation, ie, learn the opinion of other customers;
• make sure that the developer has a license issued by the relevant Cypriot authorities;
• study the completed projects of the developer to assess the quality of their work.

Signing the contract

Selecting a real estate developer is the first part of the task. The next important step is to conclude a comprehensive contract with him. The document should reflect the points that play a key role:

• specific deadlines for the completion of each stage of construction;
• details of the materials to be used;
• payment terms, penalties for delays and quality guarantees.

Important! When drafting the contract, be sure to consult with an independent lawyer who will help make sure your interests are legally protected.

Regular reports and communication

Once the developer and site have been selected, construction has started and the contract has been signed, regular communication will be key to ensuring transparency and confidence in the contractor’s compliance. For this purpose, it is worth requesting the builder to provide regular reports in the form of:

• photos and descriptions of completed stages;
• financial reports on budget utilization;
• status of fulfillment of project obligations.

It is important to make sure that all reports reflect the real situation on the site. In addition, it is absolutely necessary to establish a strict order in financial control and realization of really safe payment. In this part, it is recommended to make payments in stages, after quality control of the completed stages, and to use an escrow account to protect the funds until the construction is completed.

Ensuring independent inspection

To eliminate risks and control the processes, you will need a reliable assistant. Therefore, the most competent step is to engage a company specializing in independent construction inspection. The tasks of specialists are to:

• conducting regular inspections at the construction site;
• control of compliance with the builder’s design and contractual obligations;
• identifying deficiencies and issuing recommendations for their elimination;
• drawing up reports on the current state of construction, identified problems and their solutions.

Reliable consulting and inspection companies include Hinode, which will provide an independent view of the process that will help minimize risks and maintain the quality of work.

Final acceptance of the house

After completion of construction, arrange for a professional inspection of the house before signing the acceptance certificate. It is important to check whether the house is in accordance with the design.

An independent engineer from an inspection company who can professionally assess the quality of construction and the functionality of all systems will help you with this. Cooperation with a reliable inspector will allow you, even if you are far away in the UK, to get a complete picture of the construction of the property and the quality of all stages, and therefore be confident “100 percent” in your home.

Cyprus with its favorable climate, beautiful beaches and low taxes has become a popular place to buy real estate among UK residents. However, the process of buying real estate in another country requires attention to detail and knowledge of legislative, financial nuances. Let’s take a step-by-step look at the process of buying an apartment in Cyprus to minimize risks and make the transaction as comfortable as possible.

Preparation: defining your goals and researching the area

The first step to becoming the owner of real estate in Cyprus is to determine the purpose of the purchase:

• for living or vacationing;
• for renting out and generating income;
• for investment.

Your goals will determine the choice of neighborhood, type of property, and budget. By the way, the correct calculation of the budget is also important, so when planning take into account not only the cost of real estate, but also additional costs (legal services, taxes, relocation).

The second step is to study the real estate market in Cyprus:

• familiarize yourself with the prices in different areas;
• research popular areas (e.g. Limassol, Paphos, Larnaca);
• find information about the reputation of developers and sellers.

Selecting and buying real estate in Cyprus

In order to minimize all the risks and ensure a profitable, safe purchase of real estate in Cyprus, if you are not physically located there, and in the UK, you will definitely need the help of professionals. You need to find professionals before the transaction, who will be actively involved in the process:

• an independent lawyer, to ensure the legal cleanliness of the transaction, checking documents, drafting the sale and purchase agreement;
• a real estate agent to find a suitable object and conduct negotiations;
• an independent inspector for technical evaluation of the property. And in this reliable assistant for you will be a company Hinode.

The next step will be to check the legal cleanliness of the property being considered for purchase. It will make sure that the property is registered to the seller, there are no associated encumbrances, debts and legal disputes.

The next step is the arrangements and contract itself. Discuss with the seller or agent the terms of the transaction, including price, terms, warranty, etc. Next, the lawyer will be able to draw up a contract protecting your interests as a buyer, and after signing it and making a deposit, will submit a purchase application to the Land Registry Department. At this stage, the purity of the transaction is checked, the transfer of ownership rights is formalized. Only after registration you will become a full-fledged owner.

Important! A foreigner must obtain permission to purchase from the Council of Ministers of Cyprus. This is usually a formal procedure that takes several months. Make sure you get the permission well in advance.

Financial aspects

There are a few things you need to consider in advance:

• After signing the preliminary contract, you will need to pay a deposit (usually 10% of the value of the property) to confirm that you are serious about your intentions and to reserve the property for yourself;
• if you plan to finance the purchase through a mortgage, you should contact local or international banks in advance;
• the purchase costs will also include taxes and fees (stamp duty, VAT, notary services, registration costs).

Useful advice for UK buyers

1. Familiarize yourself with the specifics of Cypriot law to avoid unpleasant surprises
2. Always work only with licensed professionals.
3. Conduct financial transactions only through trusted banks.

Following our instructions and recommendations, you will be able, while in the UK, to buy a property in Cyprus without risks and complications. Remember that attention to detail and professional support is the key to a successful transaction.

How the independent examination helps in the acceptance of housing from the developer in Cyprus

For investors in overseas real estate projects in Cyprus are of particular interest. They have a quick payback due to the consistently high demand from tenants, they are also popular among those who plan to move or want to regularly vacation abroad in their own homes. However, not everyone understands how serious should be the preparation for the purchase and sale, in particular, hoping for the integrity of developers. But defects happen to everyone (both intentional and accidental), so the task of the future owner – to make sure of the appropriateness of the investment, which will help independent expertise. 

Is it necessary to conduct an independent expert examination of housing at the time of acceptance?

It is a common opinion that foreign construction companies adhere exactly to all norms and laws, so they can be 100% trusted. In reality, there are hundreds of reviews of dissatisfied investors who signed the acceptance certificate, and then only noticed that there was something wrong with the apartment in the new building. Attempts to get a refund or eliminate defects at the expense of the builder do not lead to anything, because legally the buyer has confirmed his satisfaction with the quality of repair and construction.

To avoid such a situation, it is necessary to initiate an independent examination during the acceptance. Legally, this is not necessary – it is enough to inspect and fix shortcomings with the subsequent transfer of the list to the builder. But not always the seller meets the requirements, accordingly, the conflict has to be resolved in court, and this is where an expert opinion will come in handy.

What does an independent appraisal provide?

Performing an independent inspection of the property prior to purchase provides:

1. Optimization of relations with the developer. When the buyer has an official conclusion of the expert, the construction company is more willing to meet and eliminate deficiencies at its own expense, because it is more profitable than the start of legal proceedings.
2. Elimination of legal problems, because the experts check and confirm the compliance of the property with the requirements of the legal framework of Cyprus. This means that in the future you will not have to spend additional time and money.
3. Signing the acceptance certificate only after all the defects have been resolved.
4. Overall satisfaction with the purchase, because you know exactly what object you are investing in, and you can be sure that the cost and characteristics of the housing.

Real estate inspection is possible in the presence of the client and without it if the client is abroad.

Choosing a reliable company to conduct the examination

Despite the obvious need for an independent examination before buying real estate abroad and the desire of the buyer as soon as possible to get the results, you can not at random to choose an executor. Trust deserves an organization that:

• Has a representative office in Cyprus;
• Has education and experience in the construction industry;
• Provides a range of services for buyers of real estate from abroad;
• Has experts who have obtained the necessary licenses and permits;
• Works with clients on the basis of a contract;
• Has a large number of positive references.

When cooperating with a reliable company, the buyer can count on the promptness of the inspection, identification of all existing deficiencies and receipt of an expert report executed in accordance with all rules.

Who is an independent condo inspector and why do I need one?

When investing money in a new building, buyers expect that the housing will fully comply with the project and the developer’s promises. But in practice there are only a few such cases – everywhere something has to be finalized and corrected. To find these or those defects helps acceptance – the process of checking the property before signing the transfer certificate. After receiving the keys, any corrections will be made at the expense of the new owner, so it is rash to sign a document without identifying defects. At the same time, it is problematic to assess the condition of the apartment on your own, and in such a situation an independent receiver comes to the rescue. Let’s find out who this person is and why they are hired.

What does an independent surveyor do?

A receiver is a person who carries out a set of works aimed at determining the developer’s deficiencies at different stages of construction and finishing. An independent specialist works impartially and assesses the condition of the apartment, taking into account the documentation received from the buyer and building regulations. His task – in the presence of shortcomings, which are almost always present, but in varying quantities, to identify them and record them, so that then to achieve the earliest possible elimination. Most often professionals identify the following shortcomings:

• Low quality of installation of window systems, the presence of various kinds of defects in the structures – cracks, chips, scratches, grits and scale on the glass panes. Because of them it is not possible to achieve optimal tightness, respectively, microclimatic parameters deteriorate;
• Unevenness of walls of different degrees of severity;
• Voids and other problems with the screed;
• Absence of level difference between the corridor and bathroom/toilet, which is necessary for leak prevention;

Unlike an expert examination, which costs a lot of money and requires special authorizations from the executor, acceptance can be carried out by a person without special education, but with thorough knowledge of the subtleties of the evaluation of new buildings in a particular country.

Why you need a real estate screening professional

Hiring a real estate receiver is relevant for real estate investors, both at home and abroad. The main thing is why you need one:

1. To save your nerves and time. The process of studying an apartment is not fast and involves the need to delve into a lot of technical details, which most buyers do not have the strength and desire. Under certain circumstances it is possible to invite a specialist without personal presence, you will need to make a power of attorney in advance. 
2. To detect discrepancies between construction norms and actual parameters.
3. To fix the defects and submit them to the developer for elimination at his expense and within the legally prescribed terms. If you identify problems before signing the acceptance certificate, you do not need to pay extra for corrections. 
4. To invest in housing that will be safe and of high quality. Some defects in the performance of construction and finishing works threaten not only additional costs, but also the deterioration of human health. Finding them early will allow you to move into the apartment or settle tenants without fear.
5. To receive compensation in case of failure to fulfill the developer’s obligations to eliminate defects.

In fact, the receiver is necessary for the rational use of resources by the buyer and successful investment. His services will definitely cost less than the money that would have to be spent on eliminating defects on your own in the event of a hasty signing of the acceptance certificate.