Denis Fedosov
Expert in technical supervision and real estate acceptance
Do you live in the EU, the UK, or the US, and are you renovating a property in Cyprus? Learn from a practicing consulting engineer how to protect your investment and get a high-quality result.
Should I buy property in Cyprus from a developer or on the secondary market?
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.
Primary vs. secondary housing in Cyprus: which to choose?
Denis Fedosov
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