Buying Off Plan
How to buy property off plan
Buying off plan (i.e. a property that is being built or yet to be built) is probably the most common method of buying in Cyprus.
The island’s property market is experiencing a period of high demand and there isn’t sufficient housing stock to meet that demand. Many people are wary of buying off plan because of well publicised problems in other countries, such as Spain. However, it’s relatively trouble-free in Cyprus and there may be no alternative if you wish to buy a home in a popular area.
It’s worth remembering, however, that although there are many satisfied buyers of off-plan property, the process can be more time-consuming and stressful than buying a resale property. To minimise the chance of experiencing problems (or even eliminate it altogether) when buying off plan, you should do the following:
- Make sure that your lawyer drafts a contract between you and the developer which has your interests uppermost.
- Usually the completion of each agreed stage of construction is certified by an architect or supervising engineer and then the agreed stage payment is handed over. Never hand over any money in advance.
- Make sure the property is finished before making a final payment. A finished property is one where the building is complete in every detail (as confirmed by your own lawyer or architect), communal services have been completed, and all the infrastructure is in place such as roads, parking areas, external lighting, landscaping, water, sewerage, electricity and telephone services.
- Use an experienced, registered estate agent, who must be insured to cover any serious problems that arise with their clients.
- Use a local lawyer, experienced in this kind of purchase arrangement.
If you follow these simple rules, buying off plan can be one of the best ways to acquire your dream home.
Also in this section
- Introduction: An introduction to buying property in Cyprus
- Advantages & Disadvantages: What to take into account
- Legal Advice: What you should know
- House Hunting: How to find your dream home in Cyprus?
- Estate Agents: All you need to know to deal with estate agents
- Cost of Property: Can you afford to buy property in Cyprus?
- Property Prices: How much does property cost in Cyprus?
- Permission to buy property: Application to the Council of Ministers
- Fees: Extra costs when buying property in Cyprus
- Inspections & Surveys: What you need to know
- Buying Off Plan: How to buy property off plan
- The purchase procedure: Buying a house step by step
- Payment: All you need to know about the payment process
- Sale Contract: The final step
- Transfer of Inmovable Property: How is it done?
- Letting: Restrictions to letting your home in Cyprus
- Letting Rates: Rental rates and how to increase your rental income
- Using an agent: All you need to know about letting agents
- Doing your own letting: All you need to know to do it yourself
- Information Packs: What they should include
