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Buying Off-Plan (Unfinished) Property in Cyprus
by Monaliz Amirkhanpour
When a property is at the planning stage, it is called “off-plan” property. If you are planning to buy off-plan property, you will have the benefit of paying when the key stages of construction are completed.
Finding off-plan property in Cyprus is not a difficult task since most of the property developers that target overseas buyers have several advertisements at the airports, along the highways, as well as TV/radio advertisements. Moreover, some of the well-known property developers of Cyprus attend international property exhibitions and advertise their properties extensively.
The first thing that you need to do when planning to buy off-plan property in Cyprus is to choose your Cyprus property developer. You should try to find a reputable developer who can build and deliver the project on time, within the agreed budget as well as adhering to high quality standards.
There are several benefits to buying off-plan property in Cyprus:
• The price of your off-plan property may increase between the period of signing the contract and taking delivery of your property.
• The construction period is relatively short, i.e. between 1 year and 18 months.
• Less daily involvement in the construction process as compared with buying a custom property.
• Some minor changes in the design of your home can be made by the property developer’s architect.
• The finishes, fixtures and fittings can be selected from a list provided by the property developer.
On the other hand, there are some disadvantages to buying off-plan property in Cyprus, even though they are outweighed by the benefits:
• Off-plan property is more expensive than buying custom or re-sale property.
• There will be some extra costs incurred
• High property transfer fees which are based upon the price of the land as well as the built house.
• The Title Deed has to be issued under your name first in order to be able to make any additional changes to the property.
