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Buying Ready-Built or Resale Homes in Cyprus

Until recently, the majority of homebuyers visiting the Republic were after off-plan properties. Times, however, have changed, and resale homes in Cyprus offer some excellent deals now.

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Resale Homes vs. Off-Plan Properties... Times they are a-changing

 
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There are of course many reasons for buying a home in the sun, whether on Aphrodite's Isle or elsewhere, but over the years we have found that the primary motivator for most of our clients is to make a medium to long-term investment.

This has not changed at all, even in the face of recent economic conditions...

What has changed is that buying a property off-plan, and then waiting 18 to 24 months for it to be built no longer guarantees the best investment opportunities. In fact, in today's buyer's market it is oftentimes the resale home which offers the highest long-term investment potential.

 

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Since specialising in Cyprus property sales back in 2004, Aphrodite has developed a reputation for giving factual, no-nonsense advice about the Cypriot housing market. We don't just market real estate, we help our clients.

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This is especially true for the growing number of cash-buyers slowly returning to Cyprus

Make no mistake; the right off-plan property, built by the right property developer, is still a decent mid to long-term investment opportunity, in spite of what a great many Cyprus Nay-Sayers s out there will try to tell you.

These days, however, it is a simple fact that resale homes now account for a greater proportion of property purchases in Cyprus than their off-plan counterparts.

The reason for this, at least in part, stems from the simple fact that prior to the economic collapse in 2008 a great many buyers overextended themselves by buying off-plan in anticipation of fast and easy profits.

 

Sumptuous six bedroom villa at Aphrodite Hills Resort - Please note that this is not an artist's impression

Seafront Villa at Pomos Marina

 

Now, almost three years later, the Cypriot housing market is bristling with countless newly-finished apartments and villas, whose mainly British owners are still struggling in the wake of the global economic downturn and the Pound's poor standing against the Euro, and are only too eager to sell their properties.

It truly is a buyer's market these days...

During the latter half of 2010 our staff noticed a distinct upswing in the number of cash buyers visiting Cyprus in search of prime mid to long-term investments.

However, unlike the droves of media-driven investors flocking to the island prior to the 2008 collapse, these are highly informed individuals, carefully researching a selection of specific locations throughout Cyprus.

What's more, this new wave of investors no longer concentrates on the off-plan market. Instead, many real estate investors coming to the Republic are now seeking bargains either among the many available resale homes in Cyprus or simply looking to buy land in one of a handful of premium investment locations around the island.

By and large, most potential investors are also no longer from Britain. Indeed, over the past year or so, properties in the Republic of Cyprus appear to have attracted the eye of investors as far afield as the United States, Chile and even Australia, at least judging by the growing number enquiries received by us.

 

2 Bedroom Beach Houses at Pachyammos

At this stage there are many signs which promise that 2011 will be the year of the bargain hunter, as many resale homes in Cyprus are now well and truly ripe for the plucking by cash-rich buyers.

It is also in many ways likely to be the year of shrewd investors, as the government is finally beginning to follow through not only on its promise to issue the long-awaited licences for Cyprus' new golf courses, but also set to announce a further series of large-scale leisure and educational developments in a handful of seemingly unlikely locations.

If you want to find what's really going on in the Cypriot property market, contact us.

We don't just want to sell you a property.
We make sure you're safe, satisfied and informed.

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Times they are a-changing...

The Cypriot property market is no longer the simple animal it was until 2008. Not only have the intervening years seen more than a few developers disappear from the scene (for a variety of reasons), but buyers, and their overall expectations, have also changed dramatically. Potential buyers are no longer content with the same, stale off-plan development brochures or the same old sales patter.

Aphrodite Sun Properties is different. We have the facts about Cyprus, and we're not afraid to tell you what you need to know.
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Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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