The term resale Cyprus property is used to describe villas or apartments that have been sold previously to at least one person. These property owners may be speculators or Cyprus property investors who purchased the house or apartment off plan. Once the development is nearing completion they then expect to sell the property on at a tidy profit. In fact many speculators will be advertising the sale of these Cyprus resale property lots before they are even completed. These sellers are what some term as "motivated sellers" because they will be eager to move these apartments and villas on. They will be looking to release the capital that is invested in them for the next project.
Much of this type of Cyprus resale property will come with incentives such as fully fitted kitchens complete with white goods and full air conditioning too. Although you will have to put up with someone else's choice of finishes you could end up making huge savings on the cost of all those extras. Often as not the luxury villas that fall into this category of property sales will come complete with a private swimming pool too. There is a strong likelihood that the investor will have anticipated a need to rent the property out whilst awaiting a buyer. This would explain the high standard of finishes and the addition of a swimming pool. The strongest rental for villas and apartments in Cyprus is from the holiday rent market where a 3 bed detached villa with pool realizes in excess of £800.00 a week!
For some buyers new just will not do and they will be looking for something that is traditionally Cypriot. These buyers will need to tap into the Cyprus resale property market a little deeper. There are lots of older properties for sale but you are unlikely to find them advertised with the bigger Cyprus property agents. Unfortunately most of these larger property agents shun Cyprus resale property because they earn bigger commissions from the developers for selling their off plan units. Looking further afield with some of the local estate agents will turn up a better selection of these kind of houses and apartments. Cyprus is a big Island so there should be something that appeals to most buyers whatever their property preferences.
There is also an added benefit to buying a Cyprus resale property in the form of title deeds. Most Cyprus properties are sold without any title deeds. The reason for this is that the developer receives only one deed for the whole piece of land when he purchases it. Once the development is complete the developer then submits the plans to the planning department who issue individual deeds for each property and this process can take 5-10 years. In the mean time the owners of each property have a contract with the developer giving them entitlement to their properties. Once deeds are issued the property owners will have to pay a tax of around cyp5000 for a cyp160,000 house. The good news is that many of these older properties will already have their title deeds saving you the buyer this hidden cost. Just another great reason to buy a Cyprus resale property.
