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New Properties

In recent years, Cyprus has experienced a significant surge in demand and housing prices, especially in its three coastal cities. One of the main reasons for this boom is the large number of international residents, mainly from Northern Europe, choosing to relocate to Cyprus.

The proactive approach of the Cypriot government, offering incentives such as tax benefits and bureaucratic streamlining, has encouraged many tech companies to identify the growth potential and favorable business conditions in Cyprus. The transfer of the tech industry has led to a tremendous demand for commercial and residential spaces with high standards and a sharp increase in local rental prices. Additionally, Cyprus’s appeal as a destination for many business people seeking a higher quality of life, comfortable climate, and attractive tax benefits has resulted in an influx of international residents, further fueling the need for luxurious housing options.

Established construction companies are currently undertaking hundreds of new projects simultaneously, offering a wide range of apartments and villas. We represent all the construction companies in the area and ensure to collaborate only with well-established companies with a solid reputation. We would be pleased to present to you a diverse selection of exceptional projects. Due to high demand in the market, the majority of new properties are sold during the planning stages, and it is very rare to find a newly built property that has not been sold yet.

There are ample and varied options for first-time buyers, whether you are looking for a cozy two-bedroom apartment or an extravagant villa by the sea. We are here to present you with numerous choices from different providers, allowing you to choose the property that perfectly suits your needs.

So, what is the price range?

The price range for new properties varies, but as a rough estimate, prices start from €160,000 + VAT for a new two-bedroom apartment and can go up to €500,000 + VAT for a four-bedroom villa with a private pool. Larger and more luxurious properties, of course, can reach even higher figures. We will guide you through the negotiation process to ensure you get the best price and maximize the benefits.

Advantages of New Properties:

Higher value for rent or sale

There is a high demand for new properties in Paphos. Already on the day of property acquisition, a new property is usually worth 10-20 percent more than the price paid for it. New properties also command significantly higher rental prices than second-hand properties.

Permanent Residency

The purchase of a new property worth 300,000 euros and above, plus VAT, allows you to obtain permanent residency in Cyprus for life.

Modern Construction

Properties in the first-hand market are built with modern technologies and contemporary architectural designs. In certain projects, properties come fully equipped, ensuring maximum comfort.

Warranty and Low Maintenance Costs

New properties come with a warranty of 1-2 years for various systems within the property and a 25-year warranty for the building, providing peace of mind for the buyer. Generally, these properties also require less maintenance and repairs, thereby reducing overall expenses in the years to come.

Disadvantages of New Properties:

Higher Purchase Price

Generally, new properties are more expensive by 10-20 percent compared to equivalent second-hand properties. The main reason is the need to pay Value Added Tax (VAT) on a new property. VAT rates vary depending on the property's use: 5% for private use or 19% for a property intended for rental.

Construction Time

Due to high demand, purchasing a new property generally entails waiting for the completion of the construction process, which may take a year or even a year and a half. On the other hand, a second-hand property can be bought in a shorter time frame, averaging around 3-4 months.

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