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Resale Properties

Due to the increasing number of international residents, including tens of thousands of IT professionals, relocating to Cyprus, the real estate market on the island has experienced rapid growth in recent years. The demand for rental apartments and houses has surged, while the supply has significantly decreased. This has naturally led to a rapid increase in prices for resale properties. Neighborhoods that were previously considered less desirable are now attracting new residents and undergoing revitalization. Currently, purchasing a resale property requires careful consideration and the expertise to differentiate between properties with potential and those without. Which neighborhood is trending positively, and which is not, is a decision that requires a professional eye.

Resale properties offer several advantages, such as the ability to physically inspect the property and its surroundings, providing a more straightforward purchasing process. We will accompany you throughout the entire buying process to ensure a smooth and well-considered investment.

Advantages of Resale Properties:

You See What You Get

Unlike many new properties, resale properties allow you to visit and inspect the property and its surroundings before making a purchasing decision. You can assess the condition of the property, the required investments, and even meet the neighbors.

Regional maturity

Established properties are typically situated in mature neighborhoods with well-established services and landscaping, providing convenience for residents in their surroundings.

Short Purchase Process

The purchase process for resale properties generally takes about 3-4 months.

Disadvantages of Resale Properties:

External Mismatch

Even if the property itself is renovated and visually appealing, in many cases, the neighborhood, the building, or the surrounding facilities may show signs of aging and neglect. This can create a disparity between the interior aesthetics and the external appearance of the property.

Potential Construction Issues

Older buildings were constructed using outdated technologies, which may lead to construction issues such as moisture penetration or energy leakage.

Purchase Taxes

When buying a resale property, you are required to pay a transfer fee and stamp duty. These are graduated taxes, but for an average property, it typically amounts to about 3-4% of the property value.

Renovation and Repair

Resale properties in the Paphos area will be around 15 years old on average, and therefore, they generally require some renovation and additional investments, such as furniture replacement, electrical appliance updates, or addressing wear and tear issues. Managing these tasks remotely can be challenging, and it is recommended to hire a property manager or a local contractor.

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