Buying Off Plan
The island’s property market is experiencing a period of high demand and there isn’t sufficient housing stock to meet that demand. Many people are wary of buying off plan because of well publicised problems in other countries, such as Spain. However, it’s relatively trouble-free in Cyprus and there may be no alternative if you wish to buy a home in a popular area.
It’s worth remembering, however, that although there are many satisfied buyers of off-plan property, the process can be more time-consuming and stressful than buying a resale property. To minimise the chance of experiencing problems (or even eliminate it altogether) when buying off plan, you should do the following:
- Make sure that your lawyer drafts a contract between you and the developer which has your interests uppermost.
- Usually the completion of each agreed stage of construction is certified by an architect or supervising engineer and then the agreed stage payment is handed over. Never hand over any money in advance.
- Make sure the property is finished before making a final payment. A finished property is one where the building is complete in every detail (as confirmed by your own lawyer or architect), communal services have been completed, and all the infrastructure is in place such as roads, parking areas, external lighting, landscaping, water, sewerage, electricity and telephone services.
- Use an experienced, registered estate agent, who must be insured to cover any serious problems that arise with their clients.
- Use a local lawyer, experienced in this kind of purchase arrangement.
If you follow these simple rules, buying off plan can be one of the best ways to acquire your dream home.