Buying directly from a developer, gives you exclusive investment opportunities before the projects are released to the general public. Off-plan means you will obtain the projects with genuine discounts at the planning stage, with a negotiable payment structure to suit, or fixed payments. Your capital grows as the building progresses and in some cases a guaranteed rent also applies.
More and more people are adding Cyprus to their property portfolios and seeing the excellent returns off-plan has to offer. The interest in property investment on the Island has been fuelled in recent years by our entry into the EU, low interest rates, a great holiday destination and a genuinely healthy economy.
The property prices featured still remain excellent value and way below those of resale or near completion properties. Many case studies of previous projects have shown this increase e.g.: One bedroom apartments released off-plan in April 2004 was sold at £28,000 and two bedrooms at £42,000. Recently the same properties have been resold at £51,000 (including furnishings) and £70,000 (including furnishings).
Investors will seek to borrow the majority of the cost of a property to free cash for further investment. This is available either through Cyprus or the UK.
Some countries may seem to be a good investment with the opportunity to make profit, but the repatriation of the profits (bringing the money back into your own country) could be a painstaking process. In Cyprus this is not applicable, as all monies entering the country can be transferred back to the country of origin.
Often taken for granted, title is the sole most important factor. Most projects release deeds 6 to 36 months after completion.
Delays may occur on large projects where the plans are submitted to the land registry, but bureaucracy causes a further delay. This does not affect your right to resell the property and contracts of sale through a solicitor are legally binding.
Therefore buying projects off-plan provides a maximum return for your initial capital invested.
