K.Onisiforou Cyprus Developers

Off-Plan Property in Cyprus

Now a full EU member, Cyprus is one of the fastest growing off-plan property markets. Whether your off-plan purchase is for a villa, townhouse or apartment in Cyprus, K.Onisiforou Construction and Developing Ltd are offering beneficial payment schemes. Payment schemes currently on offer allow you to purchase property off-plan, ie. before or during construction when the price remains low.

By the time the off-plan property is finished, prices rise due to the increase in the market.  Investors can therefore sell the property on to another property purchaser and, in doing so, benefit from some excellent returns.  Depending on the down-payment (normally around 20/30%) and speed of construction, profits from off-plan deals average at 20% per annum throughout Cyprus.

Investors should however exercise due diligence and choose wisely, making sure their off-plan property in Cyprus is located in an area where they will resell quickly and easily or where there is a high rental demand for their buy-to-let option. Rental returns on initial property investment are approximately 7–10% in Cyprus. There are discounts available for multiple unit purchases.

In addition to the excellent off-plan price, some highly beneficial finance structures are in place. You will need to pay only around 30% of the purchase price in the form of a deposit, while the rest is payable in stage payments. This may be financed by a mortgage if necessary.

The Process of Price Increase

1. Purchasing early
   Prices never remain low for long and, as construction progresses, prices begin to rise steadily. In Cyprus, as in any other market, it is important to buy your villa, townhouse or apartment as soon as possible during the early stages of development when prices remain very competitive but are already beginning to rise. Early investors will invariably see the greatest returns.
   
   
2. Purchasing the best units
   Early off-plan property purchase in Cyprus allows investors to choose the most sought after properties on any given development. The best units always offer higher capital appreciation in the smallest time frame and can often demand the greatest rental incomes. Penthouses are often firm favourites.
   
   
3. Price increases as development matures As construction begins, the value of the units rises.
   A completed show home is normally available for viewing at this stage, while buyers are confident they are taking less of a risk as they now do not need to rely completely on plans and artist impressions.