Comparison: buy a new building or secondary market in Paphos
Paphos is one of the most popular cities in Cyprus among both tourists and investors. People come here for the sun, sea, mild climate, rich history and quality of life. Real estate in Paphos is steadily in demand. Especially often it is purchased by foreigners for vacation, as well as for permanent residence or renting. Every buyer here faces an important question: Choose new buildings in Paphos or pay attention to the secondary real estate market. The decision depends on the price, taxes, the period of registration, the prospect of growth in value, maintenance costs and legal security.
How new buildings in Paphos differ from the secondary market
New buildings - properties built in recent years or still under construction. They offer modern materials, technology and architectural solutions. They also comply with the new building regulations of Cyprus, including energy efficiency and earthquake resistance.
The secondary real estate market offers housing that has already been used. Its quality depends on the year of construction, the condition of the building, repairs and maintenance.
Their advantages and disadvantages:
New building:
Housing condition: New finishes, use modern technology
Price: Higher
Readiness for occupancy: May need to wait until construction is complete
Infrastructure availability: May be in the process of creation
Legal risks: Minimal, especially when buying from a reliable builder
Availability of parking lots and elevators: Designed with comfort in mind
Additional costs: VAT 19% or 5% when buying for residence permit
Utility costs: Quite high, as elevators, security, etc. are to be paid for
Secondary market:
Housing condition: Most likely to require renovation
Price: Lower, you can bargain
Readiness for occupancy: You can move in as soon as the documents are finalized
Infrastructure availability: Already established
Legal risks: Must be thoroughly inspected
Availability of parking lots and elevators: May not be available
Additional costs: No VAT, only stamp duty
Utility costs: Lower, especially in smaller buildings
You should take into account the potential for growth in the value of real estate. New buildings in Paphos - a profitable investment, especially if you buy at the excavation stage.
Which property to choose?
New buildings in Paphos will be an excellent choice for those who appreciate modernity and energy efficiency. New houses are built with good heat and noise insulation, solar panels, smart systems and security. They can be rented out, the protected area often has a swimming pool. If you buy at the stage of preparation of the excavation, you can get a difference of 15-20% from the market value, which will be at the time of completion of the object.
Secondary market real estate is often chosen when the budget is limited, as the purchase will not need to pay additional VAT. Properties on the secondary market are often located in areas with an established urban environment. It should be borne in mind that in the coastal areas of Paphos has long been all built up, and there are almost no new buildings there. Some buyers purposefully take the secondary market for major renovation, changing the layout or style for themselves.
Before any purchase it is necessary to check the legal purity of the object. There are also many nuances, which are known to specialists. To get full support in the purchase of new or secondary real estate in Cyprus - contact the staff of Holy Island.
