- Short-term Resale is No Longer a Quick Win: The era of flipping properties within six months to a year ended in 2022. Such investments are extremely rare now. Success requires access to information about the launch of sales by reliable developers and special purchasing conditions.
- Verify Short-term Rental Permissions: If you plan to rent out your property short-term, ensure it is allowed by the management company’s agreement and is tax-efficient.
- Check the Developer’s Track Record: Make sure the development company has a history of completing projects and issuing property titles. There have been instances where titles weren’t received for years.
- Be Prepared to Pay a Significant Portion Upfront: When entering into an installment plan, ensure you can pay at least 50-60% of the total cost. Relying on a 30% down payment and hoping for a quick resale can lead to disappointment.
- Focus on Emerging Neighborhoods: Pay attention to new and developing areas, as the potential for earning is much higher there.
- Hire Your Own Lawyer: While the developer will have their own lawyer, it’s crucial to have your own to avoid unpleasant surprises in the contract.
- Choose a Trusted Broker: Select a reliable broker you can trust, like Sunny Bay. Sunny Bay possesses extensive expertise in selecting investment real estate.
Understanding Mortgage Conditions in Cyprus Banks: A Guide for Sunny Bay Clients
Introduction Securing a mortgage in Cyprus is streamlined when you know what to expect. At