How to Buy Property Off Plan in Cyprus

If you are thinking about moving abroad to live and work in Cyprus you may be interested in buying a home in Cyprus. Once you are ready to purchase property overseas in Cyprus you will have the option of purchasing a home that is already completed or doing what is called buying off plan. If you have looked at property in the United States you will recognize this practice but probably call it something different. When you buy off plan in Cyprus what you are doing is purchasing a home that is either in the process of being built or has yet to be built. This is actually the most common method of purchasing property in Cyprus and is called the same thing in most other European countries.

Despite the fact that buying off plan is the most common method of property purchase, there are a number of people that are skeptical of doing so as there have been well publicized accounts of the problems that expats have experienced doing this in other European countries such as Spain. The most common problem is for the builder to take your money and you never hear from them again. While this is a valid fear, it can be prevented with a little common sense and preventative measures. There is no reason to not buy off plan if you have taken all necessary precautions against being scammed. You should know however that buying off plan can be more time consuming that purchasing a home that is a resale property.

If you would like to buy property off plan then there are some things you should do to minimize tor eliminate the chance of having problems. You should first employ the services of a local lawyer that is experienced in handling off plan property purchases for foreign buyers. You should have your lawyer draft a contract for you and the property developer that is in your best interests. Remember that you should not hand over money in advance of agreed upon terms. Typically the completion of each stage of construction is verified by an architect or engineer and when that stage is deemed complete you will make a payment. However you will typically have to place a deposit. Before you make your final payment you will need to make sure that the property is actually finished. You should have your lawyer make sure that every detail is confirmed as complete. This means that communal services are completed, roads, parking areas, external lighting and landscaping are all in place and water, sewage, electricity and telephone services are all in place and ready to be turned on. You should also employ the services of a registered estate agent. The estate agent will be insured to cover any problems that arise with their clients. You will also want to check and see if the builder or developer has an insurance policy or the backing of a bank that covers you in the event that the builder or developer goes bankrupt. This means that any monies you have paid will be safe and returned to you.

By following these simple common sense suggestions, you should be able to complete a successful off plan purchase of your new home in Cyprus with no problems.