Off-Plan Property

Off-plan property in Cyprus refers to purchasing property before or during its construction phase. Buyers often secure lower prices by buying early but face risks such as construction delays or developer insolvency.

Due diligence is required in these transactions to mitigate risks.

Why it is important

Buying off-plan property in Cyprus can offer financial advantages, including lower purchase prices and potential appreciation upon completion. It's essential to research the developer's reputation and past projects.

It is also important to include completion timelines and compensation clauses for contract delays to mitigate risks of non-completion and protect investments.

Maintaining regular communication between property buyers and developers is essential for receiving project updates. It helps to ensure that both parties are on the same page and can achieve the desired outcome.