New developments and holiday villages can often represent an excellent investment. New build villas, apartments, and other types of property in North Cyprus, can be expected to carry a reasonable guarantee offered normally by the property developer. This can bring peace of mind but it is important that you employ a local solicitor with a good understanding of North Cyprus property and land laws to ensure that the terms of the guarantee and the contract as a whole are all in order and favourable. Busy Bees Estate Agents have good contacts within the profession and can assist with an introduction if required.
Off plan purchases of villas or apartments in North Cyprus are normally attractive in that there is a price advantage over what you might expect to pay if you purchased the finished property. This is quite logical because the developer will have invested heavily in the project and off plan sales will release some of his capital for further investment. It is important to ensure through your solicitor that there are clauses in place within the contract to make sure contracted time lines are abided by. You may well have negotiated a staged payment plan which will become payable as the agreed stages of completion are met. This is a further assurance for you and motivation for the developer to keep to the agreed schedule.
A further and very important factor in deciding whether or not to purchase off plan is that properties will be reserved on a first come first served basis. A small deposit will normally reserve your choice until the legal formalities get under way. This means that the off plan buyer will get first pick of the properties that have been released. If you want the best choices you have to get in early and study the site plans.
Many such developments are in gated complexes with a number of on site facilities which makes them ideal investments for both residential and holiday let purposes.
You may like the idea of a new property but would prefer to buy a plot of land and have a villa or bungalow built in some quiet spot of your own choosing? This is a viable alternative that can be explored.
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