Buying a new build property in Cyprus comes with several appealing benefits, especially given the island’s reputation for its stunning Mediterranean coastline, favourable tax incentives, and relaxed lifestyle. Let’s look at the main benefits:
Modern Design and Energy Efficiency
- Contemporary Architecture: New build homes in Cyprus are designed with modern aesthetics, incorporating sleek designs, open plan layouts, and plenty of natural light.
- Energy Efficiency: Most new builds are constructed to meet or exceed the latest energy efficiency standards, most including energy efficient windows, and thermal insulation. The majority of new builds also now include installation or provisions for a photovoltaic system, taking advantage of the many days of sunshine to reduce electricity costs considerably.
- Smart Home Features: Many new properties come equipped with smart home technology for added convenience and security.
Customisation Opportunities
- Match your preferences: Buyers can influence the interior design of a new build home by selecting finishes like tiles, paint colours, and kitchen fittings to suit your style . If you are buying off plan, (before construction stage), there may be more options available which can be discussed with the developer such as adding a private pool, outdoor entertainment area or landscaping etc.
Lower Maintenance:
- Due to everything being brand new, including electrical appliances, flooring, bathrooms, there is minimal need for repairs or renovations in the initial years.
- New build homes often come with warranties covering structural defects, appliances, plus they must meet the lastest safety standards providing peace of mind.
Sustainability:
- Developers are increasingly focusing on sustainable practices, creating homes that are environmentally friendly with reduced carbon footprints.
Tax and Financial Benefits:
- Reduced VAT: Cyprus offers a reduced VAT rate (currently 5%) on new builds for primary residences, making it more affordable for eligible buyers.
- Strong Investment Potential: New build properties offer a great investment opportunity in the rental market. With Cyprus’s steady tourism and real estate market growth, new builds tend to hold their value and provide attractive rental yields. Additionally, buying off plan means the price is lower than it will be once the property is being constructed or completed.
Lifestyle Perks:
- Many new developments include access to the beaches, highways and amenities including retail shopping, schools, services, gyms, parks, and even golf courses.
- Cyprus offers a high quality of life with sunny weather most of the year, Mediterranean and international cuisine, and a laid-back culture.
Permanent Residency and Citizenship Options:
- Purchasing property in Cyprus above certain thresholds may make you eligible for permanent residency under the Cyprus Residency by Investment programme.
If you’re considering buying a new build property in Cyprus, it is important to ensure you will be purchasing via developers you can trust. We work with many reputable developers throughout the island and we can assist you with your search to ensure you find a home that matches your needs and built to the latest standards!
