Britons buy off-plan property in Cyprus

Thursday June 26th , 2008

Off plan properties in Cyprus are becoming increasingly popular with investors from the UK, according to a media report.

Cyprus Property Magazine revealed that most Britons who are buying a residence on the island are purchasing it before it has been built.

The publication said this strategy has a number of advantages, such as the potential for a property's value to go up between the time a contract is signed and when it is received by the owner.

However, the magazine has recommended that people make sure all the legal requirements related to building a new property have been met before making a purchase.

Cyprus Property Magazine said: "Buyers need to be aware of the fact that off-plan properties are very often marketed before the required Planning and Building permits have been issued for their construction."

According to a study by Jet-to-Let magazine, nearly 40 per cent of would-be British buyers plan to invest on the Mediterranean island in the next year.