As the cost of new apartment units rises, so does the difference between older units and new ones. If we compare the prices of new residential units, which are now around €2,500/sqm + VAT, and older ones, selling at €1,200-€1,500/sqm, the difference is large.
The consideration should be whether it is advantageous to buy an older unit and upgrade it, especially for units within cities, where there is higher demand.
Then buying older units, one needs to look at the plumbing and electrical, and check for any problems, both in the unit and common areas, and the existence of a title deed, which makes it easier to obtain finance and resell. Depending on what the whole project will cost, you can decide whether it is more cost-effective than buying new.
Continue reading at source: cyprus-mail
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