What to Check Before Buying an Apartment Under Construction

Buying an apartment that is still being built can be attractive, but it involves more unknowns than buying a finished one. This short checklist sets out general points that are worth checking in any country, including Cyprus. It is general information, not legal advice.

1. The developer

Find out who the developer is and look at what it has built before. Visiting completed buildings and speaking to previous buyers can tell you more than a brochure.

2. The land and the permits

Check who owns the land and that the planning and building permits exist and cover the building as it is being built. Ask to see the documents, not only to be told about them.

3. The plans and the specification

Make sure you have the approved plans and a written description of the finishes and equipment. Check how each area is measured: internal area, covered terraces and uncovered terraces are often counted differently, so the same apartment can be described by different numbers.

4. The sale contract

Read the contract with a lawyer. Points to look for include the price and the payment schedule, the date of completion and what happens if it is delayed, the conditions under which either side can cancel, and the description of what is being sold. In Cyprus, a sale contract can usually be deposited with the Department of Lands and Surveys, which can help to protect the buyer's rights; ask your lawyer how this works in your case.

5. The title deeds

Ask when and how the title to the property will be transferred to you after completion, and whether any mortgage or other charge is registered on the land or the building.

6. Costs beyond the price

Buying property involves taxes, fees and other costs that depend on the situation of the buyer and the property. Ask your adviser for a full estimate in writing before you commit.

7. Independent advice

Use a lawyer who acts for you and not for the developer, and keep copies of every document you sign or receive.

Why we publish this

When we describe our own first acquisition in Limassol, we apply the same logic: facts that are not yet supported by documents, such as the size of the apartment, are marked “to be confirmed”. We update the page when the documents arrive.

The information in this article is general and may change. It does not describe any offer by Eurostia Investment Group and should not be relied on as advice.