Environment Magazine

Tips for Buying Commercial Property in Cyprus

By Gfl

The demand for commercial property is on the rise. Hundreds of commercial buildings are currently under construction in most cities in Limassol to deal with this demand. Part of the reason for this growth is that Cyprus is well-known for its low taxes, skilled and unskilled employees, and advanced infrastructure. In this article, we will look at the main tips for buying or leasing commercial property in Cyprus.

Negotiate the Price

The demand for commercial Cyprus property like warehouse, offices, and retail stores has led their price to jump. Still, there is a possibility that you can negotiate the price to be more affordable. To do this, you need to have several options open. You also need to have a good understanding of the local market. This will help you avoid being ripped-off.

Use Several Real Estate Brokers

The growth of Cyprus real estate market has led to the emergence of multiple real estate brokers. You will find brokers in almost all big commercial properties. To get a good deal, we recommend that you use multiple real estate agents in Cyprus. There are several benefits of doing this. First, with multiple agents, you will get more properties. The more properties you get raises the likelihood of getting a better deal. Second, using more than one real estate agent will stir competition. This will increase your chances of finding a good property at a good price.

Consider the Location

The most important aspect of all types of property is its location. This applies to both commercial and residential property. The location will influence the performance of your business and the price you pay. For your commercial property, we recommend that you spend a lot of time finding a good location. For example, if you are setting up a retail store, ensure that it is in a good location. This will influence how successful the retail store is. In the past, we have seen many good retail stores fail because of where they are located. If you are buying or leasing a warehouse, we recommend that you select one that is not adjacent to the main cities. This is because property near to the central business district is usually expensive. Also, consider where you live. You don’t want to have a long commute every morning.

Another thing. Getting a brand-new commercial space is a good thing. However, such a building is usually more expensive than getting an older one. You don’t have to get a brand-new property. You can get a relatively older one at a cheaper price.

Check its Building

A common mistake many people make when buying or leasing a commercial property is to use its outside impressions. They don’t incorporate the views of structural engineers and other types of professionals. This is wrong because of how sensitive the real estate sector is. Many people have bought properties only to see structural damage as soon as they move in. Others have bought buildings that have structural damage. Therefore, we recommend that you bring your inspectors to check the design and building of the building.

Have a lawyer

Another important thing you need is to have a lawyer before you buy commercial property for sale in Cyprus. An attorney will help you do several things. They will help you asses the Cyprus property and its developers. They will also assess whether the property has no legal issues. In the past, many people have bought their properties only to find them saddled with legal cases. Also, the lawyer will also help you ensure that you do everything in accordance to the law.


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