Walk around almost any Nicosia suburb today and you’ll see two property markets side by side. On one corner, a crane is finishing a five-storey block with glass balconies and a show flat. Across the road stands a solid 1990s building with mature trees, a generous veranda and a “For Sale” sign on the second floor.
Buyers often feel pulled between the two. In our own Nicosia data, new builds made up 64% of apartment sales in 2025, and they sold at higher prices per square metre than resales in every area we looked at. The question isn’t which one is better. The question is which one suits you, and what you’re really paying for.
What a new build offers
The appeal is easy to understand. Everything is new, from the wiring and plumbing to the kitchen and bathrooms. Modern buildings usually come with:
- Better insulation and energy performance, which shows up in your summer electricity bill.
- Covered parking, storage and a lift as standard.
- Contemporary layouts with open-plan living areas.
- A warranty period from the developer for defects.
If you buy off-plan, you may also be able to choose finishes and, sometimes, secure a lower price than on completion.
What to watch with a new build
New comes at a price, and not only in the asking figure.
- VAT. New properties are subject to VAT. A reduced rate may apply if the home will be your main residence and you meet the conditions. A holiday home or investment property is usually charged at the standard rate. Your lawyer or accountant should confirm what applies to you before you sign.
- Delivery and delays. Off-plan projects can run late. Check the developer’s track record and what the contract says about completion dates and penalties.
- The developer’s financing. Find out whether the land or project is mortgaged to a bank and how your share will be released from it.
- Title deeds. Separate title deeds for new apartments can take time. Make sure the sale contract is deposited with the Department of Lands and Surveys to protect your position.
- A neighbourhood still forming. In a new development, you can’t always know who your neighbours will be or how the building will be managed.
What a resale property offers
An older property lets you see exactly what you’re getting. You can walk the rooms, check the light at different times of day, speak to neighbours and see how the building has been looked after over the years.
Resale homes are often:
- More spacious for the money, with larger rooms and verandas.
- In established areas with mature streets, shops and schools nearby.
- Available straight away, with no waiting for construction.
- Free of VAT, although transfer fees and other costs apply. Ask your lawyer for the current figures.
Many already have their own title deed, which makes the process simpler and can make financing easier.
What to watch with a resale property
The trade-off is age. Older buildings may have:
- Wiring, plumbing and roofs that need replacing.
- Weaker insulation and higher energy bills.
- No lift, no covered parking or limited storage.
- Additions such as enclosed verandas that were never permitted.
The building matters as much as the flat. Ask about common expenses, unpaid charges and any major works the management committee is planning. A survey by a civil engineer before you commit is money well spent.
Also budget realistically for updating the property. A lower purchase price can disappear quickly once a new kitchen, bathrooms and air conditioning are added.
Comparing them fairly
Price per square metre on its own won’t tell you which is the better deal. To compare the two properly, add up the full cost of each:
- The purchase price.
- VAT or transfer fees.
- Renovation or upgrade costs.
- Running costs, such as energy bills and common expenses.
- How long you’ll wait before you can move in or start earning rent.
Then think about resale. In areas where most buyers want modern apartments, an older flat may take longer to sell later. In established neighbourhoods with little new building, a well-kept resale home can hold its appeal very well.
Which suits you?
A new build usually makes more sense if:
- You want low maintenance and modern energy performance.
- You can wait for completion.
- The home will be your main residence and the reduced VAT rate may apply.
A resale property usually makes more sense if:
- You want more space or a specific established area.
- You need to move soon.
- You’re comfortable taking on some renovation to make it your own.
Whether you’re leaning towards a new apartment or an established home, our consultants at G&P Lazarou Estate Agents can show you both side by side and help you check the details that matter. Call +357 22024949, email info@gplazarou.com or browse our listings at gplazarou.com.
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