June 5, 2026
House or Apartment: New or used?
Each case’s advantages and disadvantages for you to make the right choice.
You have decided to buy a house or an apartment. During your preliminary research, you found out that there are houses or apartments that are new and ready to be delivered, others that are being built and are still in the works, and houses and apartments that are used and which owners have decided to put up for sale. In all three cases, you can potentially find your ideal property. But what should you keep in mind when looking at each case individually?
Below, are the advantages and the disadvantages of each case.
Ready-made: Here you have a house or an apartment, which has been completed and is simply waiting for its owner. You can visit it, go inside, see all its spaces, inside and out, get a feel for it, and you can also see all construction details - from the ceramics and the wood, to the tap mixers and door knobs.. In the case of ready-made houses and apartments as well as in the case of used ones, the price is specific and payment must be made immediately and is usually a one-off payment.
"On plan/Off plan ": Here, we’re talking about cases where the dwelling is still under construction or is about to start. So this automatically means that you will have to wait a while until it’s completed. Are you willing to wait? Can you bear to wait the extra time for any delays in its completion? Do not, however, consider that a house or apartment under construction is prohibitive to purchase. There are also advantages: you can configure it as you wish, in terms of the interior layout of the spaces (where possible), but also with regards to its interior decoration - that is, you can choose the ‘final finishes’ that you desire (ceramics, floors, sanitary ware, wood, counters, knobs, mixers, etc.), depending on your taste and budget. In the end, you will have a house or apartment that you designed, with your own personal touch and you are the first people going in.
In the case of a house or apartment under construction, the payment is carried out in stages, i.e. you pay a certain percentage of the final price, per stage. For example, you will first pay a down payment (usually 30% of the total sales price) and then pay a certain amount according to the construction progress.
Value Added Tax (VAT): In addition to the price of the property, you should keep in mind that you will have to pay extra Value Added Tax. VAT is not calculated on the price, because it differs from case to case. That is, if the buyer has no other home in their name, then it can be declared as a first home and, in this case, VAT is 5% of the sale price. However, when a buyer has another residence in their name (e.g., their regular permanent residence home) the VAT amounts to 19%. Also 19% VAT applies for cases that the buyer is buying purely for investment purposes i.e to rent the property out. A percentage of the VAT could be claimable in the case that the property will be rented out on a short term basis.
Used property: Here, we’re talking about houses or apartments that have a previous owner and have been inhabited in the past. A used home or apartment may need some sort of repair or renovation. You should be very careful in assessing its condition and what it will take to make the property habitable once again, according to your needs. You should pay particular attention to this and seek the opinion of experts: a contractor, a civil engineer and an architect are the ones who will make a better assessment of the condition of the property and will be able to tell you exactly what needs to be done and how much it will cost to repair, complete or partially renovate the dwelling. In this case, the time factor is also something to keep in mind. How long will it take to prepare? Are you willing to wait?
Title Deeds: Having a title deed and transferring it to your name is something you must consider. In the case of a ready-made property, the seller may have the title deed ready. If not, it may be in the process of obtaining title deeds from the relevant authority. You have to ask and find out: Why hasn't the title deed been issued yet? Are there any obstacles? And if so, what are the obstacles? Are they easily overcome/ solvable? Or will you get involved in time-consuming - and perhaps costly - procedures? Your legal representative should be able to investigate all these factors and advise you accordingly.
Expenses for transfer of title deeds: This applies only in the case of a used house/ apartment, and the amount is determined according to the land registry valuation at the day of transfer (not on the agreed sale price). For residences worth up to €85,000, the percentage for transfer costs is 3%, for residences up to €170,000 the percentage is 5% and for residences with a value of €180,000 and above the percentage is 8%. In recent years, however, there has been a government reduction in transfer costs, which splits the rate in half. That is, for houses worth up to €85,000 it is 1.5%, up to €170,000 it is 2.5% and from €180,000 and above it is 4%.
