A resale property is essentially a second-hand home, but more specifically, it is a property that has already been listed on the land registry.

Unlike new builds, resale properties are not bought directly from the developer or builder. Instead, they have had one or more previous owners. However, it's important to note that sometimes resale property can still be in brand-new condition having never been occupied - the property may have been bought off plan by an investor with the intention to flip it on completion. Properties in this condition need to be differentiated from ‘Key Ready’ which are properties that have been completed by the builder and are ready to be moved into but that have not yet been registered. As we saw in the budgeting chapter, the distinction is important as, where the property may be in the same condition, the taxes applicable are different.

Resale properties encompass a wide range of homes, from older, more traditional houses to modern apartments. In the coastal areas popular with expats I like to consider properties as falling into three generations. The generations coincide with the building booms of the last half century.