September 24, 2023


I Believe in Real Estate

Evaluating Costs for Flats in Cyprus

4 min read

There’s a nice confusion relating to the extent of the residences in Cyprus and the way that is measured.  Every group/developer makes use of his personal methodology of calculation, so the unsuspecting purchaser doesn’t know what he’s really shopping for. Numerous builders and gross sales folks use imaginative approaches of how the extent needs to be calculated, often by giving an exaggerating image of the dimensions.

The “market” makes use of the gross constructing space of an residence, i.e. the exterior space of the unit, together with the lined verandahs and a proportion of the widespread (lined) space on the ground that the residence is located. As such, if the widespread corridor and the staircase of the ground is, say, 20 sq.mts., and there are 2 items of an equal dimension sharing the ground, the residence dimension will increase by 10 sq.mts. every (or in analogy with relation to the dimensions of every unit). Uncovered areas/verandahs needs to be given individually.

Sadly varied “imaginative” folks, embody within the sq.mts. of the unit, the proportion of the bottom widespread entrance corridor, the shop space within the basement/parking and different lined areas that are in widespread use.

To the entire confusion, the Lands’ Workplace has chosen to observe its personal approach, by giving the gross space of the residence (excluding the widespread space) i.e. the exterior constructing space and as well as, it refers individually to the lined and uncovered verandahs.  So, in such circumstances, the residence which a developer sells for (say) 100 sq.mts., the Lands’ Workplace registers the title deed say 85 sq.mts. and even 70 sq.mts., plus say 5 sq.mts. of lined verandah (excluding the widespread corridor).

How then can a perspective purchaser have the ability to examine the assorted residences which he’s seeking to purchase if there is no such thing as a widespread foundation of calculation? – Within the U.Ok. the sq. meterage (sq.toes) is given by way of inner dimensions, excluding the exterior and inner dividing partitions and in addition widespread areas, whereas in Greece the extent is given excluding the widespread space and the verandahs.  As such, we recommend, as a comparative technique for can be consumers, to make use of the next:

1.      Gross space of the residence (exterior partitions included and 50% of the dividing partitions with the residence abutting – if any).

2.      Embrace the share of the widespread space on the ground on which the residence is located in analogy of the extent of every residence – as much as a logical extent of 15%.

3.      Embrace lined verandahs as much as 20% of the residence extent.

4.      Embrace uncovered verandahs however 1/3 of their extent

A minimum of this can be a technique based mostly on which one can examine with the options.

With the costs of the residences reaching a excessive stage, you do admire that the right measurement of an residence turns into fairly critical.  The prevailing costs in Nicosia now (new items) is round €2000/, in Limassol €2500/, in Larnaca €1850/ and in Paphos €1950/  For the vacationer areas the costs vary from €12000/ (seashore) to €4000/ (non seashore however near it).  Within the whole value, the worth of a retailer (often 3 sq.mts.) and the parking area is included.  Second hand lodging have a reduction value from the model new ones round 15%-30%, relying on the situation and the usual of maintenance, in addition to the age.  There are situations that second hand items have a higher worth than the brand new ones (e.g. due to availability of titles, mature gardens and many others) though this can be a rarety.

If you wish to examine the worth of an residence in relation to a different one, we’re supplying you with under a system, which, though not exact, is especially helpful in evaluating costs.

  1. Unit space together with the exterior partitions. Frequent partitions with neighbouring proprietor to be measured at 1/2 of its width: Unit 1 (100m sq = 100m sq)
  2. Coated balcony space as much as 20% of the above m sq: Unit 1 (20m sq = 20m sq)
  3. As above and over 20%: Unit 1/2 (10m sq/2 = 5m sq)
  4. Frequent use space proportionate to the residence as much as 15% of the realm 1-3 (=125m sq): Unit 1 (19.0m sq = 19.0m sq)
  5. Over 15%: Unit 1/2 (10m sq = 5m sq)
  6. Uncovered balcony/backyard as much as 20% of the realm of 1-5: 50%
  7. Over 20% uncovered balcony/backyard: 20%

We hope that this, someway easy, however based mostly on a typical floor system, is to be adopted by all to be able to keep a comparable technique for the good thing about the consumers who aren’t totally conscious of what they’re really shopping for.

We hope that we’re of some assist to your search to purchase an residence.

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