Comparing Costs for Apartments in Cyprus

There is a excellent confusion about the extent of the flats in Cyprus and how this is measured.  Each individual group/developer takes advantage of his own methodology of calculation, so the unsuspecting purchaser does not know what he is really shopping for. Many developers and gross sales people today use imaginative techniques of how the extent ought to be calculated, commonly by giving an exaggerating image of the measurement.

The “marketplace” makes use of the gross creating area of an condominium, i.e. the exterior spot of the device, including the lined verandahs and a proportion of the prevalent (included) region on the ground that the condominium is situated. As this sort of, if the typical corridor and the staircase of the floor is, say, 20 sq.mts., and there are 2 units of an equivalent dimensions sharing the flooring, the condominium dimensions will increase by 10 sq.mts. each individual (or in analogy with relation to the measurement of just about every device). Uncovered places/verandahs should be specified independently.

Sad to say several “imaginative” people, include in the sq.mts. of the unit, the proportion of the floor common entrance corridor, the retail outlet area in the basement/parking and other covered parts which are in popular use.

To the full confusion, the Lands’ Office environment has chosen to abide by its own way, by supplying the gross location of the condominium (excluding the common area) i.e. the exterior developing area and in addition, it refers independently to the coated and uncovered verandahs.  So, in these types of circumstances, the condominium which a developer sells for (say) 100 sq.mts., the Lands’ Business office registers the title deed say 85 sq.mts. or even 70 sq.mts., furthermore say 5 sq.mts. of covered verandah (excluding the common hall).

How then can a standpoint customer be able to assess the numerous apartments which he is hunting to invest in if there is no widespread basis of calculation? – In the U.K. the sq. meterage (sq.ft) is presented in terms of internal dimensions, excluding the external and inside dividing partitions and also widespread parts, whereas in Greece the extent is supplied excluding the prevalent space and the verandahs.  As this sort of, we propose, as a comparative approach for would be buyers, to use the following:

1.      Gross location of the apartment (exterior partitions integrated and 50% of the dividing walls with the apartment abutting – if any).

2.      Contain the share of the typical place on the floor on which the condominium is positioned in analogy of the extent of every single condominium – up to a rational extent of 15%.

3.      Incorporate lined verandahs up to 20% of the apartment extent.

4.      Involve uncovered verandahs but 1/3 of their extent

At the very least this is a approach dependent on which 1 can evaluate with the alternatives.

With the prices of the residences reaching a high degree, you do respect that the proper measurement of an apartment gets very major.  The prevailing selling prices in Nicosia now (new models) is about €2000/sq.mt., in Limassol €2500/sq.mt., in Larnaca €1850/sq.mt. and in Paphos €1950/sq.mt.  For the tourist locations the selling prices assortment from €12000/sq.mt. (seashore) to €4000/sq.mt. (non seashore but near to it).  In the complete price tag, the worth of a retail outlet (usually 3 sq.mts.) and the parking space is included.  2nd hand accommodation have a discount selling price from the manufacturer new ones around 15%-30%, depending on the locale and the conventional of maintenance, as very well as the age.  There are occasions that second hand models have a increased worth than the new ones (e.g. for the reason that of availability of titles, experienced gardens etcetera) though this is a rarety.

If you want to review the price of an apartment in relation to a different a single, we are supplying you under a components, which, although not precise, is mainly valuable in comparing selling prices.

  1. Unit spot such as the external partitions. Common partitions with neighbouring proprietor to be measured at 1/2 of its width: Unit 1 (100m sq = 100m sq)
  2. Lined balcony place up to 20% of the higher than m sq: Unit 1 (20m sq = 20m sq)
  3. As above and about 20%: Unit 1/2 (10m sq/2 = 5m sq)
  4. Common use space proportionate to the condominium up to 15% of the area 1-3 (=125m sq): Unit 1 (19.0m sq = 19.0m sq)
  5. In excess of 15%: Device 1/2 (10m sq = 5m sq)
  6. Uncovered balcony/backyard up to 20% of the region of 1-5: 50%
  7. About 20% uncovered balcony/yard: 20%

We hope that this, in some way straightforward, but primarily based on a widespread ground method, is to be adopted by all in order to keep a similar system for the advantage of the prospective buyers who are not absolutely knowledgeable of what they are in fact buying.

We hope that we are of some assist to your search to buy an condominium.

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