September 29, 2023


New Estate

Evaluating Costs for Residences in Cyprus

4 min read

There’s a nice confusion concerning the extent of the flats 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 truly shopping for. Numerous builders and gross sales folks use imaginative approaches of how the extent needs to be calculated, normally by giving an exaggerating image of the scale.

The “market” makes use of the gross constructing space of an house, i.e. the exterior space of the unit, together with the coated verandahs and a proportion of the widespread (coated) space on the ground that the house 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 house dimension will increase by 10 sq.mts. every (or in analogy with relation to the scale of every unit). Uncovered areas/verandahs needs to be given individually.

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

To the entire confusion, the Lands’ Workplace has chosen to comply with its personal means, by giving the gross space of the house (excluding the widespread space) i.e. the exterior constructing space and as well as, it refers individually to the coated and uncovered verandahs.  So, in such instances, the house 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 coated verandah (excluding the widespread corridor).

How then can a perspective purchaser be capable to examine the varied flats which he’s seeking to purchase if there isn’t any widespread foundation of calculation? – Within the U.Okay. 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 could be patrons, to make use of the next:

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

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

3.      Embody coated verandahs as much as 20% of the house extent.

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

Not less than it is a technique primarily based on which one can examine with the options.

With the costs of the flats reaching a excessive degree, you do respect that the right measurement of an house turns into fairly severe.  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 (normally 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 better worth than the brand new ones (e.g. due to availability of titles, mature gardens and many others) though it is a rarety.

If you wish to examine the worth of an house in relation to a different one, we’re providing you with beneath a formulation, which, though not exact, is principally 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. Lined 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 house as much as 15% of the world 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 world of 1-5: 50%
  7. Over 20% uncovered balcony/backyard: 20%

We hope that this, one way or the other easy, however primarily based on a typical floor formulation, is to be adopted by all with a view to preserve a comparable technique for the advantage of the patrons who usually are not absolutely conscious of what they’re truly shopping for.

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

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