Evaluating Costs for Flats in Cyprus

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 truly shopping for. Varied 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 condo, i.e. the exterior space of the unit, together with the lined verandahs and a proportion of the frequent (lined) space on the ground that the condo is located. As such, if the frequent corridor and the staircase of the ground is, say, 20 sq.mts., and there are 2 models of an equal dimension sharing the ground, the condo 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 frequent entrance corridor, the shop space within the basement/parking and different lined areas that are in frequent use.

To the entire confusion, the Lands’ Workplace has chosen to observe its personal manner, by giving the gross space of the condo (excluding the frequent space) i.e. the exterior constructing space and as well as, it refers individually to the lined and uncovered verandahs.  So, in such instances, the condo 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 frequent corridor).

How then can a perspective purchaser have the ability to examine the assorted residences which he’s seeking to purchase if there isn’t any frequent foundation of calculation? – Within the U.Ok. the sq. meterage (sq.toes) is given by way of inside dimensions, excluding the exterior and inside dividing partitions and likewise frequent areas, whereas in Greece the extent is given excluding the frequent space and the verandahs.  As such, we advise, as a comparative technique for could be consumers, to make use of the next:

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

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

3.      Embody lined verandahs as much as 20% of the condo extent.

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

A minimum of it is a technique primarily based on which one can examine with the alternate options.

With the costs of the residences reaching a excessive degree, you do respect that the proper measurement of an condo turns into fairly critical.  The prevailing costs in Nicosia now (new models) is round €2000/sq.mt., in Limassol €2500/sq.mt., in Larnaca €1850/sq.mt. and in Paphos €1950/sq.mt.  For the vacationer areas the costs vary from €12000/sq.mt. (seashore) to €4000/sq.mt. (non seashore however near it).  Within the whole worth, the worth of a retailer (often 3 sq.mts.) and the parking area is included.  Second hand lodging have a reduction worth from the model new ones round 15%-30%, relying on the placement and the usual of repairs, in addition to the age.  There are cases that second hand models have a higher worth than the brand new ones (e.g. due to availability of titles, mature gardens and so forth) though it is a rarety.

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

  1. Unit space together with the exterior partitions. Widespread 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. Widespread use space proportionate to the condo 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, someway easy, however primarily based on a standard floor system, is to be adopted by all to be able to keep a comparable technique for the advantage of the consumers who will not be absolutely conscious of what they’re truly shopping for.

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