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 really shopping for. Numerous builders and gross sales folks use imaginative approaches of how the extent must 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 must 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 observe its personal method, 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 of examine the varied residences which he’s seeking to purchase if there isn’t any widespread foundation of calculation? – Within the U.Ok. the sq. meterage (sq.ft) is given by way of inside dimensions, excluding the exterior and inside dividing partitions and likewise widespread areas, whereas in Greece the extent is given excluding the widespread space and the verandahs.  As such, we advise, as a comparative technique for can 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

At the least it is a technique based mostly on which one can examine with the alternate options.

With the costs of the residences reaching a excessive stage, you do admire that the right measurement of an house turns into fairly critical.  The prevailing costs in Nicosia now (new items) 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. (seaside) to €4000/sq.mt. (non seaside however near it).  Within the complete 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 repairs, in addition to the age.  There are cases that second hand items have a larger worth than the brand new ones (e.g. due to availability of titles, mature gardens and so on) 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 under a components, 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 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, someway easy, however based mostly on a typical floor components, is to be adopted by all as a way to keep a comparable technique for the good thing about the patrons who usually are not absolutely conscious of what they’re really shopping for.

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