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Cyprus Property Market
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General
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The Market of Cyprus
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Property Pricing Factors
General
The designated Planning Zone to a piece of Land
denotes its' 'rights' and the degree of up to which it can be built up
(read 'Land' Section). It is actually this
'right' that buyers have to pay for! Bearing this in mind, quite
logically someone could come to the conclusion that places with lower
building densities should be really cheaper; this is truth. Such places
are mainly the suburban and rural areas. However, this is not always
applicable as the 'Demand & Supply' factor seems to complicate and 'mess
up' the market of real properties.
The nowadays trend of people to build their own
home in a remote area -regardless their motives- by relying on the
car-use convenience, has 'pushed' all of the recent development in
Cyprus towards the rural areas. The result was to maximise the Demand
and of course the value of Land and Homes. (The reasons of this result
are numerous & cannot be extensively described here). On the other
hand though, the consumption of the countryside and Greenfield Land has
no precedence. This vast 'waste' of Land is in contradiction with the
current policies both on the National and International level, which aim
to develop 'compact cities'. The major obstacle in delivering compact
settlements though in Cyprus is the constitutional inalienable right of
property ownership which at the end of the day cannot stop completely
the development in the countryside.
All of these trends, including many other
significant factors, have dramatically and in a strange way affected the
value of real property in Cyprus and particularly Land's.
The Market of Cyprus
In heavily populated
areas of Cyprus where the allowed coverage is more than 50%, prices are
around CY £900 per built square metre. In other areas where the allowed
coverage is only 20 - 30%, prices range from CY £1,300 to £2,000 per
square metre, or even more in more exclusive areas. Those can be spots
with unobstructed view, seaside properties etc. A comparison between
different types of buildings indicates that apartments are the cheapest
ones, townhouses come second whereas detached houses (villas) are the
most expensive.
Prices per built square meter in Cyprus Pounds
per Administrative District
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2003 |
2004-2005 |
2006 |
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Nicosia |
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| Villas |
550-900 |
700-1500 |
700-1700 |
| Apartments |
500-750 |
700-1200 |
700-1300 |
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Limassol |
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| Villas |
500-850 |
350-1200 |
650-1500 |
| Apartments |
450-800 |
650-1200 |
650-2500 |
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Paphos |
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| Villas |
500-900 |
700-2500 |
700-2700 |
| Apartments |
400-800 |
700-3200 |
700-3200 |
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Larnaca |
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| Villas |
400-750 |
550-2000 |
550-2000 |
| Apartments |
400-750 |
600-1000 |
600-1500 |
In the case of lower allowed coverage, much more land is included in the
plot, allowing more amenities such as private garden, swimming pool and
privacy as the distance between the buildings is more. This of
course requires more land if it is to keep the total built area of a
house on a descent level.
Property Pricing Factors
It is not easy to
price a real property. As we are always talking about money it is
important to distinguish in our minds the difference of 'price' and
'value'. 'Price' denotes strictly an amount of money whereas 'value'
can be perceived as moral value, social value etc.
The factors that affect
the price of a real property are: the age of the property, its' quality,
the location, its' orientation, the offered view, the convenience, the
degree of privacy, the walking distance from various facilities/services
or the sea, the social class of the neighbours, the supply and demand of
the market, the street network type, the taxation etc.
All of these factors
are always
considerable and determinant for the pricing a real property. In Cyprus
for example, there is a trend of seaside property owners to ask for
extraordinary amounts of money. As of course, properties that adjoin
the coastal line become less and less in the island's market, those
numbers will become astronomical.
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Please use our
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property by setting your budget's limitations and the rest
features
Notice: As our website might be
out of date, please contact us and set us the features of the
property you are looking for. |
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