It is important to know the final price of your future property.
In some cases, an approximate figure is enough. However, if there are large transactions, the final sum greatly affects the total amount of taxes and costs related to the transaction.
Let's learn several scenarios how to evaluate prices of your property on the island of Aphrodite.
How you can calculate your home value
Let's suppose you need to find out the approximate value of an apartment/house in Cyprus in order to understand if you can buy it within three years. The owner begins pre-sale preparation, but still lives in their apartment/house and is in no hurry to move out. In this case, everyone understands that there is no point in the final price. Also, the real estate market during 3 years can both rise and fall. Usually for three years the price of finished units grows by 8-15%, or remains stable.
Based on all sorts of open sources, you can accurately evaluate the property you want to buy. It all depends on the quality of the information found, a reasonable approach and understanding of the features of the local market.
How to do it? For example, check the DOM Real Estate database, the biggest database in Cyprus. Then, find properties similar to yours and their prices. Remember that there you can have the "advanced search" section, where you can choose additional characteristics such as a title deed, furniture, pool, distance from the sea, the age of the building, and many others.
DOM also has an online home valuation, where you can enter the parameters of your property and get the average cost for your apartment or house, which is automatically calculated by many parameters.
You can compare your apartment with offers on marketplaces. For example, take a look at the Bazaraki website. The only bad thing here is that many ads are outdated, sometimes for years. By the way, many sellers on such websites are also agents with their interest.
What makes up the market price
The price of apartments on the island of Aphrodite consists of several main parameters:
- Distance from the sea
- Property quality and total area
- Local infrastructure
Depending on what exactly the buyer is looking for, the importance and value of each parameter may vary. In Europe, home energy efficiency is also taken into account when selling and valuing, as electricity costs are high. In Cyprus, new buildings must have the certificate class on paper, while the energy efficiency class in old buildings is still determined by eye.
In the small town of Paralimni (Southeast Cyprus), a stylish 2-bedroom apartment (total area of 97 m2), located in a house built in 2015, with all amenities and a communal pool, is estimated at 165 thousand euros.
In Larnaca and Limassol, similar apartments without a pool are now being sold at this price in houses (completion date of 2024). Among the ready-made options at this price, you can find a similar apartment in the Tersefanou area of Larnaca, remote from the sea.
Do not be afraid to include the cost of repairs and VAT of new buildings in the price of the old apartment/house.
The prices for real estate in Cyprus will grow in 2023
The market value of apartments varies due to general trends in the real estate market. In some districts, prices are rising, in others - they remain stable. According to the latest expert forecasts, property prices in Cyprus in 2023 will continue to grow steadily. And yet, it should be understood that this trend will be most noticeable in the busiest cities of the island, which were previously considered underestimated.
Of course, we are talking about the cultural capital of Cyprus - Paphos - in 2023, the average price of 1 m2 will be 2-3 thousand euros (it was 1.5-2 thousand euros in 2020, 2021 and 2022) and the air gates of Cyprus - quiet coastal Larnaca - the average price of 1 m2 will vary from 2.5 thousand euros to 3.5 thousand euros, which is identical to the prices of 2021. In addition, Limassol, which has the highest prices for the square meters - from 3.5 to 5 thousand euros - compared to 2022, it will also slightly raise the lower price bar to 4 thousand euros.
In other districts, prices in 2023 promise to remain stable. So, in the capital (Nicosia), the price of a square will be from 3 thousand euros to 4.5 thousand euros, as it was in 2022 and 2021. In Famagusta (controlled areas), 1 m2 will be from 3 thousand euros to 4 thousand euros, as in the period from 2020 to 2022.
New projects under construction
A separate block is the market for houses under construction. Let's say if the owner bought a property at the initial stage of construction, the price of the property rises rapidly with each new stage. According to DOM Real Estate experts, on average, by the middle of construction, the price of apartments purchased at the off-plan stage increases by 30-40%.
At the time of obtaining a title deed, the main certificate of ownership in Cyprus, new housing can become even more expensive. Prices can be tracked on the developer's website or in a common database.
Professional real estate appraisal
In some cases, you can not go without professional advice. For example, when selling elite, rare and commercial units.
The cost of the service is related to the price of real estate: the higher it is, the more expensive the appraisal. Usually the service costs 200-400 euros. To carry out activities, you need an appropriate license, so appraisers either cooperate with banks or work in a separate office.
Interested in housing in Cyprus? Check the DOM Real Estate website! The agency's website contains the largest real estate database in the country - more than 30 thousand residential and commercial properties throughout the island! Here you will find information about the latest development projects. Choose and contact professional boxers who will help you make the right choice!
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