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25 April 2022

Mission "Sell Apartment in Cyprus": How to Set Right Price?

In order to determine the price, you just need to understand how expensive real estate is for you and find the right figure.

But for some reason there are people who have been trying to do this for years...

My neighbor, the captain, who is also my landlord, completely could not do it. He took potential buyers to my penthouse, and I had to participate in all this and kept silent about the fact that the ceiling leaks in winter. Nevertheless, the process was exciting. At first, he estimated the apartment price to be like the price of one medium-sized cheap boat. Not a new boat, but roomy and under the name of some famous Greek of the time of Homer. Later, he tried to sell a house at an average price. He's been selling it for three years. As a result, he set the price three times higher and immediately found a buyer! And I had to move to an apartment nearby.

I think you guessed that the story described above took place in Larnaca.

It is here that the number of transactions and prices have been actively growing over the past few years, but the average cost of a square is not as high as in Limassol. There is a construction boom and the influx of tourists.

2021 was busy for the Island of Aphrodite.  

In 2021, the number of transactions in the island's real estate market returned to the pre-pandemic level. At the same time, the average price over the past year has increased by only 1%, and the average transaction value, on the contrary, has fallen in price by 14%. The properties at the price of 100-300 thousand euros were in the greatest demand. This suggests that people were actively buying housing for themselves with help of the bank mortgage and other types of government support.

Luxury real estate, as before, mainly attracts foreigners. The volume of this sector is only a tenth of the total.

Commercial real estate is even less — only 6%. But on the other hand, it is in this sector with pricing that everything is very clear and orderly, no amateur activity. 

Features of real estate pricing in Cyprus

Speaking of pricing in Cyprus, it should be noted that the locals are used to haggling. This was taught to them by the Turks even before the arrival of the British on the island. Today, when selling housing, they almost always put an additional 2-5 thousand euros to the price.

But if we are talking about new buildings, then bargaining is not appropriate here. Of course, developers sometimes offer some discounts and promotions, but in general, prices for new apartments reflect the latest trends in real estate. 

According to many experts, the pricing in Cyprus differs markedly depending on the city and market sector.

Nicosia — prices here seem more logical

Real estate sellers in Nicosia usually spend some time searching for buyers. And all because their prices are according to the public demand, people want to buy a house in the capital of Cyprus. The domestic market is most active here. In addition, Nicosia attracts investors from all over the world who know exactly what they want. They are not afraid of the proximity to Northern Cyprus and the lack of a beach within walking distance.

Larnaca and Protaras: look at a price of your neighbor, especially of your neighbor in Limassol

With all due respect to the locals, it should be noted that sellers often overestimate their property. If a neighbor has successfully sold a house for half a million euros, this becomes a strong argument to set exactly the same price, no less.

The proximity of Limassol and the presence of the airport inspire sellers Skala (the old name of the municipality of Larnaca) the desire to raise prices. We must say, sometimes it really works. For buyers upset by Limassol prices, a house in Larnaca for 400 thousand euros already seems like a gift of fate.

Limassol: an elite high-rise next door will increase the cost of housing by 2 times. 

The real estate market in Limassol has a number of features. The main one is the high price per square meter, especially in the central areas on the coast. A wide choice of housing in modern and expensive houses magically pushes up prices in houses of the old housing stock. 

At the price of a new 2 bed apartment in the center of Larnaca, only a secondary apartment will be available in Limassol, requiring a full repair.

But for those who have at least 500 thousand euros, it is easy to find a modern cozy nest for the whole family. At the same time, there will be high-quality infrastructure and schools for every need nearby. 

Paphos is the European capital of culture and young people over 60

No matter how hard the municipality of Paphos tries to form the image of a young and democratic city, only pensioners from northern Europe are adamantly going there. They also buy houses on the seacoast. Based on the requests, Paphos is actively being built up with high-quality residential complexes of the average price category for mature people and pensioners.

The distance from the financial centers of Cyprus — Nicosia and Limassol — allows you to keep average house prices moderate. At the same time, sellers take advantage of the fact that in tiny Paphos it is forbidden to build tall buildings within the historical center. So, housing with a beautiful view of the cradle of Aphrodite is always much more expensive here. 

How to properly evaluate your apartment in Cyprus

To set the price as correctly as possible, realtors advise to invite a professional appraiser.

An appraiser is a real estate specialist who determines the cost of housing. He has a license for this activity and a database of the real estate market is available. 

Of course, an experienced realtor can also help his client set a price.

He also has a real estate market database at hand. But in some controversial situations, it is useful to contact the appraiser. The cost of their services is calculated based on the price of the object and is not included in the list of standard services of real estate agencies. The more expensive the object, the higher the cost of evaluation. The average price of the service is 200-300 euros.

As you may know, the invitation of an appraiser is mandatory when buying a home with a mortgage.

The bank issues a loan based on this information. Well, if a mortgage is not required, sellers of secondary housing can set any price. The question is how high is the demand for this property.

In Cyprus, an appraiser is most often attracted to the sale of commercial and luxury real estate. As a rule, this allows you to save a lot of time and sell the project faster.

Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website offers a huge selection of real estate —residential and commercial. Experienced agency specialists will be happy to help you make the right choice.

See also:

  1. Buying real estate in Cyprus for cryptocurrency
  2. How to sell property in Cyprus if Owner Minor
  3. Permanent residence in Cyprus - permanent residence permit through real estate investments
  4. Land Registry Department in Cyprus
  5. Zena Complex: The Sleeping Giant of Nicosia
  6. Redevelopment in Cyprus: what, where and with whom it is necessary to coordinate
Source: DOM
Photos: DOM
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Майя П 05.04.2023 in 12:14
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