What prices for renting and selling apartments in Cyprus are considered reasonable, how many square meters an ideal property should have, what kind of apartment is considered functional - these and other questions were answered by developers, appraisers and real estate agents in Cyprus in a new survey by International Consultants & Appraisers Real Estate.
According to the report, International Consultants & Appraisers Real Estate sent out questionnaires to 100 respondents in July 2021. Of these, 48 agreed to take part in the study and express their views on the criteria for ideal real estate in the country.
According to the survey, when asked "what are the reasonable rental rates for apartments":
- 88.9% of the respondents said that the cost of a one-bedroom apartment should not exceed €500-600 per month, and 11.1% - €600-700;
- 55.6% of the respondents stated that the cost of a two-bedroom apartment should not exceed €700-800, and 44.4% - €800-900;
- 66.7% of respondents stated that the cost of a three-bedroom apartment should not exceed €1000-1150, 22.2% - €1150-1300, and 11.1% - from €1300 and more.
In addition to assessing the rent price, the respondents expressed their opinions on the value of real estate sales. And here's their answers:
- 77.8% said the cost of a high-quality one-bedroom apartment should range from €120,000 to €140,000 excl VAT, 11.1% - from €140,000 to €160,000 excl VAT, and 11.1% - from €160,000+;
- 55.6% said that the cost of high-quality two-bedroom apartments should range from €200,000 to €220,000 excl VAT, 33.3% - from €220,000 to €240,000 excl VAT and 11.1% - from €240,000 excl VAT and above;
- 66.7% said that the cost of high-quality three-bedroom apartments should range from €260,000 to €280,000 excl VAT, 11.1% - from €280,000 to €300,000 excl VAT and 22.2% - from €300,000 excl VAT and above.
As for the ideal floor area of apartments, 55.6% of the respondents noted that from 120 m2 and more, and 44.4% - from 110 m2 to 120 m2.
At the same time, for a three-bedroom apartment, 55.5% of respondents consider the ideal footage to be from 85 m2 to 90 m2, and 55.6% - from 80 m2 to 85 m2. 55.6% of the respondents said that the ideal footage for a two-bedroom apartment is 55-60 m2, and 44.4% - 60-65 m2.
100% of respondents also said that in addition the apartment must be equipped with air conditioning, 88.9% - a terrace, 88.9% - storage space, 77.8% - solar panels, 66.7% - heated floors , 44.4% - central heating.
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