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## Comparing Prices for Apartments in Cyprus

There is great confusion regarding the extent of apartments in Cyprus and how it is measured. Each group/developer uses its own method of calculation, so the unsuspecting buyer does not know what he is actually buying. Different developers and sales people use imaginative approaches to how the extent should be calculated, usually giving an exaggerated picture of the size.

“Market” uses the ratio of the apartment’s gross building area, i.e. the unit’s exterior area, covered verandah and common (covered) area on the floor where the apartment is located. Thus, if the common hall and floor staircase is 20 sq.mts, and there are 2 units of equal size sharing the floor, the size of the apartment increases by 10 sq.mts. each (or in equality with respect to the size of each unit). Open spaces/balconies should be provided separately.

Unfortunately various “imaginative” persons, included in sq.mts. of unit, proportion of ground common entrance hall, storage area in basement/parking and other covered areas which are in common use.

In all the confusion, the land office has chosen its own way by giving the total area of the apartment (excluding common area) i.e. the area of outbuildings and further, it refers separately to covered and uncovered verandahs. So, in such a case, the developer has 100 sq.m. Apartment sold in, land office registers 85 sq.mts. Or say 70 sq.mts., plus 5 sq.mts. of covered verandah (except common hall).

So how can a prospective buyer compare the different apartments he is looking to buy if he has no common basis of calculation? – In the UK square meterage (sq.feet) is given in terms of internal dimensions, excluding external and internal partition walls and common areas, while in Greece the extent is given excluding common areas and verandas. As such, we recommend, as a comparison method, buyers, to use the following:

1. Gross area of the apartment (external walls included and 50% partition walls enclosed the apartment – if any).

2. To the extent of each apartment – Include part of the common area on the floor where the apartment is situated in the equality of the logical extent of 15%.

3. Include covered verandahs up to 20% of apartment extent.

4. Contain exposed veins but 1/3 of their extent

At least this is a method on which to compare the alternatives.

As the price of apartments reaches a high level, you appreciate that the exact measurement of the apartment is very serious. Current prevailing prices (new units) in Nicosia around €2000/sq.mt., Limassol €2500/sq.mt., Larnaca €1850/sq.mt. and €1950/sq.mt in Paphos. Prices for tourist areas range from €12000/sq.mt. (beach) to €4000/sq.mt. (Non beach but close to it). The total price includes the price of the store (usually 3 sq.mts.) and the parking space. Second hand housing is priced around 15%-30% off brand new depending on location and level of maintenance, as well as age. There are instances where second hand units have a greater value than new (eg availability of title, mature gardens etc) although this is rare.

If you want to compare the price of one apartment in relation to another apartment, we are giving you a formula below, which, although not exact, is mainly useful for comparing prices.

- Unit area with external walls. Common walls with neighboring owner should measure 1/2 of its width: Unit 1 (100m sq = 100m sq)
- Covered balcony area up to 20% of above m sq.: Unit 1 (20 m sq. = 20 m sq.)
- Above and beyond 20%: Unit 1/2 (10m sq/2 = 5m sq)
- 1-3 (=125m sq) Proportional use area of apartment up to 15% of area: Unit 1 (19.0m sq = 19.0m sq)
- More than 15%: Unit 1/2 (10 square meters = 5 square meters)
- 1-5 Up to 20% of area Open balcony/garden: 50%
- More than 20% open balcony/garden: 20%

We hope that this, something simple, but based on a common base formula, will be adopted by everyone to maintain a comparative method for the benefit of buyers who do not really have full information about what they are.

We hope we will be of some help in your search for buying an apartment.

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