What Is The Worth Of Your Home In Cyprus?
If you are one of those that are planning to sell a home in Cyprus anytime soon, then you've come to the right place. We at Property Canvas understand what it means and what it takes to make a home appealing to potential buyers while offering you the seller more profit than what you may have imagined.
While we are capable of selling off your properties in a hassle-free manner, in the last couple of years we've had to answer questions that relate to how much an apartment, house, villa, and bungalow cost in Cyprus.
If you have been following the recent happenings in the property market, you'll definitely know that there has been a slight increase in the value of the market. This has moved British expatriates in the country to consider owning apartments in certain areas of the country to ensure that they are eligible to apply for permanent residency.
At Property Canvas, we have a team of licensed and experienced individuals that are capable of evaluating your property. Our team of specialists can visit your property located in Paphos and some of the other major cities in Cyprus to evaluate its many features. This is done to enable us determine the value and what it would be worth in the current property market. Our team of specialists has been trained to make your property selling process as convenient as possible for you.
Currently, most of these foreign buyers are on the lookout for the best property deals. With this influx of these foreigners in the property market, locals who own properties have found it difficult to place a value on their assets. For the purpose of this piece, we'll take a look at the current value of properties in the country.
Value Of Properties In Cyprus
We definitely cannot discuss or dive into the value of properties in Cyprus before we first consider some of the many factors that may or may not add to the value or cost of either a bungalow, apartment, or villa. Some of the factors that determine the value of your property in Cyprus include but are definitely not limited to these;
- Location; there are no two ways about it, properties that are located in prime locations of Paphos like Kato Paphos, City Center, Universal, Coral Bay, etc would definitely be worth more than others found in and other suburban and urban areas (e.g. Koili, Tsada, Argaka, Polemi, etc) . These locations mentioned above are developed and have essential social amenities available. In addition to that, Cyprus have been identified to be amongst the cities with the lowest tax rates for expatriates with the recorded second lowest crime rate. These features will definitely contribute to the increase in the value of properties found in Cyprus. In essence, when it comes to valuing your property, location is taken into consideration.
- Age of the property; even if your property is located in any of those areas mentioned above, the age of your property will also contribute to how much it is priced. Older properties that have been built with outdated materials and styles would definitely not be worth as much as modern ones with the latest earthquake and tremor technologies installed in them. However, there are a number of old and quality properties that may be worth as much or even more than some of the modern buildings. The age of your property should be taken into consideration when it comes to determining the worth of your property.
- The condition of the property; this is another factor that affects how your property is valued. For your property to be worth more, it has to be in the right condition. That is, all renovations should be made. It should be clean, arranged, and have the necessary tools installed. To increase the worth of your property, you could also have the necessary paperwork available. This will give potential buyers the assurance that your property is safe and they would be willing to pay more than what they would ordinarily pay for that same apartment, bungalow, or villa.
- The size of the property; this is another factor that is taken into consideration when it comes to determining the value of your property. Properties that are larger often times are priced more than the smaller ones. For apartments and houses, the size is of the utmost importance if it is to be priced higher.
While there are other factors that should be taken into consideration when it comes to valuing a property, we have mentioned the most prominent of them.
With our experience in the property market, we have been able to break down different properties into categories. However, it is important that you bear in mind that these are just estimates that have been made based on previous sales that we have conducted. As mentioned earlier, the Cyprus property market has experienced a modest increase, meaning that this could be the best time for you to sell off that property. Here's a breakdown of the various properties in Cyprus as well as their estimated worth.
Bungalows over the last couple of months are gradually becoming one of the most sought after properties in Paphos. The traditional bungalows are currently been sought after the most. It has been revealed that British expatriates who want to either retire in the country or those that want to be eligible for permanent residency have found these traditional bungalows appealing. With the factors mentioned above in mind, some of the traditional bungalows are currently valued at €100,000 to over €150,000.
Our team of well-trained property evaluators carries out evaluations which help us determine the exact worth of your property. Our evaluation process is quite different from what you are already familiar with. We pay attention to detail while taking into consideration the various factors that may or may not affect the worth of your property.
Unlike the others mentioned, apartments are priced based on their square meter coverage as well as their location. For example, our specialists have revealed that a 2 bedroom apartment in the main tourist areas of Paphos (e.g. Kato Paphos, Universal, Tombs of the Kings) can be sold for about €120,000 or more depending on certain conditions.
Before valuing your apartment, it is important that you take into consideration the square meter coverage, the location, as well as the condition of the apartment. These factors contribute to increased value.
Houses that are part of a complex vary when it comes to how they are priced. The bigger the land and property, the higher the price that buyers would have to pay. Aside from the size, there are also other factors that contribute to the worth of your house. The average price for a townhouses at the time of writing this article is about €135,000.
According to our specialists, some of the villas feature either a communal pool or a separate one. This is why the value of these set of properties are substantial especially if they are semi-detached or detached. Currently, there are villas that are valued as high as €200,000 to €350,000. The bigger the land and property, the higher the price that buyers would have to pay. It has been revealed that villas located in central locations and major cities like those mentioned above happen to be more expensive than the others. Areas with lower crime-rate and low tax rates have been identified to be worth more than the others. This is because these British expatriates seeking either to retire in Cyprus or get a permanent residency would not want to pay higher tax rates or be robbed.
In addition, it has been revealed that villas with more amenities are also worth more than those with little. Some of the amenities include; the number of rooms, the pool, how big the rooms are, the outdoor space, kitchen space, and other modern accessories.
Unknown to most people, there are villas that are worth over €5 million. A number of factors play a part in how these villas are valued. Some of these factors include; the location, how big the villa is, the amenities found in the villa, the condition of the villa, as well as the age.
Whether you are looking to buy or sell off properties, at Property Canvas we have you covered. We have a team of well-trained and experienced evaluation specialists that are capable of determining the value of your property. In addition, we also help list your properties for sale, ensuring that you make as much as profit as possible without stress. For buyers, we have a list of apartments, townhouses, bungalows, and detached villas that they can choose from.
We offer buyers and sellers a hassle-free buying and selling process.