We are very often faced with the question, whether by adding quality on a project/property it will make it pay. We can assure you that this is not an easy question to handle, since it depends amongst other things, what quality is.

1. We will say the primary question in terms of quality, is the location. So the better the location, the availability of public services, the views, proximity to urban facilities etc, the better the quality is. In terms of 1-10 points we will say that location will secure the 2 points.

2. The second matter is that of the design. We watch in horror some spacious villas designed primarily for the Russian market, that, save that particular market source, they do not appeal to many others, with the most likely alternative buyers being Arabs. In this context and notwithstanding an otherwise alternative design, which refers mainly to the external appearance, one must consider also the facilities provided – e.g. individual baths for all bedrooms, storage space, covered garage, etc. In this context we will give 2 points.

3. The third parameter is that of the expense of the materials. It is the norm that good quality materials cost more. Double glazing, imported ready made kitchens, good quality marble/ceramics, the use of VRV air conditioning as opposed to ordinary split units, the overflow pools, as opposed to the less expensive skimmer type, the use or not of shutters etc etc, are costly items, which are taken into account by the market. In this context we will give this heading 1 point (in terms of luxurious materials).

4. The garden size is another item to be remembered. Most gardens are not competitive in terms of size and as a rule we will suggest for permanent houses an average garden size for permanent homes 2-3 times the house size and in terms of holiday homes 1½-2 times. In terms of value we adopt 1 point.

5. The neighborhood plays also its role and this is specially important, as one price/house costs goes up and up. So if a house of good quality is set in a downgraded neighborhood, it should be discounted on this account alone. If for example we are to assess an apartment within a block where a number of Pontiacs (ex Russia Greeks) live, the value goes down since there is little demand by locals, save from other Pontiac people.
   
   The neighbors play also their role in terms of quality. Noisy neighbors, buy to let neighbors, as opposed to own home users, even the neighbors age play their role. In terms of quality of neighborhood we adopt 1 point.

6. Management of projects in comprehensive development projects is also a point to be considered. Good management and maintenance of the common areas is of paramount importance. What if the house is full of granite and marble, gold door handles etc, when the project as a whole is runed down, the private roads are unkept and the common facilities are out of use? In such cases you do not stand a good chance to sell the property at a reasonable price - 1 point.

7. The facilities provided in a project should claim also a point, be it after the initial “honeymoon” period. If the residents do not pay their common expenses, the numerous facilities become a nightmare. We note some new projects which have a project spa and extensive other facilities, such as an internal pool etc, which are non economically viable in terms of business value, but as an initial stage they are appealing. These sort of facilities sell, but if problems follow, then these facilities will become a liability. As an initial attraction however we adopt ½ point.

8. The developer’s “name” plays its role in small countries such as Cyprus. A good name which gives reliability and confidence, has its merits in terms of attraction, especially when the project has no titles/under construction - 1 point.

9. Maintenance cost should play a role, but it does not gets its fair share. Materials, which are used and are free/limited maintenance, should be credited with a point. Usually the maintenance free materials are more costly and sometime more ugly. So the use of sprits instead of paint, fare faced concrete as opposed to stone cladding, etc are not taken into account seriously by the market - 1 point.

So that you do not think that we are exaggerating this situation, two Nicosia developers (out of the hundreds) not only sell approximately at 25% more expensive than the competition, but also they have run out of properties to sell. These two developers are active in the local market, which is by far more difficult than the foreign one. So as a whole and referring to these two developers who reflect most of the points referred to before, sell at £1500/sq.m. (apartments), whereas the competitors sell at £1200/sq.m. This rate of 25% increase is the result of most of the points that we have referred to before and it is an example in particular to note and be taught by it. The points given in this article differ from town to town and from country to country, as well as from person to person. Large cities such as London, Paris, Athens etc have the location (address and even the particular street name abutment) as the main point of sale, whereas others place a lesser importance as a percentage to the total points. In central London for example the name of the particular road is “the market”, whereas in Athens the neighborhood is “the most” important and much less the road name/ location. Similarly in Athens who the neighbor is, is of crucial importance, e.g. a known celebrity etc, whereas in the U.K. this is not so important to the same extent.

Quality therefore has many interpretations and at the end of the day, it will depend on the individual to place his own score.

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