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A new generation of apartments

12 February 2017

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Construction in Cyprus

Prices for sound quality units with such specifications have reached in Nicosia around €3.000/sq.m. (whereas the standard and older ones are now at €2.000/sq.m.). this can vary on location and facilities of the immediate area.

Notwithstanding the prevailing economic situation in Cyprus and notwithstanding the ample supply in the market for apartments, both from the forced sale procedures, as well as the private market, there appears under creation an emerging market for quality units.

We refer in this article to the local market and not to the foreign and this is why we find it a bit strange. It is evident that notwithstanding the unemployment level, there are some people who are doing very well (such as auditors, advocates, doctors etc) who have not been affected, but on the contrary their income is on the increase. To this group, the various redundancy amounts, the cash in of provident funds etc and other payments made, as well as the low deposit interest rates have created an enhanced/quality demand with most buyers paying in cash or with little loans requirement. We noted that potential buyers are now more demanding and in general we write down the requirements we have come across so far (for the local market apartments).

  • Small block of apartments not exceeding 10-12 units

  • Modern architecture and maximum privacy

  • Minimum 1 parking (preferably 2) per unit + 1 storage room (if large enough could be used as a maid’s room – be it slightly illegal)

  • Secured entrance with automatic doors with code

  • High speed top quality lift nicely decorated

  • Security apartment doors

  • Security system for the apartments

  • VRV system, A/C and provision for central heating with individual meters (if not individual boilers)

  • Solid wood floor, double windows with shutters in the bedrooms, glass wall panels for the verandahs.

  • Roof garden (in some cases) with facilities

  • Electric garage/yard remote control gate

  • Shower/w.c. for each bedroom and guest w.c.

  • Satellite, solar heating, internet installation

  • False ceiling/spot lights in living areas and modern Italian type kitchen (be it small)

  • Strong desire for proper administrative committee and common expenses agreement (difficult)

  • For 2 bedrooms average “like” size is approximately 100 sq.mts. (including verandahs) and for the 3 bedroom 120 sq.mts. (including verandahs). Verandahs to be of a large size not only for the living room but also for the kitchen (small).

  • Pipe in pipe systems to be used (limiting water leakage), Italian style wardrobes, double walls (especially the dividing wall with other units), thermal insulation in addition.
    Etc

Prices for sound quality units with such specifications have reached in Nicosia around €3.000/sq.m. (whereas the standard and older ones are now at €2.000/sq.m.). this can vary on location and facilities of the immediate area.

So there you are there is a huge difference for modern with updated units and those which have modern facilities. Who said that locals have no money (most likely they are kept at home or abroad).

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