By Antonis Loizou
Notwithstanding the prevailing economic situation in Cyprus, and despite the ample supply of apartments on the market, both from the forced sale procedures, as well as due to the private market, there appears today an emerging market for quality units being eyed by a different end-user than ordinarily expected.
We refer in this article to the local and not to the foreign market, and this is why we find this trend a bit strange. It is evident that – notwithstanding the unemployment levels – there are still some local people who are doing very well (their numbers include professionals such as auditors, lawyers, doctors, and so forth), and who have not been economically impacted, but, to the contrary, have seen their income increase.
For this group of people, the numbers of those jobless or made redundant, the cashing in of provident funds/etc. and other payments made, as well as the low deposit interest rates, have all amounted to an enhanced/quality demand for property, with most buyers paying in cash or with little loans requirement. We have noted that potential buyers are now more demanding, and what follows are the general requirements that we have come across so far (in terms of the local market’s apartments).
- Small blocks of apartments, each not exceeding 10-12 units
- Modern architecture and maximum privacy
- Minimum one parking bay (preferably two) per unit and one storage room
- A secured entrance with automatic doors, responding to an entry code
- A high-speed, top-quality lift, nicely fitted out
- Security-enforced apartment doors
- A general security system for the apartments
- VRV (variable refrigerant volume) system A/Cs and provision for central heating with individual meters (if not individual boilers)
- Solid wood floors, double-glazed windows with shutters in the bedrooms and glass wall panels for the verandas.
- A roof garden (in some cases) with facilities
- An electric garage/yard with a remote-controlled gate
- A shower/W.C. for each bedroom and a guest W.C.
- Satellite, solar heating and an installed internet connection
- A false ceiling/spot lights in living areas, and modern Italian-type kitchens (even if on the small side)
- A strong desire for an organised and properly operating administrative committee and common expenses agreement (difficult)
- For two-bedroom units, the average “like” size is approximately 100sq.mts. (including verandas) and for the three-bedroom units, 120sq.mts. (also including verandas). Verandas to be of a large size, and available not only for the living room but also for the kitchen (small)
- Pipe in pipe systems to be used (to limit water leakage), Italian-style wardrobes, double walls (especially with regards the dividing wall with other units), and additional thermal insulation.
And so on.
In Nicosia, prices for sound, quality units with such specifications have reached around €3,000/sq.m., (whereas the standard and older ones are now going at about €2,000/sq.m.). Of course, this can vary based on the location and amenities of the immediate area.
So there you are… There is a huge difference between modern with updated facilities units and those that have modern facilities. Who said that locals have no cash? It’s most likely to have been stashed at home or abroad.
Antonis Loizou & Associates LTD Property Values & Property Consultants