Through the new column of the monthly online magazine of Synergy Real Estate, answers will be provided to various questions related to properties in Cyprus and the real estate market in Cyprus.
The managing director of our company, Christodoulos Kyriacou, thoroughly provides an answer to the question that was posed to him.
Which factors increase or decrease the value of a house/apartment, and in which ways can someone increase the value of their property in Cyprus?
“There are many factors that can positively or even negatively affect the value of a property, some of which may result from the actions of the current owner, while others are external and beyond control. For example, an external factor that could be considered an advantage, increasing the value of our property, is the construction of new infrastructure projects in the area or the establishment of a school.
If we, as owners, want to take action to increase the value of our used house or apartment, a good way to do so is through renovation and improvement of both interior and exterior spaces. Especially if the property is intended for sale, certain changes may completely transform its appearance, increasing the market value and potentially contributing to a bigger sale.
However, attention is needed in relation to the expenses and the choice of material and ‘finishes’, as their cost – which will be borne by the owner – does not necessarily guarantee a proportional increase in value. Furthermore, let’s not forget that our personal taste may not align with someone else’s taste, which could also apply in the case of an owner and a prospective purchaser.
However, there are other actions you can take to improve the selling price of your house, which I will list below:
- Upgrade the energy efficiency by focusing on thermal insulation and heating systems. Installing a photovoltaic and solar system is now considered essential elements of a property in Cyprus.
- Install a security door, new internal doors and double-glazed windows if they are not already present, for better soundproofing and thermal insulation.
- Renovate areas of the house such as the kitchen and bathrooms, which may show more wear and tear due to frequent use.
- Repaint the walls and upgrade the decoration and overall aesthetics of the space, in case these do not align with modern trends.
- Replace old or worn-out flooring and make necessary repairs.
- If you plan to rent out the property furnished, consider replacing all or some furniture that appears outdated or damaged, thus modernizing the overall look of the space.
- Maintain the house clean and tidy, especially during on-site visits by potential buyers or tenants.
- Pay special attention to the outdoor areas, as they play a significant role in the overall image of the property. Keep the garden well maintained and tidy up the courtyard and terraces.
However, it is essential to note that the matter becomes more complex when it comes to apartments, as you, as an owner, may be willing to invest in improving your property, but the entire building may require maintenance or renovation, with other owners not willing to contribute financially. However, a well-maintained apartment building with effective management of its common areas increases the value and marketability of the apartments, in contrast to a poorly maintained building.
Closing, If I had to draw attention to another point that affects the value of a property, I would focus on the existence or absence of final approval and a separate title deed. A property held as a share or with construction irregularities that prevent obtaining a clean final approval certificate has a serious impact on both its price and marketability.
Unfortunately, the phenomenon is observed frequently, where owners overlook permit conditions, engaging in ‘irregularities’ thinking that it will be used for personal residence, and adopting a ‘we’ll see and deal with it’ approach in case of wanting to sell.
Therefore, it is always recommended that owners take the necessary actions to ensure their properties are legal and correctly registered in the title deed. Not doing so reduces the chances of selling our immovable property.”
You can also send us your own questions about properties in Cyprus for resolution at info@synergyestates.cy.