12.04.2021
There is often confusion when it comes to the area of an apartment in Cyprus and how it is calculated. Different companies and developers have their own approaches to sizing. For this reason, often buyers do not know what they are getting in the end. Some organizations use creative approaches aimed at inflating the size of the apartment they sell.
The standard approach was to calculate the total external area of the apartment. This includes covered verandas and the share of the total (covered) area of the floor on which the apartment is located. So, if the common hall and landing of the floor are, say, 20 sq.m, and there are 2 apartments of the same size on the floor, the area of the apartment increases by 10 sq.m for each. And in the case of different sizes of objects, the calculation is made in proportion to this ratio. Outdoor areas or verandas must be counted separately.
But unfortunately, some sellers include other common areas in the area of apartments. For example, the basement lobby, basement storage areas, and other shared or private covered areas.
Added confusion and land management. They, for their part, use the total area of the inside of the apartment, not even taking into account the covered outside area.
Therefore, when selling an apartment using a different approach, a discrepancy arises. For example, an apartment may be sold by a developer claiming to be 100 sq. m, but when the land administration registers the title document, it may turn out that it is 80 square meters. m or less.This methodology is now more common in the market, all new calculations consider balconies and common areas separately.
But how can a potential buyer really understand the size of the apartment he is looking for if there is no generally accepted practice?
In the UK, the area inside the apartment is given, excluding external and internal partitions and common areas. In Greece, the indicated area does not include the total area and verandas.
We propose to be guided by the following principles for calculating the area in Cyprus:
Calculate the total area of the apartment (including external walls and 50% of partitions with adjoining apartments, if any)
Exclude all common areas from counts
Include in the calculation covered verandas up to 50% of the area of the apartment, depending on its size.
Include up to 1/3 of the area of open verandas (depending on size).
Prices for new buildings in Nicosia are about 2,500 euros/sq.m, in Limassol – 3,000 euros/sq.m, in Larnaca – 2,200 euros/sq.m, in Paphos – 2,000 euros/sq.m. Prices for new buildings and in tourist areas range from 12,000 euros/sq.m (near the beach) to 7,000 euros/sq.m. Usually a storage room and a parking space are included in the price.
Old properties will cost approximately 15-30% less, depending on location, condition and age. In some cases, old houses can be more expensive than new ones. For example, because of the documents confirming the ownership, or because of the presence of gardens. But, of course, this is a rarity now, as new facilities have all the modern conveniences.As apartment prices continue to soar, correct floor space calculation becomes even more important.
