09.01.2023
Cyprus is considered a safe country, perhaps the safest country in the EU. However, the importance given to security in the real estate market is growing. Improved security increases the value of a property.
According to Interpol, Cyprus accounts for only 5% of crime in the UK, 6% compared to Germany and 14% compared to Spain. Despite this, crime in Cyprus, as elsewhere, is on the rise, and this has begun to worry homeowners.
This problem is especially relevant when it comes to holiday homes that are empty for a significant period of time.
In the Famagusta area , where holiday homes have been empty for months, theft is on the rise. Stolen items include a wide variety of items, including cheap items such as entrance mats, garden lamps, and even ceramic pots. Of course, there are more “profitable” thefts, such as kitchen appliances, TVs and air conditioners.
The criminality of the area directly affects property prices, for example, in Kato Paphos, the center of Yermasogeia and parts of Ayia Napa , prices are about 50 percent lower than similar properties in nearby, safer areas.
Even in areas with occasional crime situations, such as the Tsirion Stadium in Limassol , where notorious football match hooliganism occurs, market interest is lower than in comparable areas elsewhere. Another recent phenomenon is crime in refugee settlements.
In particular, older people feel very insecure and vulnerable, and our police response is not what it should be.
Here are a few tips on the basic steps you can take to protect your property:
- Install a security system. The cost is around €1,000 for a house and €600 for an apartment with a direct connection to a security company and setup on your phone.
- The double glazing, which also insulates well, makes it difficult for would-be thieves to get in. Security locks on windows are also important. The cost will be about 2000 euros. Some people even use bulletproof glass as it is very hard to break.
- Shutters on the windows and exterior doors, at least on the ground floor, also make entry difficult. They cost about 3500 euros.
- Your main entrance door should be well secured. Imported doors are available in various finishes with metal frames and special locks and cost around 500 euros.
- In the case of residential buildings with gardens or complexes with a private road, electric gates can be installed for around 2200 euros.
- Illumination on sensors that turn on at night in response to movement is worth installing, despite their power consumption and the fact that they can be annoying when cats pass by and so on. Their cost is about 500 euros. Lighting up dark corners is recommended, according to the police.
- Cameras are also in increasing demand, and there are also fake ones to deter crime.
- You should also use a good insurance company and be insured against both theft and malicious damage. Conditions should be carefully reviewed, especially for periods when the home is vacant, as there may be a special condition under which a home is considered uninsured if it has not been occupied for a continuous period of more than three months.
Thus, the cost of a security upgrade is around 5,000-10,000 euros per dwelling.
Anthony Loizou & Associates EPE – real estate appraisers and development project managers
