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Cyprus Home Price Index up 0.8 percent in March

Nigel Howarth
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The index is published monthly by BuySell Cyprus Real Estate, a real estate advertiser.

The company started to produce its price index in 2004. It shows the movement of prices at which residential properties in Cyprus are sold and is based on an average of around 400 to 500 home sales/month.

When the index started in January 2004, the average residential property price was CYP 77,910. By the end of March 2007, it had reached CYP 94,373 – an increase of 21.13% over the 39 months since its introduction. This equates to an approximate annual growth of 6.50%.

For the whole of 2006, the Home Price Index rose by 5.9%, after a rise of 2.5% in 2005.

In the first 3 months of 2007, the home price index has risen by 1.16%

How do we ensure our Cyprus property is energy efficient

Nigel Howarth
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We have been living in Cyprus for a year and have decided to build a property on some land we’ve bought near Marathounta.

The rented property we’re currently living in has no insulation, heating or air conditioning and it gets very cold in winter and very hot in summer. Is there anything we can do to make sure our new home isn’t the same?

Answer

Thanks for your email. The Cyprus Government has plans to implement an EU Directive on the energy performance of properties. This lays down the minimum performance requirements on new and existing buildings.

There are a number of things your architect can do to improve the insulation qualities of your new home. This is something you need to discuss with him along with the need for air conditioning and central heating. For example, from the design perspective:

  • Some properties, particularly holiday homes & apartments, have open plan kitchens, dining & living areas. If you use the kitchen during the Cyprus summer, the whole area can get unbearably hot. One thing you may wish to consider is having a separate kitchen together with extractor fans for your hob & oven. Although you’ll still need to switch on the air conditioning when you’re cooking in the summer, it’ll be a lot cheaper than trying to air condition a massive open plan area.
    (Some Cypriot homes have two kitchens – one for ‘show’ and a second for doing the actual cooking. This practice is quite common in places like the Philippines where houses have kitchens in a separate annex to the main house).
  • I suggest you consider having a separate air-conditioned utility room where you can do your washing, ironing and other in comfort.
  • To help keep the house cool in the summer, you should shield your windows and patio doors from the direct rays of the sun. You can do this by fitting adjustable shutters, by having covered patio areas, awnings, etc. But in the winter, you need the sun to help heat the house and minimise your heating bills.
  • Central heating, this needs to be thought about at the design stage. You can have gas or oil fired central heating to radiators or under-floor heating systems, and electric tiles and mats that are laid under the floor finishes. You can get reverse cycle air conditioners that heat as well as cool, but these can be expensive to run.

As for the materials used in the construction of the house, there are a number of things that can be done to improve matters:

Floor

  • You can incorporate insulation into the floor slab in the form of aerated concrete. This looks a bit like Aero when it cures and it’s so light, it even floats on water! It’s poured on top of the slab and helps prevent heat escaping through the floor.

Walls

‘Standard’ external walls are constructed from 20cm clay bricks which are used to in-fill the reinforced concrete superstructure. You can improve insulation in a number of ways:

  • You can have cavity walls (with or without insulation in the cavity) using the normal 20cm x 10cm clay bricks.
  • You can use autoclaved aerated concrete (AAC) blocks in place of clay bricks.
  • You can use 25cm bricks in place of the more usual 20cm bricks on the external walls.

Windows & patio doors

  • Aluminium windows and patio doors don’t need much in the way of maintenance. You can get them with a thermal break which prevents the frames inside the house from heating up.
  • Double-glazed units are widely available and you can get tinted glass fitted, which again will help keep your house insulated. (Aluminium shutters also help improve security and you can buy them complete with security locks).

Roof

  • I’ve talked about the design of the roof in an earlier article, and in addition, you can fit insulation bats under the wooden roof to help keep your new home cool in summer & warm in winter.

There are many aspects that your architect will be considering when designing your new home including its orientation, its relationship with nearby properties, and your needs. And he’ll probably be able to give you more information on the Cyprus Govt plans to improve energy efficiency in your property.

Dolphin Acquires 80% of Aristo Cyprus Property Developers

Nigel Howarth
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Dolphin Capital Investors (Dolphin), the leading investors in the residential resort sector in south-east Europe, announced the acquisition of an 80% shareholding in Aristo Developers Plc. Dolphin has secured a 60% shareholding from Mr. Theodoros Aristodimou, the principal shareholder and founder of Aristo, in exchange for €128.7m and a 15% interest in the Dolphin vehicle acquiring Aristo, and 20% from Aristo’s second largest shareholder for €57.9m in cash.

Documentation Required for Cyprus Property Title Deeds

Nigel Howarth
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What documentation do I need to produce in order to get the Title Deeds please Nigel?

Answer

To get your Title Deeds, the District Lands’ Office require the following information:

  • A certified copy of the Council of Ministers’ permission to acquire the property or a Certificate of Permanent Residence issued by the District Administration Office (where required).
  • A completed Form N270 – ‘Declaration of Transfer of Immovable Property’.
  • The Title Deed of the property being transferred.
  • A completed Form N313.
  • Receipts confirming that the following fees, charges and taxes for the property have been paid:
    • Immovable Property Tax.
    • Town Tax.
    • Capital gains tax.
    • Estate Duty Tax.
    • Sewerage Board Tax.
    • Town rate.
    • Communal rate.

Plus they will require you to pay the Property Transfer Fees (best to take the cash).

Question

Thanks Nigel,

What if it’s a newly built property requiring a new set of deeds rather than a transfer? We already have the Title Deeds for the land.

Answer

If you already have the Title Deeds to the land on which the property is built, it’s a completely different kettle of fish!

And the good news is that as you’ve already paid to have the ownership of the land registered in your name, there are no more Property Transfer Fees to pay.

Here’s how it works:

On completion of the construction work, the architect obtains a Certificate of Approval of Building from the District Administration.

Representatives from the District Administration visit and inspect the property. When satisfied that the work conforms to the permissions and permits, they will issue the Certificate.

Once the Certificate has been issued, the Registered Owner or their architect files an application at the District Lands’ Office to update the Title Deed. This application is submitted together with: Certificate of Registration (Title Deed) of the property. Building Permit with all plans and terms attached thereto. Certificate of Approval Building.

The District Lands’ Office issues an updated Title Deed reflecting the changes that have been made.

Common Expenses

Nigel Howarth
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Last year we took delivery of a new property in Cyprus. It is a holiday flat at Kissonerga in Pathos. A couple of weeks ago, we received a bill from the developer for what he calls ‘Common Expenses’. We sent him an email asking him to tell us what this is for but he hasn’t replied. Can you help?

Many thanks

Answer

I suspect that the bill is for your contribution to the maintenance, insurance & repair of the building. This is how it works:

In Cyprus, buildings consisting of at least five self-contained units are considered in law as being ‘commonly owned’. Such buildings may include:

  • Apartment blocks
  • Terrace/town houses.
  • Maisonettes.
  • Building complexes

If you own property in such a development, you are required to contribute to the insurance, maintenance and repair of the commonly owned parts of the building; in essence those parts that you share with the other owners.

Commonly owned buildings are required by law to have an Administrative Committee that regulates and manages relevant affairs. The Committee must insure and always keep insured the commonly owned building against fire, lightning, and earthquake for a sum corresponding to its replacement value.

Administrative Committees are often set up by the developer or an associated company to which Cyprus property buyers pay a proportionate annual fee to cover the costs of insurance, maintenance and repairs of the commonly owned parts of the building. These may include entrance halls, stairways, exterior walls, swimming pool, tennis courts, gardens etc. (whether you make use of them or not).The proportionate annual fee is based on the size of the property, which includes covered and uncovered balconies and verandahs, in relation to others in the complex. For example, if you apartment is 150m2 you will pay twice as much as someone whose apartment is only 75m2.

The Cyprus Foreign Property Market

Nigel Howarth
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In advance of its Real Estate Index, the firm of Antonis Loizou & Associates has released some interesting facts and figures about the Cyprus property market.

The statistics show that:

Around 20% of the total real estate demand in Cyprus comes from overseas property buyers. Bearing in mind that non-Cypriots favour certain areas, this is a high percentage. Of the non-Cypriot residents, approximately:

  • 45% live in the Paphos area
  • 20% live in the Limassol area.
  • 20% live in the Larnaca area
  • 14% live in Famagusta
  • 1% live in Nicosia

Since 2002, Larnaca’s share has increased from 5% to 20%; mainly due to the higher property prices elsewhere. Over the same time period, the demand in Limassol and Paphos has declined from 30% to 20% and 55% to 45% respectively.

A similar share increase is being experienced in the Famagusta area. Much of this is due to overseas estate agencies directing clients to the area. One of these overseas estate agencies openly admits to getting a 15% commission from the Famagusta developers; it’s no wonder he’s pushing his clients there!!

(Antonis Loizou anticipates that this trend will change after 2008/9. But this assumes that the new marinas and golf courses currently being planned are available by that time).

Another interesting statistic is the budget of the non-Cypriots buying property here.

You can read the full report on Antonis Loizou’s website by clicking here.

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