The cost of real estate for investment purposes can be affected by many factors. If you have researched apartments for sale in North Cyprus before reading this article, you may have already noticed differences in North Cyprus property prices.
To determine the most profitable property investment suited to your budget, knowing the basic factors that determine the value of a house can be quite useful. This article will help guide you in making the right investment.
As you know, the main factors determining the value of a house are its location, building type, floor number, building age, and size. In addition to basic criteria, with the development of technology, modern amenities making daily life easier and more comfortable have enabled these factors to spread across a wider area in recent years.
Location is everything.
Property location, which is a big deal in terms of cities, is the main factor affecting flat prices in North Cyprus. Especially with the urbanization of the working population in cities, the proximity of real estate to main roads and transportation lines significantly affects property value. For example, when you search for a flat for sale in Famagusta, you will notice that the most critical factor increasing property value is the location.
The age and quality of the building matters.
The use of suitable and high-quality essential materials in the construction of buildings, such as iron and cement, and their accordance with the plan and legislation, increase the quality (and therefore, price) of the building. Likewise, a new building that has not been exposed to the elements will increase the value of the house
When examining the age of the building, it should be taken into consideration whether the house has or has not completed its life cycle during this period, while also considering its depreciation period.
New buildings, which are generally built in accordance with the law, are also very resilient towards natural disasters. Apart from this, the quality of the tiles, flooring, kitchen cabinets and other building materials used can be factors that increase property prices in luxury real estate projects.
The landshare per residence and size of areas in use increase property prices.
Particularly, the landshare per property in sites or housing estates is an important factor that increases the price. Generally, villas for sale are located in the Karpaz location, in detached projects where the residence area of the building is smaller than the land. Therefore, the usage area of the house, and thus, its value, increases.
Although prices are determined by gross square meters, the size and usefulness of net usage areas increase Cyprus property prices, too. Likewise, places of comfort within the house also increase the price, such as the number of rooms and halls, the size of the rooms, and the number of bathrooms and toilets.
The facade and view you wake up to every day will increase property value and price.
Besides a sea view, forest views add value to your property. This is especially true for houses with large windows that let in plenty of daylight and views that tower over other properties. North Cyprus is sunny most of the year, which means ample sunshine in your home for most of the day.
Depending on what floor you’re on, wouldn’t a balcony or garden be a lovely addition to your home? How about a terrace?
Gardens and balconies are an important part of Mediterranean culture. These details that create spacious ‘comfort zones’ to move away from the walls and allow for a breath of fresh air increase the value of the house.
If the house is on a higher floor, the more balconies and terraces, the better. If you want a large terrace, we recommend you check the ads for Cyprus penthouses for sale.
Small details such as water tanks, hydrophores, generators have a great impact on our lives.
Even if they seem like small details, not being stuck in situations such as temporary water or power cuts offer a comfortable life. For many years, North Cyprus real estate projects have been built with the necessary features to prevent these undesirable situations.
The type of title deed affects property prices in Cyprus.
The property’s title deed is the most important factor affecting its price in North Cyprus. There are 3 types, which are Turkish Deeds, Exchange Deeds, and TMDs. For more detailed information on the types of title deeds affecting prices due to the political situation in Cyprus, you can check out the article: What are the types of Cyprus title deeds?
A house with parking is always an advantage
There is no traffic in Cyprus, and as such, no problems with parking. However, you may want to keep your vehicle safe and choose an indoor or outdoor parking lot. Most newly built North Cyprus real estate projects come with parking lots. While it does have an effect on real estate prices, it doesn’t make that big of a difference. However, a house with parking can be advantageous when selling.
Detached housing increases property price.
Detached houses are always more expensive than other apartment types. With detached villas for sale in Kyrenia, the area of residence is smaller than the land. For this reason, it always offers more freedom, and thus, a more spacious living space.
Modern amenities and physical features increase sales value.
New turnkey real estate projects come equipped with amenities that provide the luxuries of modern comfort, thanks to technological developments. New houses that are built today have a wide range of gadgets, from security systems and cameras to the internet.
More often than not, these advancements are not restricted to just hardware and technological developments. For example, a fireplace in the Karpaz villa you’ve got your heart set on is a feature that will always add value to the property. A detached villa in Kyrenia with a large pool in its garden is yet another great example.
Take advantage of the affordable prices of promotional campaigns.
In many parts of the world, before the construction of a housing project is complete, a pre-sale process is launched with advantageous prices. Launch prices are always more advantageous than normal property prices. A house bought during the launch stage of a project through reliable construction companies is an important factor that will reduce property costs.
Many of the factors mentioned here have a positive effect on rental prices as well as increasing property value. Real estate with high rental income increases its own value day by day. As a result, you will see how these factors affect property costs in different ways when you research Cyprus property prices.
If you’re doing research on Cyprus flats for sale for investment purposes, we can assure you that many of the factors listed here will directly affect your rental income.
If you’re thinking of buying property to live in and not for investment purposes, you can eliminate these factors and choose the most suitable apartment for your budget and lifestyle. Remember, choosing a property that suits your needs tops any other decisions or requirement.