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Home -> Cyprus Resale Apartments - Common Expenses, Title Deeds

Cyprus Resale Apartments - Common Expenses, Title Deeds

Check Quality of Cyprus Resale Apartments & Title Deeds

Most Cyprus resale apartments are either relatively new or less than 20 years old, since apartments are a relatively new feature on the Cyprus property horizon. Naturally, a new apartment is often considered the better purchase, although resale apartments are cheaper than their new counterparts. When considering purchasing resale apartments there are some points to consider:

  • Condition of Building: Make sure the overall building and grounds are in good condition, well maintained and managed. Some agents only want you to see the apartment for resale, but take the time to evaluate the whole building. This includes: stairs, lifts, parking, landings or corridors, building entrance(s), grounds, gardens and pool.

  • Title Deed Cyprus Property: A legal document of either part or full ownership of a property. Ask for a copy of the title deed and if one not been issued, enquire as to the reason why and forward this information to your lawyer in Cyprus to advise you if you should proceed and how long title deed will take to be issued.

  • Parking Space: Most of us have a car, so make sure the apartments dedicated car parking space is detailed in the title deed.

  • Apartment Block Size: Smaller apartment blocks make better homes than larger apartment blocks as they offer more privacy and are usually maintained to a higher standard due to the tenants taking more care of their property through their housing committee. Ideally, an apartment block ideally should have no more than 20 apartments, larger apartments blocks being less popular and more difficult to resell.

  • Shops in Apartment Blocks: Try to avoid apartment blocks with shops on the ground floor as they can cause much noise, traffic and interference to your peace of mind.

  • Common Expenses: Are paid by each tenant living in the apartment building to the apartment block housing committee. These expenses cover: cleaning and maintaining the common areas, communal pool, lift maintenance, common area lighting (electricity costs) and any common area repairs and maintenance. These common expenses vary. They work out at around €35 per month with a pool and €20 without a pool.

  • Apartment Block Housing Administration Committee. Each apartment block has a voluntary administration committee made up of a small number of residents who manage the accounts, administer the building rules and are available to discuss any matters with each tenant. Some apartment committee's also 'give' this work to private professional company's.

  • How are common expenses worked out in an apartment block? They are normally calculated per square meter of the total living area of each property. This includes covered and uncovered living areas. Therefore, if an apartment has 200m2 covered living area and another apartment has 100m2 covered living area, the 200m2 apartment would be charged twice as much for common expenses per month as the 100m2 apartment.

  • Payment of common expenses and commual living regulations are defined under the Law of Common Ownership in Cyprus. Law no.6/(1) of 1993 as published in the Gazette of the Cyprus Republic dated 12/2/1993

See Also: Cyprus Resale Villas | Cyprus Resale Houses | Resale Penthouses | Renovate a Property | Cyprus Land for Sale