Are you looking for your first house/apartment/plot of land in Cyprus? You’ve probably found that the online real estate listings have some commonly used specific terms. This post intends on clarifying the residential property terms and what they mean in a local context.
1. Detached / Semi-detached
A detached house is a residential building that doesn’t share any walls with other houses.
A semi-detached house is a structure attached to other homes through shared walls. These may also be advertised as a “duplex” when only two living units have one shared wall between them.
2. Furnished / Partially furnished
A fully furnished property usually has all of the furniture you need already in place.
Partially furnished means the place has some furniture already in place. This can mean anything from beds to couches or white goods, depending on each listing.
3. Covered / Uncovered
Property listings often use the terms covered and uncovered when referring to parking spaces and verandas. Covered parking refers to a parking space with a roof to cover the resident’s vehicle(s). Similarly, people may refer to a porch with a protective roof over it as a covered veranda.
4. Sold by owner
The common phrase “sold by owner” means that the property owner is making the sale themselves, without the use of a real estate agent. Additionally, property listings may also state that “no agents” are allowed; This typically means that the owner doesn’t want enquiries from real estate agents on their listing.
5. Title deeds
A title deed is a legal document that proves ownership of immovable property, such as a house, plot of land, or apartment.
6. Resale
A resale property is a pre-owned asset of real estate that is back on the market. Resale properties are re-possessed from the old owner to the new one when the sale is made.
7. Smart building
Smart buildings are structures that have implemented intelligent technology systems. A smart home may have automated sensors and devices that control central heating, lighting, and sound systems.
8. Energy Efficiency
Each property has an assigned Energy Performance Certificate (EPC) based on energy consumption measurements. The certificate gives you an idea of how efficient and sustainable a building is regarding energy consumption (e.g. lighting, heating and water). An alphabetical energy efficiency rating is given based on a numerical “score”. Any certified expert registered by the Energy Service Department can issue a building EPC in Cyprus.
9. Non-performing loans (NPLs)
A non-performing loan is a monetary loan made by banks that the borrower can no longer repay on agreed terms due to factors such as loss of employment or bankruptcy. According to Statista, 47.75% of total bank loans in Cyprus were non-performing in 2015 but have since dropped down to less than 20%.
10. Building permits
Every property needs a permit from the government to approve construction plans. You can find application documents here.
11. Citizenship-by-investment programme
The Citizenship-by-Investment Programme (also known as CIP or the Golden Passport scheme) was a government scheme that encouraged foreigners to invest in Cypriot real estate in return for Cypriot nationality. The government abruptly abolished the programme after an investigation revealed that it was being abused for corrupt motives.
BONUS: In regards to residential plots:
Planning Zones, Building Density and Coverage Ratio
You may find that listed plots have a “planning zone” in their description with a category such as “Z1” or “Γ3”. These categories signify the specific allowances of that area, such as building density and coverage, based on its geographical location and significance.
The building density percentage and coverage ratio percentages refer to what portion of a given area can be built on. These are government-enforced rules put into place to protect the environment and any sensitive areas from being destroyed or becoming unsafe.
Floor allowance
Each residential plot or area may limit the number of building floors allowed. There can also be a limit on the height of the built structure in a more specific metric measurement (e.g. “maximum height: 8.3m”).