Selling a Nicosia apartment/office

[tincanalley]

Hello, I was wondering if you could advise me on the best thing to do. Naturally I could ask estate agents but feel that some impartial advice was be a good idea.

I inherited an apartment in the centre of Nicosia, off Evegorou street and near to the tall skyscraper called ERA house. The app is large at 165 sq metres covered and 65sq metres verandas and comes with titles. The building is from the early 1970s but was seemingly one of the best from this era and has been renovated and decorated to modern standards etc.
More than half of the occupants are actually offices rather than apartments. Law firms etc. Since office prices look higher in than apps Would you renovate the apartment as a office or keep it as an apartment? And where are prices at the moment compared to 2006 ( the year I inherited), 30% 40% or 50% lower?

Thank you in advance

Al

[Nigel Howarth]

Hi Al and welcome to the forum.

If the apartment is in a business are, I guess that office space may be in demand and you would probably get more by selling it as office accommodation rather than residential - particularly if it's a busy and noisy area.

But there are other factors involved such as proximity of good schools and other facilities that might make it more attractive as a residential apartment. On the other hand if more than half the apartments are offices, this might discourage its sale as a residential apartment.

As for prices, I don't think they have dropped that much in the centre of Nicosia since 2007 - perhaps 15% - 20%, but it's all about location, location, location and its price may have dropped less if it's in an area in demand.

Have you thought about renting it? You would get a steady income and perhaps in a few years when the market has improved, you could sell it then?

It will be best for you to talk this over with an Estate Agent who knows the area in Nicosia as they will be in a better position to advise you how best to proceed.

(One other thing you could do is search through a few of the on-line estate agencies to get an idea of prices for residential/office accommodation in the area)

Regards,

[tincanalley]

Thank you for your quick reply Mr Howarth and sorry for taking so long in getting back to you. I think the information/ advice you have given me is solid and good.I am pleased that prices have not dropped so much as other places. I also have a plot of land in Pervolia that will not sell for even 50% less than what I was offered in 2008. I am in the process of talking/emailing agents and seeing what they say.

I have thought about renting it out and might consider it. It will have to be renovated/re-decorated whether I sell or rent so it will depend on if I get a decent offer and it tempts me enough.

Thankyou very much