Why Property Valuations in Limassol Can Be Lower Than Expected
Lately, we’ve received an increasing number of requests for property valuations from owners in Limassol. Many are surprised or even disappointed when they discover the market value of their property, especially when comparing it to new developments, luxury towers, and modern apartments.
It’s easy to understand why. With the city booming and new projects offering high-end finishes, swimming pools, gyms, and contemporary layouts, older resale properties can feel “less valuable” at first glance. However, it’s important to consider a few key points when evaluating property prices:
1. Renovation Costs Are High
Older properties often require significant investment to match modern standards. Renovating kitchens, bathrooms, flooring, electrical systems, or even the façade can quickly add tens of thousands of euros. Many buyers factor these costs into their offer, which affects resale prices.
2. Dated Buildings Affect Value
Even with a good location, a property in an older building that hasn’t been modernized is perceived as less attractive compared to brand-new developments. Features like elevators, energy efficiency, communal areas, and security systems are often limited in older complexes, further affecting the price.
3. Market Comparisons Need Context
When comparing to new builds, it’s crucial to consider size, location, amenities, and finishes. A direct comparison without factoring in renovation and modernization can be misleading.
4. Realistic Expectations Benefit Sellers
Understanding the true market value and the costs required to bring a property up to modern standards helps set realistic expectations, attract serious buyers, and reduce time on the market.
At The Property House, we provide accurate, professional valuations and guidance for owners looking to sell or rent their property. We combine market knowledge with practical advice on renovations and price positioning to ensure your property achieves its best potential value.
If you’re curious about what your Limassol property is worth, or want advice on preparing it for sale, contact us today for a professional valuation.