I am often asked, will adding quality to a project or property make it more valuable?

This is not an easy question since it depends on what defines ‘quality’ and whether the cost, usually related to the higher quality, is affordable.

The neighbours also play their role in terms of quality. Noisy neighbours, buy to let neighbours, as opposed to own-home users, even age plays a part. So in terms of the quality of the neighbourhood, I give 1 point.

So that you do not think that I am exaggerating, two Nicosia developers do not only sell approximately 25% more expensive than the competition but have also run out of properties to sell.

These two are active in the local market, which is far more difficult than the foreign one.

Overall, these two developers, who reflect most of the points referred to before, sell at €3,000/sq.m. (apartments), whereas the competitors sell at €2,500/sq.m. This rate increase is the result of most of the points that I have referred to; it is an example in particular to note and learn.

The points raised in this article differ from town to town and from country to country, and person to person.

Large cities such as London, Paris, and Athens have the location as the main point of sale, whereas others place lesser importance as a percentage of the total points.

In central London, for example, the name of the particular road is “the market”, whereas, in Athens, the neighbourhood is “the most” important and much less the road name or specific location.

Similarly in Athens who the neighbour is, is of crucial importance, e.g., a known celebrity, whereas in the UK this is not so important.

Quality, therefore, has many interpretations, and it depends on the individual to place their own score.

By Antonis Loizou – Property Valuer, Estate Agent & Property Consultant

I am often asked, will adding quality to a project

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