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Classification of real estate abroad

The division of residential real estate classes in each country. For example, in Turkey, real estate classes are quite clearly distinguished. In Cyprus, there is no “official” housing distinction, but in fact, as it turns out, you can find elite and business class facilities. In Spain, the price dictates the location.

How to understand the classes of foreign real estate? What is meant in Turkey, Spain or Cyprus under the apartments of economy, business, luxury class?

Turkish measurements
“The real estate market in Turkey offers a large selection of apartments, villas and duplexes – construction is proceeding at a high rate,” says Vitaly Osipov, leading specialist of the sales department of the Turkish Developers Association. As practice shows, against the background of continuing feverish demand for Turkish real estate, construction companies erect 5-star hotel complexes in 18-20 months, and a year goes by from a small hotel or apartment building.

The most affordable regions are the new districts of Antalya and the villages in a small distance from Alanya. The price of an economy class property starts at 25.5 thousand euros. This is the price of an apartment 1 + 1 (one bedroom and a large room with a kitchen) at a distance of one and a half kilometers from the sea with full decoration, fixtures and a kitchen.

The residential complex usually also includes an outdoor pool and sports and recreation areas. Closer to the sea prices are starting to rise, at 850 meters the cost of such an apartment is already 33 thousand euros. The price of apartments 400 meters from the sea starts with 39 thousand euros, says the expert.

On the first line, as a rule, economy-class real estate is not built, but on the secondary market, similar options come across in houses built 10-15 years ago. The cost of an apartment in such complexes is 45-50 thousand euros. That’s just the quality of construction is inferior to modern construction standards.

Residential business-class facility, as a rule, consists of several houses that form a single residential complex with a common territory and infrastructure. Usually the apartment is rented with full decoration, built-in appliances, satellite and cable TV, a common air-conditioning system, telephone, intercom, Internet.

The complex may also include a restaurant, an outdoor and an indoor pool, a sauna, a fitness center. The list of services may include laundry, daily cleaning of the apartment, dry cleaning, 24-hour security, secretarial services, transfer services to the beach and the airport. The cost of apartments in such a complex ranges from 65 to 250 thousand euros.

Luxury properties are usually built on the first coastline and are two-level apartments – duplexes, which are rented with full decoration, and optionally with furniture. Usually at the stage of the conclusion of the contract of sale the developer prescribes all of its obligations for finishing and the wishes of the buyer. The cost of such objects ranges from 120 thousand to 5 million euros.

All are equal in Cyprus
“In Cyprus real estate there is no division into classes,” says Victoria Mikhailova, head of the Moscow office of Aristo Developers. Price depends primarily on the location. The closer to the water, the more expensive the object.

“For example, a family recently acquired a three-bedroom house with a pool, located between Limassol and Troodos, in Souni, on a plot of 170 sq. M. m in a mountainous area, – says Victoria Mikhailova. “It is 20 minutes from the sea, in this place there is an amazing nature, healing air that helps in the treatment of asthma and allergic diseases.”

“In Cyprus there is, albeit an unofficial, economy and business class,” disagrees with a colleague Philon Ellinidis, sales manager of the Cyprus company Romeos LTD. – There are about 50-60% of such houses on the market, and mostly tourists buy them. At the same time, the cost of villas and three-room apartments is approximately equal, the difference is that the apartments are usually located within the city limits, not far from the beach. ”

In cities in Cyprus, low-rise buildings are not built, because the land is very expensive, and old houses are being demolished and multi-apartment complexes are being erected in their place. Buildings above 7 floors are also not to be found – the construction of buildings above is legally prohibited. Low-rise construction is common outside the city limits. Most villas, available for purchase, are already furnished, equipped with kitchen appliances, their price starts from 250 thousand euros.

As for luxury homes, as a rule, for real estate of this level, the cost of all materials in the construction and decoration of the house is prescribed in the contract. If the buyer wants to change the furniture, he can add a certain amount and order the situation that he likes.

“Recently there was a case: our company was selling a cottage to Russian buyers,” says Philo Ellinidis. “The object was handed over with a“ turnkey ”decoration, and heavy velvet curtains with a total cost of 20 thousand euros hung all over the house. This price was included in the price of the house.


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