A gap in the market

Like many other things, our living situations are changing and this affects accommodation.

Young people or couples, if able to buy, start off with the acquisition of a one or two-bedroom apartment, then, depending on their financial stability move to a larger apartment and if possible a house.

This is the norm in other countries but has only been happening in Cyprus for the last 15 to 20 years, since the local attitude used to be that when you buy a home it is for life.

The aforementioned formula is now followed by the majority of buyers, other than those who are supported financially by their families.

Most of the time, once people reach around 65 years of age, and in cases in which children no longer live with them, they then no longer want to live in a big house.

Especially ones that are over 200 sq m and have large gardens, needing lots of cleaning and maintenance. Plus the feeling of living in a “ghost” house is not appealing.

In addition, the designs of older houses are not convenient for those who are aging. In the 1980s, for example, split level units with two or three steps at various levels were popular.

The aim of the family house used to be to then leave it to one’s children, mainly the daughter. But now most children find their parents’ houses outdated and requiring extensive and costly modern improvements and don’t have the inclination to take it over.

If older people succceed in selling or letting their property, they look for a central apartment near shops and other facilities within walking distance, either to buy or rent long term. In the old days they would have either lived with their children or in a subsidiary house at the rear of  the property.

Now families are not as close as they used to be and it distresses us to note an increasing tendency to place parents in old people’s homes, most of which are an embarrassment in Cyprus.

Good quality or high end retirement homes are not available and we believethat there is room and a high demand for such projects, both for locals as well as foreign residents,

Selling one’s house and moving into an organised complex with some facilities is what is needed (we’re not talking about those who are sick or have special needs).

We wrote in the past that the ex Kermia Hotel in Ayia Napa which comprised of two-bed bungalows, a central accommodation building, a café, pool, meeting room and so on would have been ideal for this type of project. It has now been sold and is being used as a hotel.

We believe a monthly rent of €2,000 for two people would not be unreasonable for those with the means. This would rise to €3.000 once including food and other services. If a couple sells their house the capital received would go towards this. The project would be nothing like those prevailing, but more along the lines of residential retirement communitites in the US.

People tend to live longer nowadays, with the average life expectancy in Cyprus being 75 years for men and 82 for women.

This means that the need for something along these lines is increasing even more and it would be to the benefit of the parents as well as the children, who have no time to care for parents.

Antonis Loizou & Associates EPE – Real Estate Valuers, Estate Agents & Property Consultants, www.aloizou.com.cy, [email protected]