Cyprus is a big Mediterranean island with extensive lengths of beautiful beaches, a laid-back lifestyle, and moderately priced luxury properties. This makes buying real estate in Cyprus extremely appealing to expats, with the majority of families opting to either migrate or own a second home in this slice of paradise. We cover all you need to know about buying Cyprus property for sale in our comprehensive reference to Cyprus real estate.
What are the best places in Cyprus to buy real estate?
It’s crucial to understand that Cyprus is divided into two factions before going into the finest spots to buy real estate in Cyprus. Northern Cyprus is seen as Turkish, but Southern Cyprus is regarded as Greek and hence a member of the European Union. Northern (Turkish) Cyprus is not a member of the European Union.
Because ownership of the property and the right to sell these contested properties are still in dispute, most of the properties for sale on Northern Cyprus territory carry a very high risk for buyers.
Expats acquire estate in Southern Cyprus’ four real cities: Nicosia, Larnaca, Limassol, and Paphos. In general, where you buy real estate in Cyprus is heavily influenced by your lifestyle preferences and financial constraints.
The best cities in Cyprus to buy real estate
The location of real estate purchases in Cyprus is mostly determined by the buyer’s long-term objectives. The following are some of the questions you should ask yourself:
- Are you planning to make Cyprus your permanent residence?
- Do you only intend to use your property as a vacation rental?
- Are you planning on renting out your property?
- Is there a minimum investment requirement for the Residency by Investment or Cyprus Citizenship by Investment programs in Cyprus?
Limassol property in Cyprus
For busy families, owning Cyprus real estate in Limassol is ideal. Limassol is a multicultural city with a diverse range of international schools to select from. With several shops, restaurants, pubs, and entertainment venues to choose from, you will have everything you need to live a comfortable life. Furthermore, if you want to rent out your property to tenants, you’re in luck because Cyprus rentals are currently in great demand in Limassol due to a lack of supply and rising demand. Limassol, on the other hand, is more expensive than the rest of Cyprus.
Real estate in Paphos, Cyprus, is available for purchase
For busy people who travel frequently, real estate for sale in Paphos, Cyprus, is particularly desirable. Paphos real estate is often believed to be less expensive due to the proximity of an airport with strong transit links. Some people choose Paphos to save money on living expenses and commute to Limassol every day for business. In comparison to Limassol, Paphos has a more relaxed atmosphere, with most properties being offered as single-family homes rather than flats.
Cyprus real estate for sale: Nicosia
Because of the steady demand from the domestic market, real estate for sale in Cyrpus, Nicosia, is ideal for investors wishing to rent out their property. Because Nicosia is the capital city, many Cypriots work there, therefore a long-term rental option is an excellent investment. However, because Nicosia is located inland and does not have direct access to the sea, purchasing property in Nicosia as a vacation house or short-term rental is not recommended.
Larnaca is a great place to buy real estate in Cyprus
If you enjoy the beach and a slower pace of life, consider purchasing real estate in Larnaca, Cyprus. In comparison to Limassol or Paphos, Larnaca is near to the Larnaca airport, is right on the beach, and has relatively inexpensive property rates. Despite its tiny size, Larnaca is seen as an undervalued investment prospect.
There are various property types to choose from
Cyprus offers a diverse range of property kinds. You can either buy a vacation home to use on occasion, a property to rent out long-term, or a residential home.
Residential homes: There are various possibilities for residential homes, ranging from apartments and villas to old stone houses in calm villages, modern houses in urban areas, and bungalows in the middle of the woods. You can either buy a pre-owned property and renovate it to your liking, or you can buy a new home that is ready to move into right away.
Holiday home: Many people purchase properties to use as vacation homes. In Cyprus, the sun and the sea go hand in hand, so if you’re looking for a vacation home, a villa along the shore or a property with a pool is a great choice.
Investing in real estate in Cyprus: You can opt to invest in real estate and receive permanent residency or even citizenship in Cyprus thanks to Cyprus’s residency by investment program and citizenship by investment programme. You can receive a terrific return rate if you properly select a property with the intention of letting it out. If you have the cash to invest, as well as the ability to earn a good income from letting the property out, buy-to-let is a good option. In a rising property market, you can gain from capital accumulation.
What can Macdonaldappraisers Solutions do for you?
We are a boutique consultancy with years of experience providing multinational families with tailored residence and citizenship-by-investment alternatives. We assist clients from all over the world in obtaining Golden Visas or residences while diversifying their portfolio with solid investments, thanks to our global offices and experienced, hands-on team.
History and overview of the Cyprus real estate market
The real estate business in Cyprus has long had a favorable impact on the country’s economy. In 2018, the industry accounted for 36.5 percent of the country’s yearly growth rate and 17 percent of the Cypriot economy’s Gross Value Added.
While the COVID-19 pandemic has had a significant impact on the Cypriot real estate market, there are evidence that it is slowly but steadily recovering. Cyprus is a popular destination for international real estate investors, with a wide choice of property types and price ranges to choose from.
Limassol currently has the largest share of the real estate market (39 percent), followed by Nicosia, which has the largest year-on-year rise (+10 percent in sales). Non-nationals continue to be the main drivers of the real estate market, accounting for 45 percent of all transactions.
How much does real estate cost in Cyprus?
The cost of real estate in Cyprus is determined by the type of property and the location chosen. A two-bedroom townhouse in Paphos, for example, costs roughly €175K. The price of a three-bedroom villa with a pool starts at €240,000. A nice two-bedroom flat in Larnaca costs €195K, while a five-bedroom villa costs €365K. In general, there are many affordable real estate possibilities in Cyprus.