You’ll never be too far from the sea in Cyprus, no matter where you end up settling. Although the island is covered in villages and smaller towns, and there are many property websites where you can browse at leisure, we have listed some of the most popular places for foreign buyers to focus on.
Modern, cosmopolitan Nicosia, the Republic of Cyprus’s capital, is a lively city of about 300,000 people located about 50 kilometres from the coast. North Nicosia is a part of the city that juts into the Turkish part of Cyprus. The city as a whole is a hub for concerts, sports, culture, and commerce, and many people live in high-rise buildings.
In Nicosia, there is a wide range of property for sale, with options to suit most buyers, whether they want to live there or invest in buy-to-let property. A high-end luxury villa in the suburbs will set you back more than €500,000, whereas a modest apartment in the city can cost as little as €60,000, with the majority costing around €120,000.
Residents of Nicosia are said to enjoy all the benefits of living on a Mediterranean island, as well as modern infrastructure, good schools, and plenty of shopping and dining options. While Nicosia is not a tourist destination in and of itself, it has excellent transportation links to the rest of the island.
Limassol, Cyprus’s second largest urban centre, is an old port town with a mediaeval castle and a charming and quaint old quarter packed with tavernas and bars. Away from the old quarter, Limassol is a very modern city, with many examples of eye-catching modern architecture in the form of hotels, business developments, and water parks. Several miles of pale golden sandy beaches separate the urban environment from the clear blue Med.
Coastal Limassol has a pleasant subtropical climate, and villas start at €250,000, with the sky being the limit for more expensive properties (one new-build is currently seeking offers in the region of €30 million). Perfectly nice apartments, on the other hand, can be purchased for between €50,000 and €70,000.
On Cyprus, a popular phrase is ‘siga, siga,’ which translates as ‘slowly, slowly,’ and nowhere is this more true than in Larnaca, with its palm-lined seafront, quiet backstreets, and ancient churches and ruins. Larnaca, popular with artists and those seeking contemplation, can sometimes feel like stepping back in time, despite the fact that much of it is modern and cosmopolitan. In the summer, it’s popular with tourists, and you can sip a coffee at an outdoor café while watching the world go by in the old Turkish quarter.
If you want to live in Larnaca, you can get a bungalow for around 150,000 euros, while an apartment will cost you anywhere between €55,000 and €150,000 on average. Larger villas and houses are available, with prices ranging from around €160,000 to €500,000.
Paphos is a UNESCO World Heritage Site on Cyprus’s southwestern coast. Paphos, which has long been popular with British residents and tourists alike, is the place to look if you want to live close to the beach and ancient ruins of the past while also being surrounded by shops, restaurants, and bars. Whether you intend to retire to Cyprus or relocate there with your family for a better work/life balance, Paphos is an excellent choice. The popular town has a top-rated international school, shopping malls, a brand-new hospital, and an intriguing historic town centre. Paphos was named Joint European Capital of Culture in 2017, along with Aarhus, Denmark. Paphos is served by an international airport, one of Cyprus’s two main airports.
Paphos property prices are slightly higher than elsewhere on the island, ranging from €100,000 for a house with access to a swimming pool to millions for luxury beachside villas. If you want to rent for a while before deciding whether to buy, a small apartment or house can be rented for €500 per month.
The town of Peyia is located on Cyprus’s far west coast, in the hills overlooking Coral Bay. Peyia, like Paphos, is popular with British expats and tourists. Peyia is, in fact, a melting pot, with Brits, Cypriots, Russians, and, more recently, Chinese residents.
Walking in the hills, visiting the nearby Turtle Bay nature reserve, and playing golf are all popular activities in Peyia. Furthermore, its proximity to the forests of western Cyprus makes it an ideal destination for nature enthusiasts.
If you want to buy a property in Peyia, townhouses start around €100,000, but apartments can be had for less than half that price. Luxury villas dot the nearby hills, as they do elsewhere, with prices starting around €180,000.
PROPERTY IN PEYIA
What kind of property is it?
You undoubtedly understand why you are interested in Cyprus, but have you considered all of your options when it comes to deciding what type of property to purchase? Some people, for example, are simply interested in purchasing a vacation home – somewhere to visit two or three times a year – but would they be better off buying a buy-to-let property that they can still visit but will earn them money when they are not there? Some of the main options for consideration are listed below.
Cyprus has a variety of properties that appeal to people looking to relocate there. While apartments and villas are the most popular (and you’d be correct), there are also old stone houses in quaint villages, modern houses in urban settings, bungalows in the middle of forests, and off-grid organic farms for those who want to be close to nature. The property could be brand new, a run-down ruin in need of restoration, or it could never have been built at all! It could be near a beach, on top of a mountain, next to a golf course, in the middle of a busy city, or in the middle of nowhere.
The point is, when it comes to buying a place to live, what pleases you is more important than what pleases others. And Cyprus has a wide range of options, some more unusual than others.
Many people are looking for an extra property somewhere in the sun where they can spend their vacations and possibly one day use as a retirement home. Furthermore, owning a vacation home allows you to swap with other vacation home owners around the world and possibly lend it to friends. Cyprus has a plethora of holiday homes for potential buyers, many of which are by the sea or have their own pool.
PROPERTY TO BUY FOR RENTAL/INVESTMENT
If you do your homework properly, buying a property with the intention of renting it out, either to vacationers or to residential tenants, can be a great investment. While not as simple as purchasing a property for yourself, buy-to-let is still a viable option if you can find the right mortgage. Buy-to-let can be a win-win property because it allows you to earn an income while also accumulating capital in a rising property market. Furthermore, once the mortgage is paid off, you own the property outright.