In comparison to many other European countries, Cyprus real estate is more affordable. For two reasons, however, there is a high demand. Many people desire to rent because of the island’s breathtaking beauty, rich history, gorgeous beaches, blue Mediterranean Sea, moderate climate, and local warmth. Second, some people desire to buy a home in Cyprus because of the island’s excellent standard of life and the opportunity to become an EU resident through investment.
The building sector on the island is experiencing a boom due to the strong demand. Many developers are providing contemporary, high-quality homes at a reasonable cost. In Cyprus, home sales are increasing by 10% each year on average.
Many individuals who came to the island as tourists and leased a house later decide to buy real estate because they love it. Coastal regions and coastal cities are where the majority of international purchasers purchase property.
A View of the Coast
Purchasing a seaside home has both advantages and disadvantages. If you’re looking for a beach apartment, keep in mind that just because it’s near the water doesn’t imply it’s on the beach. For example, even though the property is 10 meters from the water, getting to the nearest beach may need driving. Furthermore, the cost of an apartment on the shore varies per city.
- The most costly apartments in Cyprus may be found in Limassol.
- Paphos is where you’ll discover the most affordable Cyprus flats.
|The Mediterranean Sea||Can be crowded as there are a lot of tourists|
|Walking distance to beaches||Seasonal attraction|
|No large industries or factories|
|There will be many restaurants offering international cuisine, bars, nightclubs|
|Availability of public transport|
In Cyprus, Where to Stay
In Cyprus, there are several lovely cities where you may buy real estate. The decision is based on three factors: where you want to live, how long you want to live there, and how much money you want to spend there.
- Are you looking for a hotel in the city center?
- It’ll be quieter in the suburbs.
- Alternatively, you may stay in a touristy location near the beach and the water.
If you want to live in a suburb, seek for an apartment or cottage that is located outside of the city limits, possibly in a small hamlet. You’ll be at the city center in less than half an hour.
Because they have been exposed to it since childhood, many residents do not find the water particularly appealing. The city center, where there are retail centers, banks, offices, hospitals, and business establishments, is the most appealing home to them. You will not be able to enjoy a breathtaking view of the sea from this location. But you’ll be near to anything else you require. Apartments make up the majority of the housing options in the center.
Tourist places have a completely distinct vibe. Restaurants and cafés make up the majority of the shops here. There are several hotels that cater to international visitors. As you get closer to the ocean, the cost of land and property climbs. Many luxury villas with plots up to 300 square meters are also available. The majority of these villas feature private pools. Along the seaside, there are a few apartment complexes.
If you want a peaceful, tranquil existence and don’t need to be in the city every day, consider a suburb. You’ll remain in close proximity to the city. Because Cyprus is not a very big island, distances between cities are generally less than 70 kilometers, implying that driving time will be no more than 20-30 minutes. Houses in the surrounding suburbs are frequently constructed on scenic hills with breathtaking views. The plots are often bigger, ranging between 450 and 500 square meters in size. To go to the beach, you’ll obviously need transportation. Land and houses will, however, be less expensive.
On the CyprusVillas website, you may search for a luxury villa on the beach, near the sea, in a neighborhood, or in the hills of a picturesque hamlet.
Buying Real Estate in the Top 5 Cities
Paphos, on the island’s southwest coast, is a historic city. The Brits, who primarily dwell in the outskirts — Peyia and Tala – are particularly fond of it. This is the largest British settlement on the island, with around 10,000 residents.
Paphos has two sections: the old town and the new beachfront.
The Old Town has been designated as a UNESCO World Heritage Site by the United Nations Educational, Scientific, and Cultural Organization (UNESCO). On the island, it is a landmark. The Tombs of the Kings, an archeology park, and a Medieval fort are only a few of the tourist attractions.
Paphos nowadays is more than simply a resort; it’s a full-fledged city with all the services you’d expect for living and pleasure. Large retail malls, sophisticated clinics, and schools may all be found in the area. The top school on the island is Paphos International School. Its graduates are qualified to attend American and European institutions.
For 140 thousand euros, you may purchase a flat in Paphos. Between 200 and 250 thousand euros will be spent on a property. The hilltop hamlet settlement of Peyia, located just north of Paphos, offers spectacular views. The Mediterranean Sea will still be available. For 160-170 thousand euros, you may have a furnished townhouse with a swimming pool just 3 kilometers from the beach, and for 350 thousand euros, you can get a three-bedroom home with a garden.
The greatest golf resort on the island, Aphrodite Hills, is located here. The resort is located east of Paphos and provides high-end accommodations. Aphrodite Hills features an 18-hole championship golf course, a football and equestrian school, tennis facilities, an award-winning spa, restaurants, cafés, bakeries, boutique boutiques, gardens, playgrounds, and fountains. A number of international accolades have been bestowed to the resort. It’s even been dubbed one of the world’s top five golf resorts. Apartments with a view of the sea start at 200 000 euros, while villas start at 800 000 euros.
Larnaca is located on the island of Cyprus’s southeast coast. On the island, it is the third most populous city. It is, nevertheless, still serene and quiet. Because Larnaca attracts fewer visitors than Paphos and Limassol, it has a lively local feel. Rather than a McDonald’s or a British bar, you’re more likely to discover a typical Cypriot tavern or coffee shop here. Many retirees and Cypriots who live abroad but come home for vacations own and rent properties in this area.
The shipwreck of the Swedish ferry Zenobia, which sank in 1980, lies just off the coast of Larnaca and is one of the most popular diving destinations in the world. The Blue Flag Mackenzie Beach is close by, and it features a playground, a strolling area, as well as bars and restaurants.
Ayia Napa, Cyprus’s nightlife center, is located 40 minutes east of Larnaca by car. There are several nightclubs, as well as an amusement park and an aqua park, in this area. TripAdvisor named Nissi Beach, a Blue Flag beach, as one of the top ten beaches in Europe. As a result, Ayia Napa isn’t exclusively for partygoers in their twenties. Everyone will find something to like here.
In comparison to Paphos and Limassol, Larnaca has cheaper property prices.
120 to 140 thousand euros for a two-bedroom home with a pool about 10 minutes from the beach.
- 120 thousand euros for an apartment with a patio.
In a Larnaca neighborhood like Oroklini or Pervolia, a modern 2-story home with a swimming pool and yard costs 250 thousand euros.
It’s a fantastic moment to buy property in Larnaca. Between 2020 and 2022, the city will see a lot of multi-story residential developments. If you purchase real estate while it is still under construction, you will have to wait 15-20 months. However, because price increase is inevitable, you will save 10-15% of your money.
Large-scale renovations and modernisation are also under place throughout the city. A total of 1.2 billion euros is expected to be invested in the resort’s construction by foreign investors. In the seaside zone, there will be a park and residential structures that meet current environmental requirements. In addition, the city will be home to the island’s largest commercial mall.
Protaras and Ayia Napa
Protaras and Ayia Napa are two of the most popular tourist destinations in Cyprus.
Both of these attractions are popular with visitors to Cyprus, particularly during the summer. Those considering relocating here will find a variety of fantastic beaches, supermarkets, and international-standard educational institutions. Because of the huge number of international tourists, they are crowded sites in the summer. During the winter, however, there are less people.
The majority of apartments in Ayia Napa’s downtown area are in ancient structures. They are intended for short-term use rather than long-term habitation.
If you’re thinking about buying a home, pay close attention to the property documents, since there have been several complaints of paperwork errors in Ayia Napa.
- In Ayia Napa and Protaras, the prices of seafront homes are the lowest.
- Ayia Napa, Protaras, and Paralimni are all seeing a slew of new developments.
- Villas, homes, maisonettes, and apartments may all be found here.
Polis, located in the northwest near the Akamas Peninsula, is a peaceful haven for nature enthusiasts. It is home to a bustling fishing port. Because the little town has just a few thousand people, your privacy is assured.
It is green and peaceful, yet the infrastructure is lacking. However, there are stores, restaurants, and banks can be found. There are just a few industries and businesses. The majority of the residents work in agriculture, fishing, or tourism.
It’s a lengthy journey from here to Larnaca’s international airport, but it’s a beautiful one. It takes a little longer to go to Protaras.
Polis is a dream come true for singles and retirees who want to live in a tranquil seaside hamlet. You may relax and enjoy yourself while cultivating flowers, veggies, and fruits, sunbathing, swimming, and resting.
- Here, real estate is inexpensive.
- Many bungalows and homes near the shore are available for € 100-250 thousand.
- Apartments are significantly less expensive.
- There are also numerous villas with views of the sea. However, they generally cost around € 2 million, much like the other locations.
Renting Property in Cyprus
A property near the sea, in a beautiful location near the city, is a good choice for both pleasure and living. Cyprus is a lovely island. Indeed, the people believe their nation to be a piece of heaven on earth! A European quality of life may be found here. As a result, many people visit the island for vacation or to live permanently. The greatest option is always a villa.
There are several lodging alternatives on the island, both along the shore and inland. All you have to do now is pick where you want to stay and how much you want to pay for housing.
Rent a Villa at a Low Cost
A vacation in a Cypriot villa may be a dream come true. Before you can rent a full property at a reasonable price, you must examine a number of factors.
- Select a villa with many bedrooms, but keep in mind that the overall space should not exceed 100 square meters. You will save money as a result of this. This type of property is ideal for a modest household.
- Third-line villa – A third-line villa will be located some distance from the shore. It will almost certainly be less expensive than a first- or second-line villa.
- If you’re thinking about renting a villa for a long time, choose one that’s away from the shore to avoid the busy and touristic places. The tourist sites are always approximately 10-15 minutes away by vehicle.
- Rent directly from the owner – Foreigners frequently rent via real estate companies. You’ll have to pay extra in the end. However, if you are new to the island and are unfamiliar with the costs, it is advisable to deal with a professional.
In most cases, you must pay the villa owner’s rent once a month or several months in advance. Whatever the circumstance may be, always draft a contract in which everything is clearly stated.
If you don’t know the language well, see an expert or lawyer (Greek or English). The individual should have relevant past experience.
Price of a Villa Rental
- In the off-season, a modest home in a tourist hamlet near the sea will set you back 60 euros per day. During peak season, it will cost one and a half to two times more.
- In the highlands, it will be less expensive.
- The cost of a long-term lease will be substantially lower.
- Cleaning will be included in the rental price.
The cost of renting a villa might range from 800 to 1000 euros per month in some cases. However, this does not cover the cost of utilities. You will be responsible for cleaning.
Purchasing A Villa
You can purchase a property in order to obtain Cypriot citizenship and reside permanently on the island.
But keep in mind that in order to obtain a residency permit (known in Cyprus as a pink slip), you must purchase a home worth at least 300,000 euros. You can also take out a loan for the purchase if necessary. On the island, the annual mortgage rate seldom surpasses 4%.
Purchasing a home may be a lucrative investment in two ways:
You can hire it out for a long period of time or only during the tourist season.
Gain from price escalation by selling later for a profit.
The cost of living in Cyprus is always rising. As a result, you may expect a greater price in a few years.
Purchasing a property in Cyprus does not have to be expensive. Away from the shore and in mountain communities, homes are less expensive. Although the seashore is frequently the major draw, these locations may still be quite lovely. If you want to spend time with your family in peace, these are the locations to go.
The majority of settlements are not distant from the metropolis. A big metropolis is just around 30 kilometers away from even the most isolated hamlet. This means you can get to work, school, or a major tourist attraction in only 20 minutes.
A village villa will be much less expensive than a beach home. For the same 300,000 euros, you might, for example, purchase a home that is several hundred square meters larger. For the same money in Limassol, for example, you can only obtain a 3-room apartment.
Cyprus Luxury Villas
Cyprus’ luxury real estate market is booming at an unparalleled rate. Many luxurious homes and apartments can now be found all around the island.
The houses are furnished with everything you need, including a private pool, beautiful garden, manicured grass, barbeque area, contemporary conveniences, air conditioning, internet, satellite television, living rooms and bedrooms, and a fully equipped kitchen. Many homes are within walking distance of a golf course or tennis court.
Price of a Villa Rental
How much does it cost to rent a luxury house in Cyprus? It depends on the property’s location, amount of bedrooms, amenities and facilities, and age.
- From October to April, a seaside property in a resort location like Protaras starts at 200 euros per day. The price includes everything.
- This price will climb to 250-270 euros per day between May and July, as well as September. In August, it may cost up to 300 euros.
These are typically two-story homes with a private pool and garden. If the villa has direct access to the sea, the price might be doubled or even tripled.
What are the Best Places to Rent a Villa in Cyprus?
The most expensive real estate is generally found in Paphos and Limassol. In comparison to other cities, the rental and buying costs are 30-50 percent more here.
During the tourist season (May to September), the cost of renting a villa in Ayia Napa might be prohibitively expensive. However, this is a highly popular vacation spot. As a result, you may still wish to spend the higher fee to experience the villa’s amenities and Ayia Napa’s attractions.
Limassol is Cyprus’ business capital. Many people who own businesses or work in Cyprus live in this area. As a result, you might want to consider making the city your permanent home. Paphos is known as the island’s “western capital.” Many European visitors come to enjoy the sun in the winter. During the winter, 17,000 Britons reside on Cyprus’ west coast. They either live in a quiet village or rent a property there.
Larnaca is a major city with a peaceful atmosphere. The cost of living is cheap. Tourists are only present during the peak season. It’s also unpretentious. So, if you like a calm and pleasant city and don’t want to spend a lot of money on rent or buy, Larnaca is a good option.
Northern Cyprus has inexpensive pricing as well. It is serene and serene. However, living in the north might be pricier than in the south. Many people like to spend the winter here and then rent out their apartment or villa to visitors in the summer.