Cyprus is an appealing destination for real estate investment, offering a variety of properties at different price points across the island. Prices can differ greatly by region, with some areas seeing high demand and premium prices. Here’s an overview of property prices by location in Cyprus:
Nicosia (Capital)
Overview: As the capital and largest city, Nicosia is the political and business center of Cyprus, with a blend of modern apartments, traditional homes, and commercial real estate.
Property Prices:
Apartments: A one-bedroom apartment in the city center costs between €90,000 and €150,000, with larger apartments ranging from €200,000 to €400,000.
Houses: Detached homes typically range from €300,000 to €600,000.
Trends: Nicosia’s market is steady, with moderate price growth. It attracts both locals and people seeking proximity to business and government offices.
Limassol (Coastal City)
Overview: Limassol is Cyprus’s second-largest city, a major business hub, and a popular location for luxury real estate, thanks to its coastal beauty and cultural vibrancy.
Property Prices:
Apartments: One-bedroom apartments in the city center range from €150,000 to €250,000, while larger ones go for €350,000 to €600,000.
Houses: Detached properties range from €600,000 to over €2 million, depending on the location and features.
Luxury Properties: High-end beachfront homes or penthouses start at €1 million and can exceed €5 million.
Trends: Limassol is in high demand from international investors, particularly those from Russia, the UK, and the Middle East, and sees robust activity in both residential and commercial properties.
Larnaca (Coastal City)
Overview: Larnaca is an important port city and home to Cyprus’s main international airport. It offers relatively more affordable properties compared to Limassol and Nicosia, with growing interest due to development.
Property Prices:
Apartments: One-bedroom apartments in the city center typically cost between €80,000 and €130,000, while larger ones range from €150,000 to €300,000.
Houses: Detached homes usually cost between €250,000 and €450,000.
Beachfront Properties: Properties near the coast or with sea views can range from €400,000 to over €1 million.
Trends: Larnaca is gaining popularity among investors due to its lower prices and proximity to the airport, making it attractive for both residential and rental properties.
Paphos (Tourist Destination)
Overview: Paphos is a major tourist hub, known for its historical significance and beautiful coastline. It is popular with retirees, second-home buyers, and investors seeking vacation properties.
Property Prices:
Apartments: One-bedroom apartments in Paphos city center range from €90,000 to €150,000, with larger apartments priced between €180,000 and €350,000.
Houses: Detached homes typically range from €250,000 to €600,000, with more upscale properties reaching €1.5 million.
Luxury Villas: Villas with premium locations or sea views start at €500,000 and can exceed €5 million for the most luxurious options.
Trends: Paphos remains a popular choice for international buyers, particularly from the UK and Russia, as well as retirees looking for a peaceful lifestyle.
Ayia Napa & Protaras (Eastern Coast)
Overview: These areas are famous for their stunning beaches and vibrant nightlife (Ayia Napa) or quieter, family-friendly environment (Protaras).
Property Prices:
Apartments: One-bedroom apartments in Ayia Napa range from €70,000 to €130,000, while in Protaras, they typically cost between €100,000 and €200,000.
Houses: Detached homes in the region range from €250,000 to €600,000, with more luxurious villas exceeding €1.5 million.
Luxury and Beachfront Properties: For properties near the beach or with exceptional views, prices start from €500,000 and can go over €2 million.
Trends: Ayia Napa and Protaras are popular among tourists and second-home buyers. The areas are seeing growing interest, particularly for vacation rentals and high-end properties.
Famagusta Area (North Cyprus – TRNC)
Overview: This region is under the control of the Turkish Republic of Northern Cyprus (TRNC) and is not internationally recognized. However, it offers lower prices and remains an attractive option for certain buyers.
Property Prices:
Apartments: Prices typically range from €40,000 to €80,000, depending on size and location.
Houses: Detached houses range from €100,000 to €300,000, with high-end properties reaching more.
Trends: Though more affordable, buying in the Famagusta area comes with legal complexities due to the region’s political status. However, it still attracts buyers looking for bargains.
Conclusion
Cyprus offers a diverse property market, with prices varying widely by location. Coastal cities like Limassol, Larnaca, and Paphos generally have higher prices, particularly for luxury homes and beachfront properties. Nicosia offers more affordable residential options, while the eastern regions of Ayia Napa and Protaras are attracting second-home buyers and investors. For those seeking affordable investment opportunities, Larnaca and Paphos provide good potential for growth. Limassol remains the top choice for high-end real estate investments.
