Your 2023 Guide To Buying A Property In Cyprus
The mild Mediterranean climate, high living standards, strategic location between three continents, crystal clear sea waters and long stretches of Blue Flag beaches make Cyprus an ideal European country for buying a property.
Real estate yields in Cyprus are among the highest and most stable in Europe, while there is a great variety of properties available for all budgets and needs. From commercial real estate to luxurious seafront houses and spacious apartments in lively city centers, the investment opportunities on the island are countless in all districts: Nicosia, Limassol, Larnaca, Paphos and Famagusta.
All you need is thorough planning and an experienced real estate partner by your side, like GoGordian, to help you navigate through the real estate landscape and find your dream property in Cyprus.
Top Benefits of Investing in a Property in Cyprus
Over the last decade, Cyprus has evolved into a popular investment, financial and technology hub. For this reason, hundreds of people from around the world choose to relocate their businesses or purchase a second house in this Mediterranean paradise every year.
The incentives for those who consider investing in Cyprus typically include:
● High standard of living, quality educational institutions, safety and convenience.
● Strategic location at the crossroads of Europe, Africa and Asia, close to shipping and air routes linking Europe with the Far East and the Arab world.
● Well-educated, youthful, and creative labor force.
● Good road network - short distances between Cyprus’ major cities.
● Ability to get a European Passport - EU citizenship.
● Low corporate tax rates.
● Ideal country for both beach and mountain lovers.
● Warm weather with more than 300 sunny days per year, rich culture and history, sandy beaches with blue flags.
● Strong legal framework
● A stable economy and an outstanding healthcare system.
● Widespread use of the English language - easy to communicate and do business.
● International community, including British, Russian, Israeli, Lebanese, Syrian and Chinese nationals.
Real estate investors tend to buy an apartment or a house in Cyprus and rent it out to generate a stable and passive monthly income. In addition, they benefit from significant increases in residential properties’ value, with the highest increases reported on apartments and holiday houses year on year.
Check out today our article about the top 7 factors to consider before buying a property in Cyprus.
Cost of Buying A Property in Cyprus
Property prices in Cyprus depend on the location, quality of development, year of construction, and property type. It is possible to find an apartment for around €160,000, yet vast properties and luxury villas close to the sea might cost some millions of euros.
However, it is important to note that even some of Cyprus’ cheaper scale properties provide a higher quality of life than other EU countries.
Additional charges may include taxes, surveyor and legal fees, land registry fees and stamp duty.
Where is the Best Area to Buy A Property in Cyprus?
The best location to invest in a property in Cyprus depends on the intended purpose of use. For example, for investors interested in offices or shops, Limassol is their first choice, as it is a business city combining lots of jobs with the joy of living near the beach. Those searching for hotels for sale would probably invest in properties in Ayia Napa, Protaras and Paphos where millions of tourists flock every year to enjoy the beautiful sea and nightlife.
Some critical factors to consider before buying a property on the island are the below:
● Do you want to live in Cyprus permanently?
● Would you like to use the property as a vacation home?
● Will you rent out the property?
Buy a Property in Nicosia
Nicosia (or Lefkosia) is the largest city in Cyprus and the southeasternmost capital among all EU member states. It is situated in the center of the island, very close to Larnaca airport.
The capital city features an exceptional road network connecting it with other big cities and the countryside. It serves as Cyprus's financial, political, cultural, and administrative center.
Nicosia is also ideal for families as it features a great selection of public and private schools in addition to universities.
Property prices here are often more affordable than in coastal cities, while there is a stable demand, mainly from the domestic market as many Cypriots work and live in Nicosia. Therefore, it is perfect for those looking to let their property out to tenants and make a passive income.
Buy a Property in Limassol
Limassol (or Lemesos) is a metropolitan city, a major tourist center and the chief port of Cyprus. It is the second most populated city in Cyprus.
This coastal city features stunning palm-coated seafronts, impressive archaeological sites, rich culture and countless entertainment opportunities. It is fantastic for families as it has many international schools, shops, restaurants, bars and leisure venues for all ages. It has everything someone needs for living a comfortable and luxurious life.
Limassol is also great for investors who wish to rent out their properties, as houses and flats for rent here have always been in high demand.
Buy a Property in Larnaca
Larnaca is home to the country’s primary airport, the Larnaca International Airport. Larnaca is situated on the southern coast of the island and stands out for its glorious history, medieval fort, Salt Lake and convenient location in the centre of all major cities. Larnaca is a rapidly developed city with lots of new developments on the way such as hotels, luxury apartments and a new upgraded port & marina. Thus, it is a great location to invest in if you love the sea and a more relaxed way of living.
Properties in Larnaca are typically more affordable than Limassol or Paphos.
Buy a Property in Paphos
Paphos is situated in the western part of Cyprus and has four municipalities: Paphos, Yeroskipou, Peyia and Polis Chrysochous. The region combines the Mediterranean Sea with lush forests in its mountainous areas and attracts millions of tourists throughout the year.
The charming coastal town of Paphos stands out for its harmonious blend of historic archaeological sites, culture, and vibrant contemporary life. The region features the island’s second biggest airport, the Paphos International Airport, and has an excellent road network that connects it with all other big cities in Cyprus.
Paphos is home to Aphrodites Rock - also known as Petra tou Romiou, Akamas Peninsula - popular for its green turtles, blue lagoon and crystal waters, the famous Tombs of the Kings and many more.
Compared to Limassol, living expenses in Paphos are lower, while the city suits people who prefer a more laid-back lifestyle.
Buy a Property in Famagusta - Paralimni, Ayia Napa, Protaras
Famagusta is situated in the southeast part of Cyprus. It is popular for the vibrant and charming towns of Ayia Napa and Protaras. Both majestic coastal areas feature luxury 4-star and 5-star hotels by the sea along with a big variety of restaurants and bars.
Millions of tourists visit Ayia Napa and Protaras every year to enjoy their summer holidays. Ayia Napa and Protaras are worlds famous for their blue flag sandy beaches. The area is ideal for people seeking to invest in holiday homes, apartments and resorts.
Rent Out Your Property in Cyprus
Properties in Cyprus can be rented on a monthly, long-term, or daily basis. Most often, apartments and houses in the city centre are rented through long-term agreements whereas, flats and holiday villas near the sea are rented on a daily basis during the high summer season.
Property Types in Cyprus to Choose From
Cyprus offers a variety of properties suitable for investment, from residential real estate to industrial, touristic, agricultural, and commercial properties.
Residential homes & Holiday Homes for sale
From coastline villas with swimming pools to vast and modern penthouses with mountain or beach views, from studio apartments on the island’s cosmopolitan city centers to two, three, four or five-bedroom detached houses in rural areas, there is an attractive investment opportunity to match everyone’s needs and budgets.
Shops for sale
The island offers many shops for sale in the best locations that attract many locals and tourists throughout the year.
Offices for sale
Choose between large or smaller office buildings in the business districts of Nicosia, Limassol, Paphos or Larnaca. Join some of the world's leading businesses that have already discovered the entrepreneurial benefits this dynamic country has to offer.
Industrial properties for sale
Find large, multi-purpose, and highly adaptable buildings across Cyprus that can be used for multiple purposes. Demand for industrial warehouses is growing in the country as the local economy continues to expand. Warehouses can bring a high rate of return to investors.
Hotel for sale
Hotel properties in a country that receives over 4 million tourists every year offer a unique opportunity for investors.
Building for sale
Buildings for sale in Cyprus provide easy access to local amenities and are within a short distance from cities’ major services and key meeting points for locals and tourists. Moreover, prices for residential and commercial buildings steadily increase year on year, making it a highly attractive choice for investors all around the world.
Land for sale
Land is an asset with an increasing value over time, making it a brilliant long-term hold, perfect for forward-thinking investors. In addition, owning land in a country with such a great climate and fertile soil offers unlimited opportunities to people interested in agriculture.
GoGordian Real Estate - Your Most Valuable Partner for Finding A Property for Sale in Cyprus
Ensure that you find the best real estate investment opportunity in Cyprus with the help of the GoGordian Real Estate team. Our asset portfolio features the best properties in the most attractive locations on the island.
Only at GoGordian Real Estate will you find such a rich selection of investment opportunities across a wide price range. Our team’s priority has always been to offer customer services of the highest standards in a committed, trustworthy, and reliable manner.
Check out our property portfolio for updates and other helpful information about buying a property in Cyprus. For any queries, please feel free to contact us at (+357) 77 77 56 56 or at email@example.com.