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Buying and Renting Real Estate in Cyprus
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Buying and Renting Real Estate in Cyprus

Real estate in Cyprus is cheaper compared to many other places in Europe. However, there is a great demand for two reasons. First, many want to rent because of the island’s stunning beauty, rich history, beautiful beaches, turquoise Mediterranean Sea, mild climate, and hospitality of the locals. And second, there are people who want to buy a property in Cyprus because they are attracted by the island, its high-standard of living and also many want to become a EU resident by investment.

 

The high demand is fueling a boom in the island’s construction industry. Many developers are offering modern and quality housing at affordable prices. Housing sales are growing in Cyprus by an average of 10% per year.

 

Many people who initially came to the island as a tourist and rented a property end up buying real estate because they are thrilled with the island. Most foreign buyers buy housing in the coastal regions and the coastal cities.

 

Coastal Overview

 

There are both pros and cons of buying a property by the sea. If you are looking for an apartment on the coast, remember, it may be close to the sea, but it doesn’t necessarily mean that you will be close to a beach. For example, the house can be located 10 meters from the sea, but you may still have to take a car to go to the nearest beach. Also, the apartment prices in the coast will vary depending on the city.

 

  • Limassol has the most expensive apartments in Cyprus
  • You will find the cheapest Cypriot apartments in Paphos

 

ProsCons
The Mediterranean SeaCan be crowded as there are a lot of tourists
Walking distance to beachesSeasonal attraction
No large industries or factories
There will be many restaurants offering international cuisine, bars, nightclubs
Availability of public transport

 

Where to Stay in Cyprus

 

There are many beautiful cities in Cyprus where you may want to buy your real estate. The choice comes down to three considerations – where you want to live.

 

  1. Do you want to stay in the center of the city
  2. In a suburb where it will be quieter
  3. Or in a tourist area close to the sea and beach

 

If you choose a suburb, then look for an apartment or cottage away from the city limit, perhaps in a small village. You will still be only half an hour from the city center.

 

Many locals do not view the sea as something very attractive, as they have become accustomed to it from their childhood. To them, the most attractive housing is in the city center, where there are shopping centers, banks, offices, hospitals, and commercial establishment. You won’t get a stunning sea view here. But everything else you need, will be close. Most of the housing you will find in the center are apartments.

 

The atmosphere in the tourist areas is very different. Most of the shops here are restaurants and cafes. You will also find many hotels that attract many foreign tourists. The land and property cost rises as you approach the coast. You will also find many luxury villas on plots of up to 300 square meters. Most of these villas have their own private swimming pools. There are also some apartments in complexes along the coast.

 

Choose a suburb if you prefer a calm, quiet life, and if you do not need the city every day. You will still be close to the city. Cyprus is not that large, so the distance between cities on the island will usually be within 70 kilometers, which means, it won’t take you more than 20-30 minutes by car. Houses in the nearest suburbs are often built on picturesque hills that offers a stunning panoramic view. The plots here are usually larger – between 450 and 500 square meters. Of course, you will need transport to reach the beach area. But the cost of land and housing will be cheaper.

 

You can look at the CyprusVillas website to find an elite villa on the beachfront, close to the sea, in the suburb, or the hills in a beautiful village.

 

Top 5 Cities for Buying Real Estate

 

Paphos

 

Paphos is a historic city in the southwestern coast of the island. It is especially popular with the Brits, who live mostly in the suburbs – the villages of Peyia and Tala. You will find more than 10 thousand Brits living here, the largest on the island.

 

Paphos is divided into two parts: The Old town and modern seafront.

 

  • The Old Town is a UNESCO World Heritage Site. It is a landmark on the island. It has many tourist attractions like Tombs of the Kings, archaeology park, and a Medieval fort.

 

  • Modern Paphos is not just a resort, but a full-fledged city where you will find all amenities for living and recreation. There are large shopping centers, modern clinics, schools. The Paphos International School is the best on the island. Its graduates are eligible to enter universities in the United States and Europe.

 

You can buy an apartment in Paphos for 140 thousand euros. A villa will cost between 200 and 250 thousand euros. You will get wonderful views in the hillside village community of Peyia, a little north from Paphos. You will still have the Mediterranean Sea. You can buy a furnished townhouse with a swimming pool just 3 km from the beach here for 160-170 thousand euros, and a 3-bedroom villa with a garden for 350 thousand euros.

 

Aphrodite Hills is a luxury golf resort, the best on the island. East of Paphos, the resort offers premium housing. Aphrodite Hills has a championship standard 18-hole golf course, football and riding schools, tennis courts, an award-winning spa, restaurants, cafes, bakeries, boutique stores, gardens, playgrounds, and fountains. The resort has won many international awards. It has even been named as one of the five best golf resorts in the world. Apartments with a sea view here cost from 200 thousand euros, and villas will cost from 800 thousand euros.

 

Larnaca

 

The city of Larnaca is on the southeast coast of Cyprus. It is the third-largest city on the island. However, it is still quiet and peaceful. You will also have a vibrant local flavor in Larnaca as the city receives fewer tourists than Paphos and Limassol. You are more likely to find a tavern or coffee shop with a traditional Cypriot menu here than a McDonald’s or a British pub. Many retirees and Cypriots who live abroad and return home for vacation buy and rent villas here.

 

Just off the coast of Larnaca, you will find one of the most popular diving spots in the world – shipwreck of the Swedish ferry Zenobia, which sunk in 1980. Nearby is the Blue Flag Mackenzie Beach, where there is a playground, walking area, bars and restaurants.

 

40 minutes east from Larnaca by road, you will reach Ayia Napa, which is the nightlife capital of Cyprus. There are dozens of nightclubs here, an amusement park, an aqua park. The Blue Flag Nissi Beach has been voted one of the 10 Best European Beaches by TripAdvisor. So Ayia Napa is not just for young partygoers. There is something for everyone here.

 

Property prices in Larnaca are lower than in Paphos and Limassol.

 

  • 2-bedroom house with a swimming pool just 10 minutes’ drive from the beach – 120 to 140 thousand euros
  • Apartment with a terrace starts from – 120 thousand euros
  • Modern 2-storied villa with a swimming pool and garden in a Larnaca suburb like Oroklini or Pervolia – 250 thousand euros

 

This is a great time to invest in Larnaca’s real estate. Many multi-storied residential complexes are being built in the city between 2020-2022. Yes, you will have to wait for 15-20 months if you buy real estate at the construction stage. But you will end up saving 10-15% money because there is sure to be price escalation later.

 

The city is also seeing a large-scale renovation and modernization. Foreign investors are planning to invest 1.2 billion euros in the development of the resort. There will soon be a park and residential buildings in accordance with modern environmental standards in the coastal zone. The largest shopping center on the island will also be built in the city.

 

Ayia Napa and Protaras

 

These two are both popular with tourists visiting Cyprus, especially during the summer. There are several awesome beaches, supermarkets, and international standard educational institutions for those who are planning to move here. They are busy places in the summer because of the large number of international tourists. However, you will find few people in the winter.

 

Apartments in the center of Ayia Napa are mostly in old buildings. They are for short-term stays rather than permanent residence.

 

If you are planning to buy real estate, pay particular attention to the property document, as in Ayia Napa, there are many reports of document inaccuracies.

 

  • Prices of properties facing the sea are the lowest in Ayia Napa and Protaras
  • There are many new properties coming up in Ayia Napa, Protaras, Paralimni
  • You will find everything – villas, houses, maisonettes, and apartments

 

Polis

 

Polis in the northwest close to the Akamas Peninsula is a quiet paradise for nature lovers. It has a busy fishing port. The small town has only a couple of thousand residents, so your privacy is 100% guaranteed.

 

It is green, calm, but the infrastructure is less developed. You will however find shops, restaurants and banks. Very few industries and commercial establishments. Most of the locals are engaged in agriculture, fishing, or tourism. 

 

It’s a long road from here to the international airport at Larnaca, but the drive is very scenic. It takes a bit more time to reach Protaras.

 

Polis is a paradise for singles and retirees who dream of retiring in a quiet village by the sea. You can live here in peace, growing flowers, vegetables, fruits, sunbathing, swimming, and relaxing.

 

  • Real estate prices are cheap here
  • There are many bungalows and houses close to the sea for € 100-250 thousand
  • Apartments are even cheaper
  • You will also find many sea facing villas. But like the other regions, they usually cost from € 2 million.

 

Renting Real Estate in Cyprus

 

A house near the sea, in a picturesque place, close to the city, is an excellent choice for both recreation and residence. Cyprus is a beautiful island. In fact, the locals consider their homeland a paradise on earth! You will find European standard of living here. Therefore, many people come to the island for a vacation or for permanent residence. A villa is always the best choice.

 

You will find plenty of accommodation options on the island, both along the coastline, and away. You just have to decide where you want to stay and the housing price.

 

Rent an Affordable Villa

 

Staying in a Cypriot villa can be like a dream. You have to consider many things before you can rent a whole house at an affordable price.

 

  • Area of the villa – Select a house with several bedrooms, but make sure that the total area is not more than 100 square meters. This will save you money. A property like this will be good for a small family.

 

  • Third line villa – Such a property will be some distance away from the sea. It is likely to cost significantly less than a first or second line villa.

 

  • Distance from the sea – Select a villa away from the sea to stay away from the crowded and touristy areas if you are thinking of long-term rent. You can always reach the tourist attractions by car in only 10-15 minutes.

 

  • Rent without intermediaries – Foreigners often rent housing through real estate agencies. You will end up paying more. But it is best to work with a specialist if you have just arrived on the island and don’t know the prices.

 

As a rule, you have to pay the rent to the villa owner once a month or several months in advance. Whatever be the case, always draw up an agreement where everything will be mentioned clearly.

 

Work with a specialist or lawyer if you don’t speak the language well (Greek or English). The person should have prior relevant experience.

 

Villa Rental Price

 

See Also

The cost of renting a villa will depend on various factors like its location, size, amenities, and also the length of your stay. For tourists, the rental is calculated daily.

 

  • A small villa in a tourist village close to the sea will cost 60 euros per day in the off-season. It will cost one and a half to two times more in the peak season.
  • It will be cheaper in the hills.
  • Long-term lease will be significantly more economical.
  • The rental price will include cleaning.

 

In some villas, the cost can be around 800-1000 euros per month. But this does not include utility costs. You will have to do the cleaning yourself.

 

Buying A Villa

 

You can buy a villa to gain Cypriot citizenship and to live on the island permanently.

 

But remember, to get your residence permit (in Cyprus it is called a pink slip), you should buy a house that is worth at least 300 thousand euros. You can also take a loan if needed for the purchase. The mortgage rate on the island rarely exceeds 4% a year.

 

Buying a house can also be a very profitable investment in two ways:

 

  1. You can rent it out – Rent out long-term or during the tourist season.
  2. You can sell later for a profit – Gain from price escalation.

 

Property prices in Cyprus are always rising. So you can be sure to fetch a higher price in a few years.

 

You don’t have to spend a fortune to buy a villa in Cyprus. You will get cheaper properties away from the sea and in mountain villages. The coastline is often the main attraction, but these places can also be very beautiful. These places will actually be the better option if you are looking for quiet family life.

 

Most villages are not too far away from the city. Even the most remote village is only about 30 kilometers a large city. This means, you can reach your place of work, study, or a popular tourist place in only 20 minutes.

 

A village villa will be significantly cheaper than a house close to the sea. For example, for the same 300 thousand euros, you can buy a house that is several hundred square meters bigger in size. In Limassol, for example, for the same money, you will only get a 3-room apartment.

 

Luxury Villas in Cyprus

 

The luxury real estate market in Cyprus is seeing unprecedented growth. You will now find many luxury villas and apartments throughout the island.

 

The houses already have everything you need – a private swimming pool, lush garden, manicured lawn, barbecue area, modern amenities, air-conditioning, internet, satellite television, living rooms and bedrooms, and a well-equipped kitchen. Many properties are even close to a golf course and tennis court.

 

Villa Rental Price

 

What is the rental price of a luxury villa in Cyprus? It depends the location, number of bedrooms, amenities and facilities, and age of the property.

 

  • The starting price of a seafront villa in a resort area like Protaras is 200 euros a day from October to April. The price is all-inclusive.

 

  • Between May and July and also in September, this price will rise to 250-270 euros a day. In August, it can be 300 euros and even more.

 

These are usually 2-storied houses with a private swimming pool and a garden. The price can be double and even triple if the villa has a direct sea access.

 

Where to Rent a Villa in Cyprus?

 

The cities of Paphos and Limassol usually have the costliest real estate. The rental and purchase prices here are costlier by 30-50% compared to the other cities.

 

The villa rental prices in Ayia Napa can be very costly in the tourist season (May – September). But this is a very popular destination. So you may still want to pay the premium price to enjoy the comforts of the villa and the attractions of Ayia Napa.

 

Limassol is the business center of Cyprus. Many having their own business or working in Cyprus live here. So you may consider the city for permanent residence. Paphos is like the “western capital” of the island. Many EU tourists like to spend the winter here, enjoying the sun. 17 thousand Brits live on the west coast of Cyprus in the winter. They either own a house or rent a villa in a quiet village.

 

Larnaca is a large but quiet city. The property prices are low. You will find tourists here only in the peak season. It is also laid-back. So, consider Larnaca if you prefer a quiet and relaxing city and don’t want to spend a lot towards rent or purchase.

 

The prices are low also in Northern Cyprus. It is tranquil and peaceful. However, life can be a little more expensive than in the south. Many like to stay here in the winter, and rent out their apartment or villa to tourists in the summer.



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