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Where is the best place to buy property in Cyprus in 2024? Overview of Cyprus regions.
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Currently, Cyprus is among the most popular and stable real estate markets in Europe.
Buying property in Cyprus is highly advantageous, as it not only offers profitable investment opportunities but also the possibility of obtaining Cyprus Permanent Residency through investment for the entire family.
However, before choosing property in Cyprus, it’s worth familiarizing yourself with the characteristics of different regions and cities on the island.
Each city in Cyprus has its own uniqueness and lifestyle.
✓ Limassol
✓ Paphos
✓ Larnaca
✓ Nicosia
✓ Famagusta
Limassol
Limassol is the business hub of Cyprus, with offices of most international corporations, IT companies, legal, financial, and consulting groups located in this city, creating significant demand in the Limassol real estate market. Buying property in Limassol may be appealing to investors who want to be at the center of events.
Annually, from 30% to 35% of all real estate transactions in Cyprus take place in Limassol.
Steady demand from highly-paid employees of international corporations makes Limassol the most attractive region for real estate investments. Often, property purchases in Cyprus for Ukrainians begin in Limassol.
However, significant demand and relatively limited supply affect property prices in Limassol.
Despite being popular among investors, Limassol is the most expensive city in Cyprus for investing in residential real estate.
Property prices in Limassol.
Thus, while the average price of real estate in Cyprus is 2,070 euros per square meter in the city center, in Limassol, this cost reaches 3,900 – 5,000 euros per square meter.
Paphos
Paphos is an excellent place for real estate investment if you’re looking for a tourist destination.
The city is known for its mild warm climate, gorgeous beaches with turquoise waters of the Mediterranean Sea, as well as fruit orchards and beautiful mountain views.
Paphos is renowned for its rich history and landmarks, such as the famous Baths and the Aphrodite’s Rock.
Additionally, Paphos has a well-developed infrastructure: an international airport receiving flights from European countries; the large Kings Avenue Mall shopping center, a zoo with over 200 species of birds and other animals; a cactus park; a waterpark, and a large number of trails for walking.
The weather, infrastructure, and family-oriented nature of this city make it an ideal choice for those seeking a safe place to relocate and live with their family in Cyprus.
About 20%-25% of real estate transactions in Cyprus are concluded in Paphos.
Real estate in Paphos is very diverse: you can buy modern apartments in gated complexes with a shared pool and parking spaces or a villa for the whole family with stunning sea views, a private pool, parking, and an electric vehicle charging station.
Property Prices in Paphos
The average price per square meter in the center of Paphos in 2022 is around 2,200 euros.
Larnaca
Larnaca – the third largest city in Cyprus, is currently one of the most popular areas on the island for vacations, living, and investments.
The main international airport in Cyprus and long sandy beaches are located in Larnaca. This cozy small city is perfect for relaxation, leisurely family life, or business.
The city’s infrastructure is well developed, the natural beauty of the region is undeniable, and tourism accounts for a significant portion of Larnaca’s income.
Real estate experts consider Larnaca the most promising and profitable market in Cyprus.
Larnaca offers investors almost any type of property: from luxurious apartments in the city center, just 5 minutes from the famous palm-fringed Finikoudes beach, to luxurious villas on the outskirts of the city.
Both local and foreign investors have seen a window of opportunity for investing in Larnaca real estate, which has had a positive impact on demand in the region.
In 2022, the number of transactions reached a record level.
Additionally, the Larnaca port modernization project and significant investments of 1.2 billion euros in the redevelopment project of the adjacent area have had a positive effect on demand in the region. The 510,000 square meters project will include modern shopping areas, elite apartments, and offices of key international companies, restaurants, spas, hotels, and other infrastructure facilities.
Property Prices in Larnaca
The highest increase in property prices in Cyprus in 2022 was recorded in the Larnaca region. For example, prices per square meter in the city center rose from 1,800 euros in 2020 to 3,000 euros.
Nicosia
The capital of Cyprus, Nicosia, is located in the center of the island. Government offices, universities, and international organizations are concentrated in this city. Without access to the sea, this city is the least oriented towards tourism. Therefore, Nicosia is more popular for investments in commercial real estate.
Demand in the residential real estate market in Nicosia is mainly driven by employees of the Cyprus public sector. The high level of long-term financing for these clients positively affects the number of real estate transactions.
In particular, in 2021-2022, demand for real estate gradually increased, and in our opinion, property prices in the Nicosia market are significantly inflated.
For example, in 2022, the average price per square meter in the city center ranges from 3,400 to 5,200 euros. It is worth noting that the average property price in Cyprus is around 2,079 euros per square meter.
Famagusta
If you’re considering investing in seaside residential property outside urban areas in Cyprus, then Protaras and Ayia Napa are ideal places to consider.
After all, where are the most beautiful beaches in Cyprus? In Ayia Napa and Protaras!
These two towns in the Famagusta region are famous for their pristine powdery sand and warm azure sea. Undoubtedly, this is the most touristy part of the island of Cyprus.
Buying property in Ayia Napa and Protaras is ideal if you’re looking into investing in residential real estate in Cyprus with the option of renting to tourists during the peak season.
Beach holidays, mainly targeting young tourists from Western Europe, have a distinct seasonality from May to October.
Demand for real estate in Famagusta is driven exclusively by the tourism sector, and prices are significantly below average for Cyprus. For example, a square meter in the center of Ayia Napa ranges from 1,700 to 1,900 euros.
Buying property in the Famagusta region of Cyprus is still possible at prices below the island’s average.
Feod Group will help you find and purchase property in Cyprus that suits you perfectly!
Where is the best place to buy property in Cyprus - FAQ
Which city in Cyprus is suitable for real estate investment?
Each city or region in Cyprus has its own advantages and disadvantages when it comes to real estate investments.
All cities offer opportunities for investment in residential and commercial properties.
Limassol is home to major local and international companies, Paphos, with its peaceful pace, is suitable for family living, Nicosia is ideal for employees of government institutions, Larnaca is suitable for business and convenient due to its proximity to the airport, and Famagusta is popular among young tourists.
How to combine purchasing property in Cyprus with residency?
Cyprus offers an expedited procedure for obtaining permanent residency for investors from third countries. The purchase price of the property must be at least 300,000 euros excluding VAT, and for the application, a payment of at least 200,000 euros excluding VAT is required.
In addition to the investor, permanent residency can also be obtained for immediate family members.
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
