Where is the Best Place to Buy Property in Cyprus? Exploring the Top Regions for Property Investment.

Anastasia Taran
Head of Corporate Services
Reading time 7 minutes
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30 08.2023

Cyprus is among the most sought-after and stable real estate markets in Europe. Purchasing real estate in Cyprus offers numerous attractive advantages. It is not only an efficient and profitable capital investment but also an opportunity to obtain permanent residency status for the investor’s entire family, thereby adding additional value to owning real estate in Cyprus.

However, before selecting real estate in Cyprus, it is advisable to familiarize oneself in more detail with the characteristics of various regions and cities on the island.

In this article, we offer an overview of the best cities in Cyprus for real estate investment. Each of these cities possesses its own unique character and way of life.

✅ Limassol
✅ Paphos
✅ Larnaca
✅ Nicosia
✅ Ayia Napa and Protaras

Real Estate in Limassol

Limassol, situated on the coast of Cyprus, serves not only as a picturesque tourist destination but also as a major commercial center, attracting the attention of both international corporate giants and real estate investors.

The city is home to offices of many international corporations, IT companies, as well as legal, financial, and consulting firms, creating significant demand for real estate in Limassol.

Limassol is also known for its dynamic lifestyle, scenic beaches, numerous restaurants, shops, and cultural events.
Every year, between 30% and 40% of all real estate transactions in Cyprus take place in Limassol.

The appeal of Limassol to investors is due not only to its business-oriented status but also to the constant interest from professionals in international companies. This creates a stable demand for both commercial real estate (business centers, offices, warehouses) and residential real estate.

Nevertheless, high demand and limited supply influence real estate prices in Limassol.

Despite its popularity among investors, Limassol is the most expensive city in Cyprus for real estate investments.

What are the real estate prices in Limassol?

While the average cost of residential real estate in Cyprus is 2,070 euros per square meter, in Limassol, this price ranges from 4,500 to 5,500 euros per square meter.

The cost of commercial real estate (offices) in Limassol ranges from 4,500 to 6,500 euros per square meter.

Real Estate in Paphos

Paphos is an excellent place for real estate investments, especially if you are considering a tourist region and purchasing property for rental purposes.

The weather, infrastructure, and family-oriented nature of this city also make it an ideal choice for those seeking a safe place to relocate and live with their families in Cyprus.

This city is known for its moderate and warm climate, picturesque beaches with crystal-clear Mediterranean waters, and magnificent mountain panoramas.

The city also boasts a developed infrastructure, including an international airport that receives flights from various European countries, a huge shopping complex called Kings Avenue Mall, a zoo, an aqua park, and numerous hiking trails.

It is important to note that approximately 20% to 25% of all real estate transactions in Cyprus are concentrated in Paphos, underscoring its significance as an attractive investment market.

The real estate options in Paphos are diverse: here, you can purchase modern apartments in gated complexes with shared pools and parking spaces, as well as villas for the entire family with splendid sea views, private pools, parking, and even electric vehicle charging stations.

Regarding real estate prices in Paphos, the average cost per square meter is approximately €2,200-€2,400.

The cost of office space for sale in Paphos ranges from €1,800 to €2,400 per square meter.

Real Estate in Larnaca

Larnaca is the third-largest city in Cyprus and is currently one of the most attractive areas on the island for tourism, living, and investment.

Cyprus’s main international airport is located in Larnaca, along with extensive sandy beaches. This cozy small city is ideal for peaceful relaxation, family life, and doing business in Cyprus.

Real estate experts consider the Larnaca real estate market to be the most promising and profitable in Cyprus. By 2023, Larnaca had already surpassed Limassol in terms of real estate development potential.

This city has become a magnet for foreign investments. Over the past few years, Larnaca has seen active construction of luxury hotels, modern office centers, and comfortable residential complexes. Furthermore, plans have been set in motion to modernize the port and create modern infrastructure for the harbor, further strengthening Larnaca’s position as a key center of economic and tourism activity in the region.

Real estate in Larnaca offers investors a wide range of property options, from luxurious apartments in the city center, just 5 minutes’ walk from the famous Finikoudes beach, to exclusive villas on the outskirts.

Both local residents and foreign investors have recognized numerous opportunities for investing in Larnaca’s real estate, leading to a further increase in demand.

What are the real estate prices in Larnaca?

Real estate prices in Larnaca have also undergone changes. The highest price growth in Cyprus in 2022 was recorded in Larnaca. The average cost per square meter increased from €1,800 to €2,500.

Real Estate in Nicosia

The capital of the island, Nicosia, occupies a central position in Cyprus. The city is home to administrative offices, universities, and international organizations. Nicosia lacks direct access to the sea and is not as tourism-oriented, making it more preferable for investments in commercial real estate.

The demand for residential real estate in Nicosia is primarily driven by employees of the Cypriot public sector.

In particular, over the past 2 years, the demand for real estate has gradually increased, and in our opinion, property prices in the Nicosia real estate market are significantly inflated.

For example, in 2023, the average cost per square meter in the central districts of the city ranges from €3,400 to €5,200. These figures indicate relatively high prices in this segment of the real estate market.

Real Estate in Famagusta: Ayia Napa and Protaras

Among the attractive spots on the island of Cyprus, known for their extensive sandy beaches and magnificent views, the resort towns of Ayia, Napa and Protaras stand out. These small towns, located in the Famagusta region, have become not only magnets for tourists but also attractive points for potential investors.

Ayia Napa and Protaras are undoubtedly characterized by their intense tourist activity and represent the most touristy area of the island, attracting visitors with their stunning beaches and a rich selection of entertainment.

Purchasing real estate in Ayia Napa and Protaras is ideal if you are considering investing in residential property in Cyprus with the possibility of renting it out to tourists during the peak season. Beach vacations, primarily targeting young tourists from Western Europe, have a high seasonality from May to October.

Furthermore, it should be noted that buying property in Ayia Napa and Protaras is still affordable compared to average prices on the island.

For example, the cost per square meter of housing in Ayia Napa starts from €1,700 – €1,900.

This provides an excellent opportunity for those looking to invest in real estate in a location known not only for its stunning natural beauty but also for its future growth prospects in value.

If you are seeking the perfect region that matches your needs and expectations, don’t hesitate to contact us!

Feod Group experts will recommend you a region that is ideal for permanent residence, or in which you want to buy property for rent.

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