Cyprus is an island nation in the Eastern Mediterranean with a warm climate, beautiful beaches, and rich history and culture. Property in Cyprus is very popular among foreign investors and tourists due to its attractiveness as a place to live, relax, and invest.
What properties in Cyprus are in greatest demand?
The greatest demand is for apartments in Cyprus for sale located in new residential complexes in protected areas. This type of housing is usually equipped with a swimming pool, green area, parking, and sometimes shops.
Interest in townhouses and villas is also stable. Foreigners, in most cases, prefer elite types of real estate. The cost of resort facilities is influenced by the distance from the seashore and the prestige of the city. Limassol is considered the most expensive city in terms of property prices, followed by Paphos, followed by Larnaca.
While most buyers prefer residential properties, investment professionals rely on commercial properties.
Cyprus has a wide selection of offices, hotels, restaurants, shops, and other premises for purchase. These objects are more profitable, and therefore, the payback period will be shorter. In the range of €50,000–100,000, it is possible to buy a modest apartment remote from the seashore; you will need to get to the beach by transport. A similar amount will be needed to purchase a studio apartment located within walking distance from the sea coast. In this case, it is better not to count on housing in a new house.
Having €200,000–300,000 at your disposal, you can qualify for a two-bedroom apartment located very close to the sea in such popular cities as Limassol or Paphos. For €300,000–400,000, you can buy a townhouse in the same area or a house by the sea in Polis.
The most expensive purchase item is a villa. For example, semi-detached villas and townhouses located in complexes on the coast cost €700,000–800,000. The price of detached villas with a plot of land occupying the first line by the sea starts from €10,000,000. It is difficult to limit the upper price level.
Those who want to save money can purchase housing in small towns where there is no entertainment infrastructure.
However, lovers of silence and solitude will appreciate these areas. Objects located close to the sea have great investment attractiveness. Firstly, there is not much land left on the island for new buildings, and secondly, the coastline will always be at the peak of demand. The fastest-paying type of housing is apartments located on the very shore and rented out. It will take a maximum of 13 years to fully recoup the money spent on the purchase.
Prospects for real estate development in Cyprus
Back in 2010, when the Cyprus market was under the influence of the crisis, there was an increase in interest from foreign investors in real estate. In the first half of 2014, home sales increased by 20% compared to the same period in the previous year. The amount of foreign investment has doubled.
Based on data from the Department supervising land resources of Cyprus, February of this year exceeded the volume of purchased housing by 5% when compared with the same month in 2014. Market growth in January was 10%.
The conclusion about the prospects of the Cypriot market is obvious – despite the fall in prices for real estate in many regions of the world, Cyprus has the most attractive indicators. Real estate owners are guaranteed to save their invested funds and receive capital gains with a high degree of probability.
Benefits for tourists
The rich history of Cyprus has given it many attractions and the desire of local residents to turn Cyprus into a paradise for tourists – interesting places and an abundance of entertainment. Whatever you choose, you definitely won’t be bored in Cyprus:
- Dancing fountain show. Do you want to feel the real Cypriot drive? A show of dancing fountains awaits you! Laser show, firefighters with incredibly cool tricks, the most modern special effects, specially selected music, and an amazing atmosphere. Be sure to bring swimsuits and towels with you – perhaps you will become not just a spectator but a participant in the show;
- Monastery of Saint Thekla. Pilgrims come to this small monastery from all over the world – it is famous for curing skin diseases with the help of miraculous clay, which is only available on the territory of the monastery. Be sure to drink water from a healing spring before entering the monastery – this will give you health and longevity. And don’t forget to go to the church shop – here you can find original souvenirs, local delicacies produced by the nuns, and cosmetics made by them based on monastery clay;
- Sea fishing. Do you like fishing? Or maybe you want to admire the beauty of nature? The coastline of Cyprus looks wonderful at any time of the day, and its waters are rich in a variety of fish. If you like to relax with a fishing rod, sea fishing is a great choice. You will see the most picturesque places on the coast of Cyprus, and the ship’s cooks will prepare the catch, which may even include octopuses. We are sure that it is rare to taste such fresh and tasty fish!
- Caledonian Trail – Limassol Ecological Route. The most beautiful walks in the Limassol region can be taken from Troodos, especially in the summer, when you want to enjoy the coolness of the mountain region. One of the carefully marked ecological routes is the unusually beautiful Caledonian Trail, almost 4 km long, which is also called the Nightingale Road. It follows the bed of the Kryos stream, which does not dry out all year round. The shady road is not difficult, but it is still better to wear good hiking boots with textured soles, as you will have to cross the riverbed more than once.
Property offers
Cyprus-Real.Estate offers detailed information about real estate in Cyprus, including descriptions of properties, photographs, and videos, as well as information about areas and their infrastructure. Specialists of the aggregator work with the best real estate agents in Cyprus to provide you with the most interesting and current properties on the island.