Purchasing property in Cyprus isn't only an opportunity to enjoy the seaside and sun all year round, but also a smart investment to multiply your capital. Our company will aid you in choosing and buying Cyprus apartments quickly and safely.
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Advantages of buying an apartment in Cyprus
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The distinct advantages of living in Cyprus are the picturesque nature, pleasant climate, the clean Mediterranean Sea with clean beaches. The island's attractions, including the ruins of ancient Polis, ancient monasteries and churches, catacombs and tombs of kings, attract tourists.
The infrastructure of the country is well-developed: there are a lot of shops, educational institutions, restaurants, fitness halls and polyclinics in Cyprus. Also, the low crime rate makes living on the island safe and secure.
The friendly attitude of natives to immigrants contributes to painless adaptation to life in Cyprus, and the prevalence of Europeans on the island eases the language barrier.
The country has an attractive taxation system. For example, the corporate income tax rate is 12.5%. Personal income tax with an income of less than €19.5 thousand per year, it's 0%
Also, in Cyprus, there is no tax on real estate, both residential and commercial. Taking advantage of favourable tax conditions encourages many international and European companies to open offices on the island. Thus providing an opportunity for citizens from Europe who have moved to Cyprus to find a job.
A plus of the country is a simplified procedure for obtaining a residence permit when buying property worth at least 300 thousand euros. Investments should be more than 2 million euros to obtain citizenship. A European passport, in this case, is purchased by both the investor and his family members.
The advantage of buying apartments in Cyprus is also the opportunity to get a source of passive income. Due to the tourist flow on the island, apartment rentals are in high demand: the purchased housing can be rented out as on-site, long-term basis, and daily. The minimum rent is 200-300 euros per week.
To increase your income, you can buy a house being built in a good neighbourhood, and after the completion of the project, you get to sell it more expensive.
What kind of property can be purchased
There is a great variety of housing in Cyprus. The most common properties are:
- Apartment
- Studios
- Penthouses
- Townhouses
- Villas
Apartment (flat)
Apartments are located in residential complexes of several low-rise buildings, sold with a parking space and technical storage room. The minimum cost of a Cyprus apartment for sale is about 40-50 thousand Euros.
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At the same time, options with a large area and expensive finishes, located in luxury complexes with swimming pool, fitness room and SPA, can cost between 10-15 million Euros.
Studio apartments
Studio - an affordable option for housing in Cyprus is a small room in an apartment, which consists of a room connected to a small kitchen and a bathroom. The price of a studio starts at 25-30 thousand euros, but objects located in popular resorts are more expensive. For example, in Limassol, the studio will cost at least 40 thousand Euros.
Penthouse
The expensive real estate, emphasizing the status of its owner, is the apartment on the top floor of the house - a penthouse with a large terrace and panoramic views of the sea or mountains. Penthouses up to 100 square meters in the small resorts of Cyprus can be purchased for 130-150 thousand Euros. Spacious options in large cities are sold for 200 thousand Euros.
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Townhouse
In Cyprus, low-rise buildings with a separate entrance and courtyard are standard - townhouses. They have a swimming pool, gym, parking.
The price for such properties starts from 120 thousand euros. A premium townhouse in a popular resort may cost between 2-3 million Euros.
Villa
The villa is a detached residence located in a private landscaped area with a terrace, pool and garden. The advantage is the opportunity to feel alone with nature. Owners of villas can freely organize festivals and parties without disturbing the neighbours. Depending on the area and location, villas can cost from 120 thousand to 50 million Euros.
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The Best areas of the island to buy a penthouse
The largest, most developed and popular areas on the island to buy apartments ın Cyprus are Limassol, Paphos, Larnaca, Ayia Napa, Nicosia.
Limassol
Limassol is the largest tourist and business centre of the country, located on the southern coast of Cyprus. Of the 200,000 people living in this city many speak a foreign language. Limassol is rich in attractions: within an hour by car from the centre you can reach the ruins of the ancient Amathus city and theatre in Kourion, St. George's Monastery, Alamanou. A popular destination for excursions is the KEO Winery, where you can taste and buy local drinks.
Since the city is a popular destination for housing, real estate in Limassol is more expensive than in other parts of the island. A studio of 30 sqm. will cost about 40-50 thousand Euros. Prices for apartments will start from 90 thousand Euros.
Buying a home for further rent can be a smart investment decision, as the rent for apartments is at least 700-900 Euros per month.
Pathos
Pathos, with a population of over 35,000, is on the south-western coast of the island. Thanks to its many historical and cultural attractions, the city is included in the UNESCO World Heritage List. Travellers are attracted by the archaeological park of Pathos, the catacombs of St. Solomon, the Baths of Aphrodite, ancient ruins and royal tombs. There is a lot of entertainment in the area: a big water park, bird park, zoo farms, bars, taverns with local cuisine. Pathos is suitable both for lovers of bright nightlife and those who are looking for a peaceful beach atmosphere.
Real estate in Paphos is more affordable than in Limassol: the minimum price of apartments in Pathos with 50-60 square meters is about 60 thousand Euros.
Larnaca
The port city of Larnaca is located on the southern coast of Cyprus. It is home to more than 50,000 people. The main attractions are the Ancient Kition, the Church of St. Lazarus, the Byzantine Church of Angeloktisti, the Larnaca Castle, the Stavrovuni Monastery.
The sea in Larnaca is clean and warm, and the well-kept quays with small cafes are perfect for quiet family walks. The city is chosen by couples with young children, the elderly and all those who appreciate a more peaceful atmosphere. An apartment of 50 sqm. in Larnaca costs about 60 thousand Euros.
Ayia Napa
Ayia Napa is a popular and lively resort on the southeast coast of Cyprus, with a population of approximately four thousand. Tourists are attracted by the natural charm of the resort: the beaches of Nissi, Konnos and Makronissos have white sand, sea caves, grottoes, Cape Greco, the blue lagoon, and the architectural charm of Ayia Napa Monastery. The resort is famous for its nightlife, gaining the name Cypriot Ibiza because of the large number of bars, discos and clubs.
The minimum cost of an apartment in Ayia Napa is about 80-90 thousand euros. Housing area of more than 100 square meters will cost at least 180-200 thousand Euros. The acquisition of real estate here guarantees the possibility of renting it out, especially during the tourist season. The minimum rent is about 200 Euros per week.
Nicosia
Nicosia, a city, divided into Turkish and Cypriot parts, has more than 55 thousand people. Contrasts of cultural, features and different nationalities create a unique flavour of the city. Most of the attractions of Nicosia on the territory of the Republic of Cyprus are Christian cathedrals, including the Church of Our Lady of Phaneromeni, the Church of Our Lady of Chrysaliniotissa, St. John's Cathedral.
Nicosia is the capital of Cyprus, and there are many universities, business centres, public institutions, museums, restaurants, shops, beauty salons. The minimum price for an apartment in the capital is 80-90 thousand Euros.
Criteria for the pricing of apartments in Cyprus
The smallest and most affordable apartments on the island start at 40 square meters and can be bought for a price from 30 thousand Euros. Maximum amount has no limits, and luxury apartments can be sold for 20-30 million Euros.
The price of apartments not only depends on the area and location but also its proximity to the seafront and city centre. The most expensive property on the island is in Limassol. Properties in Larnaca, Paphos, Nicosia are more accessible. Thus, one-bedroom apartments in Limassol cost at least 90 thousand Euros, and in Paphos, a similar apartment can be bought for 50-60 thousand euros. If you can buy a penthouse in Larnaca for 140-150 thousand Euros, it is difficult to find the same option in Limassol for cheaper than 250-260 thousand Euros.
Property costs depend on the materials used for decoration, the status of the residential complex in which the apartments are sold. Real estate options in the secondary market are cheaper than in new buildings. Even inexpensive apartments in Cyprus are comfortable housing, which can become a dream place for you and your loved ones.
To solve the issue of buying housing in Cyprus, we offer a free inspection trip, during which you will have the opportunity to assess the properties of interest in more detail. Our company will help you find the best option for property in Cyprus, depending on your preferences.