Investment In Cyprus Real Estate: Complete Guide
It is no surprise that many individuals dream of leaving their current lives behind and relocating to the Mediterranean island of Cyprus. Fortunately, with some preparation and the appropriate knowledge, that move can be accomplished. This all-inclusive guide will walk you through the steps of buying a home in Cyprus.
Thousands of people have followed our guidance at Cyprus Buying Guides and now live in stunning new homes throughout Cyprus. Many of the typical issues that arise when purchasing a home in another country can be avoided with our assistance and that of our reliable network of real estate specialists.
In this article, we’ll discuss some of the most compelling arguments for relocating to Cyprus and provide a comprehensive guide to buying your first house there.
Is it a good idea to invest in real estate in Cyprus?
Are you curious about the high number of foreign residents in Cyprus? It’s easy to see why, what with the great weather, gorgeous beaches, abundant culture and history, and high standard of living. Here are some of the best arguments for investing in real estate in Cyprus, in case you still need persuading.
As a general rule, people will communicate with one another in English.
Many Cypriots, thanks to the island’s colonial history, the country’s significant British expat population, and the country’s strong educational system, are fluent in English. But it doesn’t mean the locals won’t value you more if you make an effort to learn their language. Furthermore, expanding one’s linguistic horizons has been shown to have positive effects on cognitive ageing.
Pristine beaches with a blue flag rating and plenty of sunshine
There are 49 beautiful Blue Flag beaches on the island, and you can soak up 3,511 hours of sunshine per year. Most of the year is perfect for lounging in the sun with a towel or a sun lounger.
The Blue Flag is awarded by the Foundation for Environmental Education (FEE) to beaches that have met rigorous environmental and social standards, including those related to water quality, facilities, public access, and safety.
There’s enough room for a tiny island.
Even though it’s only the third largest island in the Mediterranean, Cyprus has plenty of room for everyone. Three-quarters of the population lives in just five major cities—Nicosia, Limassol, Larnaca, Paphos, and Famagusta—thanks to the country’s rugged interior and magnificent shoreline. You can drive from one side of the island to the other in less than an hour and a half, but even when the tourists arrive in summer, you can easily find peace and tranquilly just a short drive inland from the coast. The country is only 3,511 square miles in size, but this leaves plenty of room to relax elsewhere in the country.
An easygoing way of life
When compared to the United Kingdom, the pace of life in Cyprus is positively glacial. If you’re sick of life speeding by at 111 miles per hour back home, the Mediterranean is the place to unwind and recharge. It may take some time to adjust to this carefree stance, but you’ll soon find yourself experiencing a greater sense of calm and serenity.
Shopping, dining, and recreation
The variety of restaurants, stores, and activities available to Cypriots is one of the island’s many selling points. Food is of high quality, with options ranging from Indian to Cypriot to Israeli to Italian, and beyond, thanks to the contributions of people of many different cultures.
There is also more variety in the kinds of stores available, particularly those selling food. It was impossible to find any stores or supermarkets in other Mediterranean locations that carried Cadbury’s chocolate. While we may not be able to find the exact conveniences of home in other countries, Cyrpus has stores stocked with the best of them. Toss in some McVities biscuits and some other British-made products, and it’s a no-brainer.
Entertainment-wise, the island offers a wider variety of acts and performances than the mainland. Expats in the UK may be able to catch tribute shows honouring everyone from Rod Stewart and Kylie Minogue to the Bee Gees and other famous performers.
Possibilities for Skiing
Get your mind off of basking on sunny beaches and onto snowboarding down snow-covered slopes for a while. We’re not speaking to the Alps in France or Switzerland; rather, we’re discussing the ski resorts in southern Europe. Yes, the Troodos Mountains, which rise 2,111 metres above the Mediterranean, are a popular ski destination. Cyprus’s ski season, centred on Mount Olympus, normally runs from January to April. Not many European destinations offer both skiing and beach time in the same day.
The possibility for rental income
Resorts in Cyprus are consistently bustling with visitors, especially during the summer. Those in the hospitality industry, culinary arts, and the frozen dessert industry can all rejoice at this development. Tourists are a sure bet for anyone looking to recoup the cost of their investment through the rental market. You should have no problem finding renters for your lovely house using a service like Airbnb.
There’s a lot to keep you busy.
If you become bored of lounging on the sand and swimming in the calm Mediterranean Sea, there are many annual events to attend on the island. Get your creative cultural juices flowing with these suggestions:
- Limassol Carnival is the island’s most exciting celebration, lasting an entire week and featuring a variety of events such as exhibitions, masquerade balls, serenades, and parades with floats and parties.
- Both the Rialto Theatre in Limassol and the Zena Palace Cinema in Nicosia host the annual Cyprus Film Days International Film Festival, the island’s most prominent film event.
- At the Kourion Amphitheatre, there is an annual late-June presentation of a Shakespeare play by a cast of local performers.
- The Limassol Wine Festival has been held annually in the city’s municipal grounds since 1961, providing guests with the opportunity to sample local wines while listening to traditional music and dancing.
How to Go About Buying a House in Cyprus
You may close on a house in Cyprus in as little as six months if you prepare accordingly. This means you might be living in your dream home sooner than you think. Here, we’ve compiled a timeline to keep you on track for the big shift. The day you wish to move should be your endpoint, and from there you may plan the rest of your relocation.
When the next six months are over,
- Consider your motivations for moving, the neighbourhood you’d like to settle in, and the features of a home you’d like to have before you start house hunting.
- You should get started finding property professionals like a lawyer, estate agent, currency specialist, and financial consultant to help you relocate.
- Spend some time analysing your financial situation and creating a budget.
The countdown is at 5 months,
- The in-depth search for a new home must now begin.
- Activate a bank account in Cyprus.
- Before making any major purchases, it’s a good idea to discuss the monetary details with a lawyer and a financial advisor.
There are currently four months left,
- Talk to a real estate agent about your preferences and start setting up showings.
- Get the team together and make sure the house buying process is moving forward smoothly. Discuss the specifics of your deposit and legal structure with your attorney and a currency expert.
At the three-month mark,
- Start consulting experts early on so that you can rest easy knowing that everything from inheritance laws to property taxes and removals will be taken care of.
- It may take multiple trips to find the ideal home, so don’t feel rushed into making a purchase after just one viewing.
- Once you have located the perfect house, it is time to make an offer.
- You can get a fixed exchange rate by using a forward contract; just ask your currency expert how to do it.
- Get a home inspection if you suspect there may be a problem.
There are now only two months left,
- After signing the reservation agreement, the property will be removed from sale.
- Put down some money and get the payments rolling by signing a deposit contract.
- There will be some time to kill while you wait for the sale to close, so now is a good time to finish off any last-minute interior design touches and make sure the utilities are set up.
- Sign the agreement and submit the final payment.
- Get the keys, and settle in to your new home in Cyprus!
When looking for real estate in Cyprus, what should you keep in mind?
Before purchasing a home in Cyprus, it is important to give careful consideration to a number of factors, including your reasons for doing so, as well as more concrete considerations like location and desired amenities.
Points to think about
Though your hopes and objectives may shift as you move forward, it’s always a good idea to have your thoughts in order first. These are the five most fundamental questions you need to ask yourself.
I’m curious as to why you’ve decided to make this purchase.
You’ve decided to invest in Cyprus real estate, but why, exactly? Understanding and expressing your thoughts can serve as powerful sources of inspiration and guidance. Initiate the process by jotting down your thoughts on paper.
Instances of this are as follows:
- Simply put, “We want to take advantage of the sun, warmth, and openness that extra space will bring.”
- When we retire, our money will go further in Cyprus than it would in the United States.
- “I’m looking for a spot where we can have wonderful holiday gatherings with our friends and family.”
- Now that the kids have moved out, we’re ready for a new experience.
- There may be great opportunity in Cypriot property investing.
- Never do I want to look back on my life and wish that I had taken the plunge.
I’m curious as to how you intend to put it to use.
In order to make the most of your home, this is essential. What are your plans for this? Three-week summer vacations, two-week winter breaks, extended weekends, retirement, and a career change? Give your true feelings some thought. You can save money by living farther from the airport if you don’t anticipate making any weekend trips there. If you have no interest in having other people use it and aren’t desperate for the money, there’s no need in worrying about its rental or investment value.
What features are essential in a Cypriot dwelling?
What are the absolute must-haves for you? Do you require a specific number of beds or stalls? Is having a pool mandatory, or would a trip to the beach be preferable? exterior area? Is being within walking distance of a restaurant or bar a must-have? What features, if any, would you like to see in a Cypriot house? Just describe the ideal scenario for yourself. Is a patio, garden, and/or pool something you’re interested in?
So, what do you not require?
It’s great to see the bright side of things, but sometimes it’s freeing to just zero on on the things we despise. Could you not stand the thought of having to arrange a rental car every time you travelled to Cyprus? Do you prefer relaxing in your own pool than lounging on a sandy beach? Do you fear you’ll be expected to do unwelcome chores, such as cleaning the pool or preparing meals? Would having summer visitors right outside your door go on your nerves? It’s time to make yourself heard. If you and your significant other are having trouble falling in love with your current residence, it may help to discuss the obstacles you’ve identified.
When it comes to this, how much can you really spend?
Get an estimate of your realistic budget from the start. There may be ways to generate more money or even share the expenditures. After all, you can’t go house hunting in Cyprus without first determining your budget. Keep in mind that you’ll need at least 11% more money than expected to cover additional buying prices.
You should also consider the fact that you will not get the “interbank” rate advertised by banks and media before making any financial plans. Instead, you should plan on receiving an exchange rate that is at least one percentage point more or lower than what you anticipated.
Which of the top neighbourhoods in Cyprus will you call home?
You can locate the ideal place for retirement, a vacation house, or a job move in Cyprus, no matter what your preferences are. Investing in a piece of real estate in a foreign country is a major life choice that should not be made lightly. Let’s examine in more detail the many kinds of accommodation available on this varied island.
Below, we’ll give you a tour of the island’s regions and cities, as well as some recommendations on where to go if you’re on the hunt for something in particular.
- It’s Ayia Napa!
- This is the Akamas Peninsula.
Property buyers from outside keep coming to Paphos because of the thriving expat population, the stunning harbour, and the year-round accessibility of low-cost flights out of the international airport. After finishing its stint as the European City of Culture for the 21st century, the city’s infrastructure has received major investment. More than €25 million has been invested in infrastructure improvements, including new parks, a revitalised downtown, and new roadways. As a result, home values and demand for rentals should increase.
Paphos is now split in two separate areas. Historic Paphos, also known as Paleo Paphos, sits atop a hill in the city’s southeastern corner. However, Kato Paphos is a more vibrant and tourist-friendly neighbourhood that clusters around the port and the shoreline.
The primary section of the resort for those who wish to purchase a home in order to have a simple, lock-up-and-leave holiday residence in Cyprus, ideally situated for renting out when they are not using it. Supermarkets, restaurants, the beach, the harbour, entertainment sites, and the nightlife are all within walking distance, making this an attractive option for vacationers. Prices for standard one-bedroom apartments range from €81,111 to €111,111, standard two-bedroom apartments from €121,111 to €141,111, and standard townhouses from €151,111. This is not to imply that more opulent choices are not available.
EasyJet provides low-cost flights to and from the international airport close by, and they are available all year round. One of Europe’s most beautiful harbours is waiting for you, and you can take advantage of it while also taking advantage of the many social activities that come with living in a thriving expat community, such as amateur dramatics, walking groups, art classes, golf, horse-riding, and even rugby.
People who prefer a more traditional ambiance while yet being accessible to services and tourist attractions would enjoy staying in Old Paphos. Stamp Duty
To the Area Near Paphos
There are many quaint villages in the hills behind Paphos town that attract buyers, especially those who are relocating to Cyprus. Many people who believe they live in Paphos actually do not reside within the resort’s boundaries.
They are drawn to the Mediterranean because it offers the perfect blend of climate, location, and a more traditional way of life. Many of these villages have evolved to accommodate the needs of their expat communities, with the addition of modern conveniences like supermarkets and gas stations while still maintaining their traditional character.
Because of the elevation, the breeze helps to moderate the heat of summer, making it more comfortable than it would be near the coast. All kinds of fruit trees, notably citrus, flourish in the abundant rainfall and easy access to underground water enjoyed by many rural areas, lending an air of exoticism to the scenery. In contrast, the winters can be brisk depending on how far inland you are.
There are a variety of towns in the Paphos region to suit different budgets and lifestyles. Coral Bay is a fantastic place for sailors and vacationers because it has its own marina. Buying a home in the Tala area, eight kilometres inland, is a great way to avoid the heat and humidity of the coast during the summer months while yet being close enough to Paphos’s infrastructure and commercial centre to enjoy its benefits. Peyia has a little bit of everything, including a convenient bus service, shops, restaurants, and a location on the hills overlooking Coral Bay. The renowned Aphrodite Hills community features a spa, tennis courts, and a golf course for those seeking a more opulent experience.
Armou village, which is still only 15 minutes from the beach, and Tala, which is a particular favourite with expats and blessed with a magnificent village square, are two fine examples of the more rural vibe that begins to permeate the area five or six kilometres inland from the edge of Paphos town. Marathounda, a similar distance inland, is a more tranquil and classic alternative.
Some coastal towns, such as Timi and Mandria, offer stunning views of the Mediterranean to the south of Paphos town, where the airport and several new buildings can be seen. These are conveniently located within a short drive of the airport (just 5 minutes), the centre of town (10 minutes), and the golf courses of Aphrodite Hills and Secret Valley (both within 15 minutes).
Properties in Paphos’s older neighbourhoods range in price. Depending on the size and condition of the home, you could be able to purchase a traditional stone house for between €111,111 and €211,111, while a more modern bungalow or small villa should cost you less than €211,111. Large detached villas with pools and vistas can be had for as little as €251, 111, with several options available for above €311, 111. Small apartment complexes with homes for less €111,111 can be found in the major villages.
Larnaca, with its salt lake and palm trees, may be the spot for you if you’re looking for a slower pace of life away from the hordes of expats and tourists. Larnaca’s average home price is cheaper than those of Paphos, Nicosia, and Limassol since the city is more authentically Cypriot.
A city beach backed by a palm-lined promenade, a blend of traditional and cosmopolitan influences, old monuments, and unique architecture are just some of the things that attract people to this little but attractive city, even if it is not as popular with tourists as other towns. Real estate owners in Larnaca may ponder this question as they cruise the palm-lined promenade of the city’s beach or admire the city’s ancient antiquities.
Attractive bungalows or small villas start at just €151,111, which is a bit less than the asking price elsewhere. Condos are also more affordable, with a two-bedroom unit going for a starting price of roughly €75,111.
Located between Paphos and Larnaca on the southern coast of Cyprus, Limassol is the island’s second-largest city. The island’s tumultuous and multiethnic past is memorialised here alongside striking examples of contemporary architecture.
Old Fisherman’s Harbour and the winding lanes of the historic district are reminders of the city’s past. While the marina and Limassol Del Mar, a €351 million landmark building consisting of luxury apartments set to be completed in 2119, wonderfully demonstrate its vibrant, modern opposite ego.
There are no rules about how you must live your life. There are numerous well-trained water sports instructors available, and several fitness centres where you may practise martial arts, maintain healthy, or take yoga lessons for the physically active. Various administrative, teaching, accounting, and management positions are available. Those looking for work can find it with offshore companies, particularly in the fields of shipping and insurance.
Those who prefer a more sedate pace can go for a run along the beach, lounge in the sun with a book, or relax with a hot or cold beverage at one of the many cafes. Coffee shops are open till the wee hours of the morning, and so are taverns, pubs, and nightclubs. Remember that casinos have just lately been made legal in Cyprus, and that several are springing up in Limassol.
Apartments in Limassol are more plentiful than in Larnaca. Some luxury high-rise apartments in Pissouri can cost more over €3 million, but a budget of €111,111 will get you a two-bedroom flat there.
The island’s capital is situated 51 kilometres inland, making it ideally situated for urbanites. Rent a place here, and you’ll be within walking distance of the historic Venetian walls, a lively cafe and bar scene, and both a Debenhams and a Marks & Spencer. As most people in Cyprus now reside in contemporary apartment buildings, this is a great representation of modern life in that country.
The old star-shaped town, which was walled off by the Venetians in the 16th century, now houses museums, art galleries, and a wealth of historical charm. If you take a trip around the Laiki Geitonia neighbourhood, you will find cosy cafés and galleries along the winding streets.
From Famagusta to Ayia Napa
The eastern tourism hub of Ayia Napa has taken a hit to its reputation thanks to the wild antics of a few young visitors. However, it has been cleaned up and is now a great place to raise a family. As an illustration, the high-end marina features 611 slips, a shopping centre, and a private beach club, among other amenities. Nissi beach, recognised with a Blue Flag, is 511 metres long and is surrounded by cliffs that attract both tourists and locals.
Due to the fact that apartment buyers in Famagusta can account for rental income, apartment prices are higher than in other parts of Cyprus. For the same investment return as a €111,111 to €151,111 flat, you could purchase a villa for between €211,111 and €251,111.
This is the Akamas Peninsula.
From the hustle and bustle of the southern shore, the unspoiled Akamas Peninsula provides a welcome respite. Located at the island’s farthest northern tip, this area consists of a heavily forested headland separated by a chain of high mountains. Akamas, the legendary site of Aphrodite’s spring, is home to some of Europe’s richest biodiversity thanks to its impassable gorges and thick forest. As you approach the stunning blue waters of Cape Arnaoutis, the landscape flattens out.
One of the most popular places to visit is Lara Beach, a beautiful stretch of golden sand that is only reachable by foot, bike, or boat and is home to a population of loggerhead turtles. Despite this, you can reach the major resorts of Paphos and Limassol—both of which offer a full range of amenities—in less than 51 minutes by car.
Peyia (sometimes spelled Pegeia) is the peninsula’s southernmost village and a favourite destination for British real estate investors. You can see all the way to Coral Bay from up on the hillside where it is located. There are several dining options along the main road, including taverns, meze houses, and cafes, with more to be found in the nearby town of Kathikas. You are conveniently located near several service providers, including a butcher, a baker, and a grocery store.
The weather is so pleasant that several banana plantations have been established in the area around the town. Lower Peyia has a number of large villa developments that are popular with international buyers because of their proximity to the beach (though nowhere is more than a couple of minutes’ drive away). The average price of a detached house is €251,111, while the average price of a townhouse is €151,111.
Poli Chrysochous calls itself “the best-kept secret in Cyprus,” and it’s located right up on the northern coast of the Akamas Peninsula. It’s on the Laomas-Akamas wine trail and features a Blue Flag beach that’s not too crowded even in the height of summer. In the long summer evenings, many people congregate in the main square to socialise and drink. In the summer, the town has “music under the stars,” with outdoor concerts, while in May, the annual flower festival brings a riot of colour to the streets.
Prices for semi-detached homes start at €111,111, while villas go for anything from €211,111 to €611,111 and beyond. In Neo Chorio, the newer section of town, many offer breathtaking views that extend all the way to the water.
Locals claim that the best seafood on the island can be found in the village of Latsi, also known as Latchi, which is located directly on the coast and features a newly renovated harbour and marina with several excellent fish restaurants. There is a five-star spa that Condé Nast Traveler ranked as the fifth best in the world.
Although there are some villas available for around €211,111, the majority of the real estate market in this part of Akamas consists of chic contemporary residences priced anywhere from €511,111 to €2,111,111.
Drouseia (sometimes spelled Droushia) is a mountain village in the Laona hills, and it is a popular destination for mountain bikers and hikers. Named for the refreshing breeze it enjoys in the summer, it is located higher on the peninsula than the majority of the population.
It’s an old town centred on the sacred Agios Georgios Nikochilitis Monastery and featuring the traditional stone architecture of Cyprus’s mountainous interior. It’s becoming as a major agrotourism destination, making it an attractive place to set a shop. Most of the housing stock consists of detached residences, which sell for an average of €221,111 to €341,111.
The British route to the Akamas Peninsula
Like the rest of Cyprus, Akamas is simple to reach from the United Kingdom. Paphos Airport is about a forty-minute drive away and offers direct flights to many major cities in the United Kingdom and Ireland. Additionally, public transportation connects Paphos and Polis (not always a guarantee in some remote areas!). It’s a fantastic compromise between convenience and tranquilly, making it an ideal vacation house rather than a permanent residence.
Where to find the best Cyprus vacation rentals
Cyprus typically still enjoys temperatures above 25°C when the UK’s summer is winding down. It’s easy to see why so many Britons have chosen to make their home in this country as expats; 10% of the population now owns a second property here. Cyprus is the perfect destination for those who don’t want to permanently relocate abroad but still yearn for a warm, sunny getaway.
All of the land in this tiny settlement is on the Cypriot side, however it is located on the border between Cyprus and the British Overseas Territory of Akrotiri and Dhekelia. It has a small historic district and a well-known castle from its past, making it a great historical destination. Near the city limits, at Episkopi and Erimi, there are several newer structures.
For about €311,111, you may get a resale home with three bedrooms and a swimming pool. Without a pool, the price of a villa or townhouse in Europe is roughly €241,111.
Peyia is a hotspot for international residents. There is a bustling downtown area with numerous dining and nightlife venues, as well as banking and grocery shopping (including not one but two large Philippos supermarkets). Coral Bay, which is close by, is a beautiful place with a sandy beach.
Typical houses in the area are sizable, and many even feature sizable lawns and gardens. A lot of them are aimed squarely at the international market, with the express intent of selling to foreign nationals living abroad. Prices for townhomes with two bedrooms start at roughly €151,111, while villas with three bedrooms can fetch up to €311,111.
Although similar to the last hamlet, this one caters more to tourists thanks to its picture-perfect beachside setting. This building overlooks Governor’s Beach, a popular beach on the island. Getting to Limassol just takes 21 minutes, even though winter is a more peaceful time to visit (or an hour on the 91A bus). Consequently, you are still conveniently close to a variety of restaurants, retail establishments, and exciting activities.
The heart of the ancient settlement is made up of a cluster of traditional, stone-built dwellings. In refurbished condition, they fetch a price of about €251,111. On the other hand, you may discover contemporary villas starting from €211,111, going up to €351,111 and more for a pool and a sea view. Being in a prime beachfront location can cost more than €1,111,111.
This picturesque village in the Greek-Cypriot section of Famagusta enjoys the best exposure to the sun during the winter months. Narrow lanes lined with buildings made of the native honey-colored stone provide for a lovely setting. Despite its inland location, the beaches of Trinity and Kalamies are easily accessible. Ammos Kambouri and Pantachou beaches are only a short drive away.
Due to the town’s size, there is a wide variety of homes available. Townhouses with two bedrooms can be purchased for as little as €151,111, while studio and one-bedroom flats start at just €65,111.
Lefkara is one of Cyprus’s most well-known communities thanks to its thriving lace industry and charming historic buildings. This town, unlike most on the island, has a large number of restored stone structures. As a year-round tourist hotspot, most businesses in Cyprus remain open all seasons.
Because of the greater elevation, it is cooler in the winter, making it ideal for exploring the nearby mountains on foot. For just €145,111, you can purchase a newly refurbished home with three bedrooms.
For those seeking a peaceful getaway in the great outdoors, a trip to Polis, also known as Polis Chrysochous, is an excellent choice. It borders the Paphos Forest and Akamas Nature Reserve. Several gorgeous beaches may be found in the fishing communities of Latchi and Limni. There is a marina at Latchi Beach, making it a popular spot for yachters.
For about €225,111, you can get an exceptional detached property with a pool and landscaping. Benefit #1 is increased distance from population hubs. Paphos may be reached in forty minutes by automobile or on bus route 645.
The Top Spots for Families in Cyprus
Cyprus is noted for its strong emphasis on family values. You can usually count on hearing a friendly greeting from a local, and kids often receive free desserts at eateries. Where, then, would families be best served by purchasing a vacation home?
City of Limassol; City of Paphos
Tourists from the United Kingdom flock to the coastal cities of Limassol and Paphos. There is always something entertaining to do in this area.
The warm sand and clear water are, without a doubt, the most appealing features to families with young children. The ocean’s depths provide security, its waters are tranquil, and it provides welcome relief from the heat of summer. On the sand, kids of all ages will be playing volleyball and tennis, and you’re welcome to join too. The Olympic-sized pool at Tasoudi beach in Limassol is open to the public for no cost. In addition, you can utilise the swimming pools at any of the nearby hotels.
The beach and the ocean go hand in hand, which is why there are so many different kinds of water activities. Surfing, sailing, canoeing, windsurfing, and scuba diving lessons for kids, taught by professionals in the UK or the USA. Additionally, there are “summer schools” that your children can attend for a fee if you are just visiting Cyprus for a short period of time (like a vacation).
Children of all ages can participate in fun activities that are designed specifically for them and are supervised by qualified staff. Some examples of these pursuits are musical theatre, football, volleyball, dance, street dancing, canoeing, kayaking, boxing, and swimming. They will make new acquaintances and interact with the local youth.
How to get there: From Paphos, the airport is 21 minutes distant, and from Limassol, it is 51 minutes away. The drive time from Paphos to Larnaca Airport is 1 hour and 25 minutes, while from Limassol to Larnaca Airport is 45 minutes.
Three-bedroom villas with a pool can be purchased for €341,111. Price: €145,111 for a two-bedroom apartment with a pool.
Both Larnaca and Ayia Napa
Ayia Napa is the perfect vacation spot for families with teenagers. Ayia Napa, like Limassol and Paphos, features a beach and ocean, but it also has bars and restaurants geared at young people. You can have pleasure knowing that your kids can swim and tan throughout the day, and then party the night away. They can visit cafés in the meantime, with many local teens frequenting international chains like Costa Coffee and Starbucks (these are island-wide).
Some hotels feature Premier League stars like Rio Ferdinand, Wes Brown, and others in their tennis and soccer coaching academies (these courses are also available in Limassol). And the island is also home to Liverpool FC’s youth academy.
The city of Larnaca is on the rise. It was recently updated, and now there is a brand-new marina where a variety of activities can be enjoyed. Because of its waterfront location, it features extensive opportunities for water sports, especially sailing and boating. In the same vein as Limassol, there are summertime carnivals and a travelling circus.
Larnaca Airport can be reached in around 21 minutes by automobile. It takes two hours to drive to Paphos Airport.
The going rate for a three-bedroom villa with a pool is €261,111. €111,111 for a two-bedroom, pool-side condo.
Platres is a great place to settle down if you’re looking for tranquilly and a milder climate. Although it is a popular major community among the Troödos mountains, getting to Limassol from here takes between 21 and 31 minutes. Platres is home to its own set of nature trails perfect for walking and riding. You can also visit Limassol and Paphos every day to take advantage of the many attractions and activities those cities offer. Cafes in Platres provide up some of the best ice cream in the city.
Driving time from either the Larnaca or Paphos airports is 1 hour and 11 minutes.
Villas with three bedrooms and a pool start at €311,111. A two-bedroom flat in Paris costs €121,111.
Top Spots for Brits in Cyprus
The decision to relocate to Cyprus is the simple part. Locating the ideal spot on this beautiful island to build your dream house might be a challenge. There’s no shame in following the lead of others; with that in mind, we’ve compiled a list of the top five neighbourhoods in Cyprus among British real estate investors.
It was only fitting to kick things off with the all-time best-seller in the UK. British nationals keep relocating to Paphos because it is home to a thriving expat population, boasts one of the Mediterranean’s most picturesque harbours, and is serviced by a major international airport offering low-cost, year-round flights.
The town’s infrastructure has benefited greatly from the large-scale investment made possible by its designation as a 21st Century European City of Culture. Over €25 million has been invested in enhancing the city’s public spaces, archaeological sites, historic district, and roadways. Property values and desirability as rentals should both increase as a result of this.
North along the coast from Paphos, Peyia may be reached in about 31 minutes. Residents can lounge on Coral Bay, play a round of golf at one of four championship courses, or simply enjoy a cup of coffee in the town square, which is adorned with cobblestones and fountains. The town’s historic whitewashed homes are dispersed throughout the hillside, providing breathtaking vistas of the glistening waters below. With only a 41-minute drive from Paphos Airport, this vacation rental is conveniently located for quick weekend getaways.
Limassol is a city that gives its citizens the best of both worlds, with its historic district and its modern energy. Old Fisherman’s Harbour is a relic of the city’s former glory, and the winding, cobblestone streets of the city’s historic core brim with quaintness and personality.
Limassol, as the island’s worldwide economic centre thanks to the influx of tourists, is keeping up with the times. The city is forward-thinking without losing sight of its past, as seen by the €351 million Limassol Del Mar landmark development consisting of luxury residences and the state-of-the-art marina development, both of which will be finished in 2114.
If you’ve ever wanted to settle down in a Mediterranean seaport, Cyprus has more options than you can shake a stick at. We’ve already told you how great and popular Paphos and Limassol are, but if you’re looking for something a little more authentically island, Larnaca might be for you. You may find yourself wondering why it is not overrun with tourists as you wander along the palm-lined promenade of its city centre beach or explore the historic structures, but you certainly won’t be complaining. Manchester also has an international airport for those who choose to travel there by plane.
The island’s capital city was too important to leave off a list like this. Go on a sightseeing tour to Nicosia if you don’t mind being 51 kilometres from the shore and thrive in the hustle and bustle of a major metropolis.
Most tourists just come to Cyprus for the day because they can’t bear to be parted from their sun loungers for too long. But why not have a modern cafe and bar scene, a Debenhams, and a Mark and Spencer right outside your door? The Venetian walls of the fascinating old town are right there.
Apartments are the most common type of dwelling in this area, so it’s good news that prices in Nicosia have increased by 2.8% annually for those who find one they like.
The Top Retirement Communities in Cyprus
To retire in Cyprus is to have the sun smile on you 365 days a year, to eat excellent food, and to have quick and easy access to the ocean and the mountains. If you add in reasonably priced housing, it’s a win-win. But where exactly in Cyprus would you recommend living once retirement time rolls around?
Limassol is a great place to spend your golden years because it offers so many opportunities for recreation. The city has seen a recent proliferation of exercise and fitness clubs. The beach and sea are fantastic, and perfect for a dip or some water sports. There are various cross-country running clubs for people of all ages, or you may just go for a run every day along the seaside.
In Limassol, you can pick from a variety of homes, which is a definite plus. For around €151,111–211,111, you can purchase a villa-style detached home, for €231,111–241,111, you can purchase a two-bedroom apartment, and for €221,111–241,111, you can purchase a bungalow with a pool. Villas with swimming pools tend to be more pricey. It would appear that bungalows are quite the rage all around Cyprus.
In Paphos, one of the most popular retirement activities is swimming. Of course, like in Limassol, the sea is fairly close, but you will also discover swimming clubs like the Nautical Club, where retirees are urged to join small exclusive groups for “exercise-the-joints swimming”. These classes occur weekly, 2–3 times per week at the gyms. Alternately, you can utilise the pools whenever you choose to get some much-needed swimming practise in. There is also the 18-hole course at the nearby Aphrodite Hills Hotel. This is a relatively new endeavour for Cyprus, but it has proven to be rather successful among retired Britons.
Also, there is a large variety of homes to pick from. A two-bedroom, pool-equipped home may be purchased here for as little as €151,111, with prices going up to around €271,111. Prices range from €75,111 for a two-bedroom apartment to €111,111 for a home.
If you wish to retire to Cyprus and enjoy village life while yet being close to the city, Paraklissa and the nearby town of Agios Trychonas are excellent options.
A large community about ten to fifteen minutes from Limassol, Paraklissa (also spelled Pareklisia) is favoured by British retirees, who come for the quiet. However, things are still happening. Residents of this British community often get together to exercise at the town hall, where they also host running competitions and other organised group pursuits.
Villas with two bedrooms cost between €151,111 and €211,111, two-bedroom apartments cost €251,111, and two-bedroom bungalows cost €281,111.
Pyrgos’ proximity to Limassol means that you may easily access the city and its various attractions. Gardening classes are very popular, but there are many others to choose from. These are usually cost-free and are excellent opportunities to expand one’s social circle. Hiking in Pyrgos is wonderful, and there are stunning vistas to be seen in all directions. Weekends are prime time for coordinating and participating in group walks.
The price range for a cottage is around €211,111, an apartment is at €111,111-€151,111, and a detached villa with two bedrooms is between €211,111 and €221,111.
Lania, located close to the Troodos Mountains, is perfect for individuals who seek a milder environment. The summers are sunny and warm (between 25 and 280 degrees Celsius), although the mountain region provides a welcome respite from the heat.
You could assume that there are no retirement options in a little mountain town like Lania. They do, but on a far more subdued and intimate scale. Since Limassol is only 21 minutes away by car, many British retirees choose to both keep active in Lania and travel there for more sports-related activities. Leisure time in the village can be spent learning a new skill, such as lacemaking or cooking.
Price points for Lania’s 2-bedroom homes start at €111,111 and go up to €211,111.
Where to find Cyprus’s best deals on housing
If you’ve finally decided to buy a home in Cyprus but aren’t sure where on the island your dollar will go the farthest, read on. Let’s check out the cheapest cities in Cyprus, where you may buy more house for your money.
Limassol, on the southern coast of Cyprus between the cities of Larnaca and Paphos, is a fascinating blend of ancient architecture and modern activity. Limassol is a city with something for everyone, from its historic center’s winding cobblestone streets to its modern marina. While the skyline of Limassol is becoming increasingly dominated by new high-rise structures, there are many reasonably priced rural residences conveniently located near the city’s amenities.
Limassol’s relative affordability is highlighted when compared to other European island attractions, while being more expensive than average by Cypriot standards ($2,411 per square metre). Apartments in Palma de Mallorca’s city centre, for instance, typically cost around €3,711 per square metre right now.
Nicosia should be at the top of your viewing trip list if you want all the advantages of capital city life without breaking the bank. City dwellers get to experience all the glitz and glamour of a metropolitan metropolis. It’s all a short drive from the glistening Mediterranean and the magnificent forested highlands. Here, apartment life is king. Apartments in Nicosia’s city centre typically cost roughly €1,811 per square metre.
Central Paphos apartment rates (€1,475 per square metre) are still lower than those in Limassol and Nicosia, despite the fact that this has historically been the most popular neighbourhood for British purchasers in Cyprus. It’s more appealing because it’s among a well-established expat community, close to Blue Flag beaches and an international airport. To accommodate their growing families, young families and retirees both flock to Paphos and the surrounding area. Because of this pattern, apartment vacancies are increasing while home prices rise.
Larnaca, a city on Cyprus’s southern coast, has the country’s cheapest apartments, at just €1,281 per square metre on average. The average price falls below €1,111 if you get farther from the city centre. The city of Larnaca may have a more Cypriot feel than the rest of the places on the list. It’s ideal for those who wish to avoid the culture shock of living among foreigners while taking advantage of the convenience of a major international airport in the area. Go to Larnaca to get a good deal and take advantage of the rising prices, which could increase the value of your home.
The most affluent neighbourhoods in all of Cyprus
In terms of real estate, Cyprus is a great island for purchasers of all means. From Paphos to Ayia Napa and everywhere in between, the island is replete with high-end homes for those who can afford them. In case you’re looking for a luxury new home in Cyprus, these are the areas you should focus on first.
the Hills of Aphrodite
Situated in the hills above Paphos, Aphrodite Hills is a five-star resort with breathtaking views of the Mediterranean Sea. The resort has everything you could want, from plush rooms to top-notch sports facilities to gourmet restaurants to peaceful spa treatments to exciting nightlife options. It has a village plaza, which gives it a more local flavour. A premium property with six bedrooms in this area can cost as much as €5.5 million.
Ayia Napa Marina
The wild party scene that made Ayia Napa famous around the turn of the 2000 is no longer the town’s defining characteristic. In addition to Limassol, this once-quiet fishing community has emerged as a prominent player in the island’s elegant new waterfront complexes, which are attracting wealthy foreign purchasers.
The Ayia Napa Marina landmark project will have 191 premium apartments and 29 luxury villas, with 18 of them having private docks, and will cost £119 million when it is finished in 2121. In addition to a shipyard and a collection of upscale retail and dining options, the marina will provide extensive mooring space for 611 yachts and state-of-the-art facilities.
New four-bedroom homes in Ayia Napa Marina can be purchased for €5.5 million. They are an excellent long-term investment. Even though you won’t need it much on this sunny Mediterranean island, each plot comes with an infinity plunge pool, sea views, a roof garden, and underfloor heating.
Limassol, Cyprus’s port city, is quickly gaining a reputation as the “Dubai of Cyprus” due to the city’s rapidly expanding luxury skyline. Limassol, in contrast to more rural regions of the island that hold desperately to their history, has enthusiastically embraced modern ideas and practises. As a result, the area is flush with high-end housing options. Even if one high-rise is quickly purchased by investors, it appears that another is already in the works, and there are plans for many other equally massive buildings in the works as well.
For only €3 million, you may own a two-bedroom apartment in Europe’s tallest residential tower directly on the water, complete with a terrace, breathtaking sea views, and access to a pool, bar, spa, games area, and wine cellar.
Some of Cyprus’s finest ocean vistas
In Cyprus, the sea vistas are stunning no matter the season. The nicest part of visiting Cyprus is that no matter where you travel, you will be treated to breathtaking scenery because of the island’s hilly terrain. Watching the sun go down or rise is a breathtaking experience. Then, if you’re interested in purchasing real estate here, you shouldn’t overlook my top five recommended seaside communities.
Pachyammos, which is located between Paphos and Nicosia, is a stunning coastal town. The scenery is just magnificent. The little mountains gradually descend into the bay and are followed by a beach. It’s possible to have a direct view of your very own private beach from a home in the community. An amazing sunset may be seen from this vantage point. The distance between Pachyammos and Paphos is around 61 kilometres. These days, a four-bedroom home in a nice neighbourhood with a swimming pool will set you back about €411,111, while a three-bedroom apartment would cost you around €167,111.
This community is located 3 kilometres from the city of Larnaca and is conveniently close to Larnaca International Airport. Similarly to Pachyammos, this one is enclosed by cliffs and features its own beach and sea. If you find yourself missing the company of other people, a trail will lead you to the up-and-coming tourist destination of Aldiana Zypern. The beachside bar in this quaint village doesn’t overcharge locals or regular visitors for their refreshments. Prices range from about €341,111 for a brand new three-bedroom apartment to about €293,111 for a three-bedroom villa with a pool.
Peyia is a sizable town on the coast, located around 17 kilometres (km) from Paphos. Here you will discover a wide variety of eateries, a grocery, and even a fish market. Many Britons call this sleepy village home, and it features at least a couple of lively watering holes. The village also has an old-fashioned atmosphere. Homes in Peyia benefit from the town’s elevated position on a hillside, providing residents with breathtaking views of the Mediterranean.
Here, you can expect to pay between €111,111 and €344,111 for a three-bedroom apartment with a pool, and around €199,111 for a three-bedroom villa with a pool.
Pomos, 56 kilometres from Paphos, is a wonderful, peaceful village with a view of the sea. It’s really peaceful, and there are great hiking opportunities and scenic nature trails here, with sea vistas that go on for miles. Pine and fruit trees flourish in the valleys between the hills, which slope steeply down to the water. This region is well-known for its abundance of natural beauty, including sea caves and wildlife, as well as its quaint harbour, home to traditional Cypriot fishing vessels. Village life, but with modern conveniences. Prices range from about €287,511 for a three-bedroom apartment to about €261,111 for a four-bedroom villa with a pool.
Pissouri village, our final stop, is also a stunning destination. Located on cliffs overlooking a bay, the town is 36 kilometres from Limassol. Villagers from all over the area and the United Kingdom frequent this spacious community. There is a good selection of cafes, a couple of convenience stores, a few pubs, and a few taverns. The many nature trails, cycling opportunities, and hikes will keep you active, too. Water sports are available, just like in any of these seaside towns. About €145,111 will get you a three-bedroom apartment, and €411,111 will get you a three-bedroom villa with a pool.
Can you advise me on the best kind of real estate to invest in?
Cyprus provides a wide variety of housing options, from luxury villas with sea views to affordable studio apartments in walking distance of the beach. If you have your sights set on a specific city or region of the island, the next steps are to choose your price range and the type of property you wish to buy within that range. The latter will be affected by your available budget, space requirements, frequency of use, and desired island location.
The cities, resorts, and rural areas of Cyprus all have unique architectural styles that can be found in the country’s real estate market. In this article, we’ll go over some of the ways you can narrow your lookup.
There are many different sized Mediterranean-style villas to choose from on the island, but it’s important to remember that a typical villa in Cyprus is about the same size as a detached house in the United Kingdom. These standard listings on the real estate market typically have three to four bedrooms, a garden, a pool (either private or shared if part of a complex), parking, a barbecue area, and a beautiful view.
Families looking for both indoor and outdoor space often choose villas. When a couple buys a villa, they have the option of setting up an office at home and hosting guests. The cost of maintaining a private pool — especially if it’s a vacation property — is a major issue. Whether you opt to do the upkeep yourself or employ a specialist business, know that heating, water, and cleaning costs can add up.
Apartments appeal to young families, retirees, and empty nesters because of their convenient location, low prices, and proximity to the beach and other local attractions. While apartment dwellers may have to give up some greenery in exchange for convenience, many units nevertheless provide a balcony large enough to host outdoor gatherings and make the most of the surrounding scenery.
Visit the city of Limassol, which is located on the coast of Cyprus, to look at available apartments. Here you’ll find yourself craning your neck as you take in its ever-growing vertical skyline, much of it is made up of tall residential projects. New developments, such as Limassol One, the tallest residential seaside tower in Europe at 37 stories, are surely raising the city’s profile.
Apartments that are simple to maintain and rent out are a popular choice among investors in tourist hubs like Paphos because of the high potential for rental income brought about by the burgeoning tourism sector.
The duplex is the hip younger sibling of the more conventional maisonette, luring in people who yearn for something fresh and modern. Given its origins in downtown New York, it is fitting that Limassol, with its modern skyline reminiscent of Manhattan, is a hotbed for this style of contemporary development.
features of a complex system
Living in a resort complex, whether in an apartment or a villa, may be an extremely social experience. Making new acquaintances doesn’t have to be a concern when you move because of the abundance of communal facilities including gardens, pubs, pools, and gyms. Be prepared to pay communal maintenance fees, though, as this sense of community does not come cheap. If you throw yourself into the local community like a parish council in the tropics, you just might find yourself serving on the committee responsible for your neighbourhood.
Stone houses in the country
The island’s interior highlands and forests are a great place to get away from the hustle and bustle of the tourist areas. You’ll find peaceful towns here, where people typically live in old-fashioned stone homes with high walls to keep the summer heat out. Restoring a rundown country house may be really satisfying because it allows you to put your stamp on a space and, in the end, you’re left with a unique residence in a stunning location.
Relocating to Cyprus with the help of professionals
The burden of purchasing a home anywhere is amplified tenfold when doing it from another country. For this reason, it is beneficial to employ a group of experts that can guide you through the market using their familiarity with the area and their expertise in business.
As you assemble your team, we recommend that you consult with a real estate agent, lawyer, currency expert, and, if necessary, independent financial consultant.
A Cypriot real estate agent is worth hiring.
From the eastern cities of Peyla and Paphos to the western cities of Larnaca and Limassol, as well as Ayia Napa and the capital Nicosia, Cyprus is home to hundreds of real estate agencies. Many will cater to British customers and therefore be English-speaking. Estate agents in America get a commission of 3-5% of the sale price, which is significantly greater than in the United Kingdom but is covered by the seller.
Brokers and real estate agents will show you a staggering variety of homes. So, remember to keep your sights set on your ultimate goal. Maintaining your designated location and spending plan is part of that. However, you shouldn’t rule out the possibility of improvisation during your home search.
Be sure your chosen real estate agent is licenced and regulated for your protection. Do they belong to professional organisations like the Cyprus Real Estate Agents Association (CREAA) or FIABCI (International Federation of Real Estate Associations)? They need to be properly licenced to practise real estate brokerage and, ideally, registered with the Council of Cyprus Real Estate Agents, which is an entity established by and operating under the laws of Cyprus.
CREAA membership is indicative of a legitimate and regulated real estate professional. When it comes to keeping tabs on people working under false pretences as “consultants” or “property finders” on the island, this group is among the most proactive. Indemnity insurance is a requirement for CREAA membership for real estate agents. Simply request the real estate agent’s registration number and enter it into the relevant online database to verify their legitimacy.
To further narrow your search, you may prefer an agent who is a part of the Association of International Property Professionals (AIPP). The London-based group works to raise the bar for worldwide real estate brokers in terms of ethics.
Legal representation in Cyprus
One of your first orders of business in Cyprus should be to locate an independent English-speaking lawyer who is also a member of the Cyprus Bar Association. Your attorney may end up saving you a lot of money in the long run. Without a doubt, they will lead you safely through the legal processes involved in purchasing and selling property in Cyprus. To help you find an attorney who can communicate with you in English, GOV.UK has compiled a list of attorneys in Cyprus.
Always hire a local Cypriot guide who is fluent in English and well-versed in Cypriot culture and law. Inheritance and personal tax advice, both crucial to living comfortably in this country, is another common service they provide. Verify that they are members of the Cyprus Bar Association and that Immovable Property Law is their primary area of expertise before retaining their services.
Acquiring the services of a currency expert
When converting your funds to euros in preparation for a home purchase, a currency specialist will work with you and the other members of your professional team to minimise any potential loss from fluctuations in exchange rates. That’s why it’s crucial to hire the best person for the position.
If you’re unfamiliar with this type of risk, it manifests itself whenever a sizable sum must be paid in a foreign currency, necessitating an exchange of funds at a rate that may or may not be favourable. There is a chance that the rate will cause your money to lose value, making it more expensive to purchase a home. A loss of just 1% in British pounds, for instance, might add more than £1,111 to the price of a €151,111 property. Several percent means that you may wind up spending much more.
To protect you, your currency expert will secure a forward contract, an agreement that locks in an exchange rate for a specified time frame. Getting a favourable conversion rate allows you to make the most of your money.
Employing an Outside Investment Advisor
Financial preparation is essential as you move forward with the purchase of your home. It could be helpful to consult an impartial financial expert under these conditions. A consultant will walk you through your choices to determine the most suitable method of financing, provide suggestions for any necessary products, and assist you in budgeting for the expense of purchasing in Cyprus.
We at iListers.com have collaborated with several top-tier, internationally-focused financial advisors. In addition to assisting with acquisition preparation, they can also offer advice on a wide range of financial matters, including tax preparation, retirement planning, and business succession.
Setting aside money to buy a house in Cyprus
You must have a plan for how you will pay for the home acquisition if you want to go through with it. Buying a home requires careful planning and consideration of a number of financial factors, including how you will finance the purchase, any additional fees you anticipate incurring, and any other expenses related to the home.
To what extent should one think about money?
To start with, you need to examine what the major sources of money will be for your Cypriot property purchase. You might want to consider:
Costs that can be covered by available funds
Determine how much money you have available to spend on a home. This information is vital for purchasing.