Wherever you end up settling in Cyprus, you’ll never be too far away from the sea. Below we list some of the most popular places foreign buyers focus on, although of course the island is covered in villages and smaller towns, and there are many property websites where you can browse at leisure.
The capital of the Republic of Cyprus, modern, cosmopolitan Nicosia is a lively city of about 300,000 people situated some 50km from the coast. Part of the city juts into the Turkish part of Cyprus, and this area is known as North Nicosia. The city as a whole is a centre for concerts, sports, culture and business, and many people live in high-rise dwellings.
There is a huge variety of property for sale in Nicosia, with options to suit most buyers, be they looking to live there or to invest in buy-to-let property. In the suburbs a high-end luxury villa will set you back somewhere above £500,000, while a modest apartment in the city costs as little as £60,000, with the majority in the region of around £120,000.
Life in Nicosia is said to be good, with residents enjoying all the advantages of living on a Mediterranean island while also enjoying modern infrastructure, good schools and plenty of shopping and dining venues. Whilst Nicosia itself is not a tourist destination, there are excellent travel connections with the rest of the island.
The second largest urban centre in Cyprus, historic Limassol is an old port town with a medieval castle and a charming and quaint old quarter packed with tavernas and bars. Away from the old quarter though, Limassol is a very up-to-date hub, with numerous examples of striking modern architecture in the form of hotels, business developments and water parks. The urban environment is separated from the clear blue Med by several miles of pale golden sandy beaches.
Coastal Limassol enjoys a balmy subtropical climate and a villa here will set you back anything from €250,000, with the sky being the limit for the more expensive properties (one new-build is currently looking for offers in the region of €30 million). On the other hand, perfectly nice apartments can be purchased in the range of €50,000 – €70,000.
On the south western coast of Cyprus is the UNESCO World Heritage town of Paphos. Long popular with British residents and tourists alike, Paphos is the place to look if you want to live somewhere close to the beach and ancient ruins of the past, yet still be surrounded by shops, restaurants and bars. Whether you’re planning on retiring to Cyprus, or are moving there with family for a better work/life balance, Paphos represents an excellent choice. The popular town has a top-ranking international school, shopping malls, a brand new hospital and a fascinating historic town centre. In 2017, along with Aarhus in Denmark, Paphos was voted Joint European Capital of Culture. There is an international airport close to Paphos, one of two main airports serving Cyprus.
Being such a desirable place, property prices in Paphos are somewhat higher than elsewhere on the island, with prices ranging from €100,000 for a house with access to a swimming pool, to luxury beachside villas costing millions. If you want to rent for a before deciding whether to buy, an apartment or small house can be let for €500 a month.
There’s a popular phrase ‘siga, siga’ on Cyprus, which translates as ‘slowly, slowly’ and nowhere could this be more apt than in Larnaca with its palm-lined seafront, its quiet backstreets and its ancient churches and ruins. Popular with artists and those seeking contemplation, being in Larnaca can sometimes feel like stepping back in time, even though much of it is modern and cosmopolitan. It’s popular with tourists in the summer, and in the old Turkish quarter you can sip a coffee at an outdoor café and simply watch the world go by.
If you fancy living in Larnaca you can get a bungalow for around 150,000, while an apartment will set you back anything from €55,000 to €150,000 on average. Larger villas and houses are available with the price range for these stretching from around €160,000 on up.
On the far west coast of Cyprus in the hills overlooking Coral Bay sits the town of Peyia. Like Paphos, Peyia is popular with British expats and tourists. Peyia is, in fact, something of a mixing pot, with Brits, Cypriots, Russians, and lately, Chinese all calling it their home.
Popular things to do in Peyia are walking in the hills, visiting the nearby Turtle Bay nature reserve and playing golf. What’s more, its proximity to the forests of western Cyprus make it an ideal place for nature lovers.
If you are interested in buying a property in Peyia, townhouses start from around €100,000, but apartments can be had for around half that price. As elsewhere, luxurious villas dot nearby hills, with prices starting at around €180,000.
What kind of property?
No doubt you already know why you are interested in Cyprus but have you considered all the options when it comes to choosing what type of property? Some people, for example, are simply interested in buying a holiday home – somewhere to visit two or three times a year – but would they be better off purchasing a buy-to-let property that they can still visit but will earn them money when they are not there? Below, we list some of the main options for consideration.
Cyprus offers a range of properties appealing to people who want to move there. Whilst you might think apartments and villas are the most popular option (and you’d be right) there are also old stone houses in quaint villages, modern houses in urban settings, bungalows in the middle of forests and off-grid organic farms for the back-to-nature folks. The property could be newly built or it could be a tumbledown ruin looking for a restorer – or it might not even have been built yet! It could be by a beach, up a mountain, next to a golf course, in the middle of a busy city or in the middle of nowhere.
The point is, when it comes to buying a place to call home, the main consideration is what pleases you, rather than anyone else. And Cyprus has a lot of options, some quirkier than others.
Many people are looking for an extra property somewhere in the sun where they can spend their holidays and perhaps, one day, use as a retirement home. What’s more, owning a holiday home means you can swap with other holiday home owners in other parts of the world, and perhaps lend it to friends. Cyprus offers a wealth of holiday homes for potential buyers, many of them by the sea or with their own pool.
Buy to let/Investment property
If you do your homework right, purchasing a property with a view to letting it out, either to holidaymakers or residential tenants, can be a great investment. Whilst not as straightforward as buying a residential property for yourself, buy-to-let is still a doable proposition if you can find the right mortgage. Buy-to-let can be a win-win in that you earn an income from letting the property out, and also benefit from capital accumulation in a rising property market. What’s more, when the mortgage is paid off, the property is yours outright.