Natalie The best places to buy property in Cyprus combine excellent prices, scenic landscapes, and an ideal lifestyle. From beautiful beaches to the real estate market, buying property means snapping out of holiday mode and getting serious about making a wise investment.
Often attracting British expats, this island has much to offer, whether you want a one-bedroom apartment or a three-bedroom villa. The only wise decision that future property owners need to make is where to buy, and the best answer will depend on your budget and intended use. Separating into Southern Cyprus and Northern Cyprus, here are the locations to start your search.
Best Places to Buy Property in Cyprus
1: Ayia Napa
Sitting on the southeast coast and earning fame for sandy beaches and mega nightlife scenes, Ayia Napa sits within an hour’s drive of Larnaca and Paphos. Put aside stereotypical ideas of booming nightclub noise because many people find solitude spots and settle in Ayia Napa permanently. The key is to look away from the touristic neighbourhoods. Otherwise, to get into the buy-to-let business for a real estate investment, buy in touristic neighbourhoods, for solid occupancy throughout tourism seasons.
Wintertime is quiet, and this suits some. Likewise, for cultural amenities, you will need to drive elsewhere. Besides that, Ayia Napa is known for the natural beauty of Blue Flag beaches. There is affordable property for sale, but those who want more extensive portfolios should look to more established markets. Otherwise, Ayia Napa Marina is an all-inclusive village with residential and commercial properties for sale.
2: Famagusta
Meanwhile, Famagusta in North Cyprus offers a more affordable property market. With most foreigners using Larnaca International Airport, which is just 40 kilometres away, or Ercan Airport to connect flights from Istanbul, the long golden beach is a great lure. Historical and cultural values will also be attractive to holiday homeowners. Thanks to the slow pace of life, there is also already a well-established expat community for those looking to move to Cyprus.
The Turks call it Gazimagusa, and since it is within the Northern boundaries, residents use the Turkish lira. Known for the impressive Eastern Mediterranean University, Famagusta is also a student stronghold for anyone looking at buy-to-let residential properties. It is a popular location with a good quality of life and low crime rates.
3: Nicosia – Capital City
Also called Lefkosa, the island’s capital city presents an excellent portfolio of apartments and villas with reasonable property prices. Sitting close to Larnaca International Airport, the downside is that the central location means no beaches. However, there is an excellent transport network to get mobile.
The bonus is that the inland location means more affordable costs than other coastal cities. Nicosia is an all-rounder, with the old city part containing ancient ruins and the new city portraying modern living. You will also find every property type, from two-bedroom apartments to a detached villa with a private pool.
4: Larnaca
Of course, being home to Larnaca airport, this is a popular choice for frequent flyers. Home to a treasure trove of neighbourhoods, foreigners tend to buy in one of five. Finikoudes is the perfect location to be in the heart of daily life. McKenzie attracts overseas property buyers looking for stunning beaches and delicious food in seaside restaurants.
Oroklini is ideal for more natural living, while the marina area aligns with upscale real estate prices. Lastly, Aradippou is the perfect place to find the ideal property for suburban living. Overseas buyers with children will find several international schools, and there are many property choices, from a villa with a pool to residential complexes.
5: Limassol – Second Largest City
With many British buyers heading to Limassol, foreigners account for roughly 30% of all home sales yearly. Part of the reason for luring potential buyers could be the booming economy and status as a port city. Hence, the many international companies. From contemporary apartments to three-bedroom villas, buyers don’t need to compromise on their idea of the perfect home.
If budget isn’t an issue in your property purchase, look at Ayios Athanasios, Agios Tychonas, and Pyrgos neighbourhoods. Otherwise, look at Agios Antonios, Ioannis, and Kapsalos for more affordable real estate transactions. Limassol is a prime choice for real estate investors and modern life on this Mediterranean island.
6: Paphos
Home to the international airport and famous Kings Avenue Mall, Paphos is also famous for the Coral Bay resort, 11 kilometres outside the city. Many people buy here because it offers excellent potential for return on investment. While other districts see a slowdown in appreciation, Paphos bucks the trend to show an increase.
The Kato district is known for ancient monuments, whereas the universal area attracts those looking for three-bedroom apartments in complexes with communal swimming pools. Yeroksipou is a delightful coastal area where you can find a villa for sale, although the purchase price is slightly higher. Whereas Anavargos, a village on the outskirts, will suit those looking for a lower cost of living and more relaxed paces. Other prominent areas include Konia, Peyia, Polis, Tala and Tsada.
7: Kyrenia
As the centre of tourism in Northern Cyprus, Kyrenia has a multicultural vibe despite its solid Turkish background. There is an abundance of hotels, the nightlife scene is strong, and the harbour area is popular with seaside restaurants. Much of the foreign property ownership came into existence at the turn of the century when a construction boom took place.
Hence, the presence of foreigners is not a new trend, having existed for roughly 20 years. Many tourists from Turkey also come in via the Kyrenia Touristic Port, and aside from tourism, Kyrenia is also an education stronghold since it is home to five universities. Neighbourhoods to look at when buying property include Esentepe and Lapta.
What are the Differences Between North and South Cyprus?
The island splits into two parts: the northern part, which falls under the Turkish Republic of Northern Cyprus governorship, and the southern part, which falls under the Greek administration. The southern part uses the Euro and belongs to the EU, while the northern part uses the Turkish lira, which does not belong to the EU and falls under the Turkish administration. Big international chains tend to head to the south, whereas the north is more suburban.
The differences also exist in the culture, as they gravitate towards Greek or Turkish. Likewise, for the language, many locals all over the island speak English. The North offers lower living costs and property prices. However, the southern real estate market is more established; hence, the North could be a better choice to buy new homes. Regarding crime, the North is fairer; however, the South offers better opportunities for working ex-pats.
Often Asked Questions
Is Buying Property in Cyprus a Good investment?
Yes, Cyprus is a good investment for property, but like other countries, the key is to drill down and research locally rather than countrywide. As seen in different real estate worldwide, some places fare better than others for historical returns on investment and future potential.
Where is the Most Affordable Property for Sale?
The north of Cyprus offers more affordable prices per square meter. Look at places like Iskele and Gaziveren. Bafra. In these places, there are several constructions of studios and apartments on lifestyle residences, and they also offer the standard off-plan construction discount.
Are House prices Dropping in Cyprus?
No. Records show a steady climb and appreciation, especially in areas like Limassol, Nicosia, and Paphos. It is worth remembering that Cyprus sees high demand from foreign buyers, which keeps the market steady. Despite relapsing during the COVID pandemic, the market returned to its former glory and continued the current path.
How Much Deposit do I need to Buy a House in Cyprus?
This depends on whether you apply for a mortgage in Cyprus, where they typically ask for 30 to 40%. Otherwise, roughly 10% is enough.
What are the pitfalls of buying in Cyprus?
Many pitfalls result from not following legal guidelines. To become the rightful owner, use an independent lawyer to understand the contract terms. Know before what property taxes you are expected to pay, and ensure your real estate lawyer thoroughly checks the title deeds and boundaries.
What is Non-Dom Status in Cyprus?
Non-domiciled (non-Dom) status benefits individuals who reside in Cyprus but are not domiciled there. Introduced in 2015, this status exempts individuals from certain local taxes, like the Special Defence Contribution (SDC), on dividends, interest, and rental income.
To qualify for non-Dom status, an individual must not have been a tax resident of Cyprus for at least 17 out of the past 20 years. This status attracts expatriates and investors seeking a tax-efficient residency option, allowing them to benefit from Cyprus’s favourable tax regime while living and working on the island. (Read more here.)
Our Services Can Help
As an international real estate expert, we can save you time and money. Whether you are looking at a budget sale price or a home in a city centre, this Island nation has much to offer. See the wide range of properties for sale in our portfolio here, and use the contact details to receive more information via email or phone. Alternatively, call us today and chat with an agent about the best places to buy property in Cyprus.
