Where to buy property in Cyprus?

Cyprus is one of the most affordable EU countries to settle in with a low cost of living and fairly cheap property also has low taxes, great healthcare, and a stable economy. All this coupled with the relaxed lifestyle and stunning scenery make Cyprus one of the jewels of the Mediterranean.

Whether you’re thinking of moving to Cyprus from the UK or want to buy an investment property, Cyprus is a smart choice.

The housing market in Cyprus is relatively stable with good year-on-year growth, reaching an all-time high in 2023. The value of flats and houses for sale in Cyprus has increased by 12% since 2021. Non-nationals bought approximately 1.5% of all properties in Cyprus for sale in 2023.

There are more than a few good reasons to buy property in Paphos. Although it has a small population of just under 70,000 residents, the coastal city of Paphos is a major tourist attraction. The birthplace of the Greek goddess of love and beauty Aphrodite, Paphos lives up to its mythical heritage.

With magnificent beaches, picturesque fishing villages, and a laidback lifestyle, it’s easy to fall for Paphos. Paphos is also much cheaper than a big city like Limassol. Real estate costs and property management costs are significantly lower. A one-bedroom apartment can be as low as £84,147. There are also higher-end luxury houses and villas to buy in Paphos.

At the time of writing, the average cost of housing in Paphos is around £126,224 for a modest two-bedroom apartment, £210,369 for a spacious townhouse, and £420,749 for a luxury villa. Rental yields are around 4%.

Also known as Lemesos, Limassol is the second-largest city in Cyprus. Like Paphos, Limassol has an abundance of historical sites and beautiful beaches.
Limassol is also a modern, cosmopolitan city with a bustling nightlife, plenty of restaurants, international schools, and lots of job opportunities. This makes it a popular choice for young professionals and digital nomads.

Property investors will find that the Limassol property market is booming. With such high demand, it’s not always easy to find Limassol properties for sale but if you can secure one it could be a very lucrative investment.

At the time of writing, the average cost of housing in Limassol is between £100,977 and £210,000 for a modest apartment.5 Townhouses in Limassol are priced at approximately £210,000 while a luxury villa can cost £340,000 or more.6 Rental yields are good, with an average of 7.8%.

Nicosia is the capital city of Cyprus and has been continuously populated for over four and a half thousand years. Because it is located inland, Nicosia isn’t as popular with tourists, digital nomads, and retirees as the coastal regions. Despite this, Nicosia still has several attractions that draw people from all over the world. Nicosia is the cultural centre of Cyprus with a wide range of museums and galleries. The city also hosts various film festivals and cultural events throughout the year.

As the capital city, Nicosia is also the financial and business hub of Cyprus. Major multinational companies like Amazon have operations in Nicosia. Investors will find plenty of top-quality commercial property for sale in Nicosia.

The mix of professionals and students means that people are always looking for short-term or long-term rentals. This means buying property in Nicosia is a wise investment.

At the time of writing, the average price per square metre in Nicosia is £2,000. An apartment in Nicosia can cost approximately £150,000 or more.8 A townhouse can cost upward of £340,000 or more while a top-end villa will have a price tag of around £545,000 or more.9 Rental yields can range between 4% to 6%.

Set on the southern coast, Lacarna is the third-largest city in Cyprus. There are eight kilometres of beautiful coastline with immaculate beaches to enjoy, a rich sense of culture and history, and great restaurants, bars and nightlife. Lacarna also has a thriving business district, reliable infrastructure and a diverse, metropolitan vibe. The city attracts holidaymakers, retirees, digital nomads, and professionals.

Depending on your preferences, the cost of living in Lacarna can vary. It’s not as cheap as some other cities in Cyprus, but the beaches and the overall lifestyle make up for the increased expense.

At the time of writing, the average price per square metre in Lacarna is around £1,600.11 The rental yield from a one-bedroom apartment is approximately 6.8%.

The Turkish Republic of Northern Cyprus (TRNC) is worth considering if you are looking for great deals on property for sale in Cyprus. As well as being home to the capital Nicosia, there are other cities worth considering if you are thinking about buying property in Northern Cyprus. Depending on where you buy, rental yields can range from 5% to 8%.

Famagusta is a popular tourist town and also a commercial hub. The expanding business district means it’s a great place to find commercial property to buy in Northern Cyprus. The average price per square metre is around £2,450.

Güzelyurt is another town worth looking into if you want to buy property in Cyprus. Renowned as an agricultural centre and famous for its citrus fruit, Güzelyurt is rapidly expanding. The average price per square metre is around £1,929.14
Kyrenia is a top tourist spot in Northern Cyprus with a magnificent harbour and a stunning medieval castle. It’s a good place to find fantastic seaside houses in Cyprus for sale. The average price per square metre is around £1,900.

Whether you’re planning your retirement, looking to purchase an investment property, or want to move to Cyprus with family, an iad Overseas consultant can help you. We have connections with some of the best Cyprus estate agents and can provide you with expert advice on navigating the Cypriot property market.