Top Regions to Buy Real Estate in Cyprus

Top Regions to Buy Real Estate in Cyprus

Cyprus is popular among the Russian property buyers since the '90s. According to some experts, more than 75,000 people from the Russian Federation already live in the Republic. The economic difficulties of the past years have not reduced the level of interest in purchasing local housing. The number of property buyers in Cyprus has increased by 81% over the past 3 years. Investors also invest a lot of money in the construction of large infrastructure projects. This contributes to the growth of the economy and makes Cyprus an increasingly attractive region to buy housing. Many become property owners to obtain a residence permit and EU residency. If you are also considering the possibility of moving or buying a house in Cyprus for other purposes, we recommend you carefully choose a suitable property and its location. 

Pros and cons of buying real estate in Cyprus

Those who would like to settle in the sunny Mediterranean should evaluate all the pros and cons in advance. It is important to remember that Cyprus is an island country. There are higher prices for groceries in supermarkets than in mainland Europe, as they require complex delivery. The Republic is also located in a seismically active zone. Some developers are still negligent about the additional strengthening of buildings. So, if you decide to buy a house in Cyprus, carefully choose a developer and trust only experienced companies with a proven reputation. 

Another disadvantage of living in the country is the so-called isolation. Cyprus is a small country, and it may seem crowded to Russians who are used to spacious areas. Another feature of living in the Republic is the high cost of electricity. In summer, air conditioners in homes work almost non-stop. If you decide to buy real estate on the island, check the possibility of installing solar panels. In this case, you will be able to significantly save on utility bills. 

If you decide to buy a house in Cyprus, you will inevitably face some difficulties. However, the wide range of advantages of living in this region compensates them. 

  1. Favorable climate. Cyprus boasts 300 sunny days a year. And the Mediterranean itself is famous for mild winters and warm summers, which makes a strong argument in favor of buying a house here. There are very few industrial enterprises polluting the environment in the Republic. The picturesque natural scenery of Cyprus is successfully complemented by a wide variety of attractions, archaeological and historical monuments.  
  2. Development of social infrastructure. If you decide to buy a house in Cyprus to move to, you will have no problems with getting an education and further employment. There are many schools, colleges and universities in the region. Education in public institutions in Cyprus requires knowledge of Greek. Though, private schools offer classes in English, French, Russian and even Arabic. There is a large number of clinics, as well as everything you need for work and leisure in the cities of Cyprus.
  3. Opportunity to obtain a residence permit and EU passport. If you can afford to buy a house in Cyprus worth EUR 500,000 and invest in the economy or real estate EUR 2,000,000, you can quickly obtain local citizenship. This will take no more than 6 months. And you can sell the house in 5 years. The investor and his family members will retain their citizenship.
  4. Getting a source of passive income by renting out. The average profitability of houses in Cyprus is 4%. And the real estate tax is low. There are a stamp and title fee for the transfer of title. The annual real estate tax in Cyprus has been abolished since 2017.  
  5. Business opportunities. Every foreigner can conduct legitimate business activities in Cyprus. You will need a minimum of statutory documents, a director and a secretary with local citizenship. Registration of a legal entity in Cyprus will take no more than a week and cost about EUR 2,500. 

If you decide to buy a house in Cyprus, you can use it not only for rent or permanent residence but also as a summer holiday residence for the whole family.

Top regions to buy a house in Cyprus

Houses in Cyprus are most often sold on the coast. They have access to the water, as well as a large area with a terrace or pool, private park, and even a golf course. This option is popular among people aged 45-60 who are looking for opportunities for a quiet family holiday. However, there are also younger investors. Buying a house in Cyprus is also compelling to those who prefer a dynamic and active lifestyle. Certain regions in the Republic offer a wide range of opportunities for an active business and social life.

The desire to buy a house in Cyprus on the beach is often driven by personal motives to own a prestigious property. Villas and mansions are rarely rented out, as this option pays off the investment in 25-30 years. Investors often benefit from an annual increase in the market value of housing. 

The price of villas and mansions in Cyprus starts at EUR 300,000-400,000. Houses in this price segment are most often bought by the Brits. Russians conduct 60% of transactions totaling EUR 500,000-2,000,000 and 70% of transactions totaling more than EUR 2,000,000. 

When choosing a suitable house in Cyprus, you should keep in mind its maintenance and security. The average annual maintenance of a villa with a swimming pool costs EUR 2,900. 

According to the sales statistics by the region, the most popular cities in Cyprus to buy a house are Paphos and Limassol. The purchase of housing in these resort areas has the greatest investment attractiveness. 

Republic of Cyprus: what to buy in Paphos

This city is located on the south-west coast of Cyprus. Paphos is divided into the old city and new districts. In the old city, there are royal tombs, a medieval fort and many sites of historical value included in the UNESCO World Heritage List. There are few monuments of culture, history and architecture in the new districts, but there is everything you need for a comfortable life and recreation:

  • modern hospitals and clinics;
  • schools, colleges and universities;
  • shopping centers;
  • restaurants, cafes and bars;
  • offices and banks. 

There are 12 Blue Flag Award beaches located near Paphos. This is a special mark of distinction, indicating sanitation and development level. 

The UK citizens most often buy homes here. The English diaspora numbers 10,000 people. The price of a house with 3 bedrooms and a swimming pool starts at EUR 350,000. Paphos used to be considered one of the most expensive cities. Now it is catching up with Limassol. 

Buying a house in this area of Cyprus is an excellent solution for wealthy investors willing to invest in property in a picturesque and quiet location for a comfortable holiday or residence. 

What to buy in Limassol?

This city, located in the southern part of the island, is the second-largest in Cyprus. It offers a fairly high cost of villas and apartments driven by high demand. If you would like to buy a house in Cyprus for a low-key life, it is better to consider real estate in the suburbs of Limassol: Episkopi, Kolossi, Erimi. Here you can buy villas with a garden for EUR 350,000. 

Limassol is home to a large number of Russians. There are Russian-speaking kindergartens and schools, and almost every cafe provides service in Russian. Limassol also has the biggest choice of entertainment and leisure facilities. For example, there is a water park. The city has 12 yacht clubs, an impressive number of fitness centers, shopping areas, bars and restaurants. 

Limassol can offer not only a developed infrastructure but a wide range of cultural attractions: the old port, the medieval castle, museums, the ancient part with a large number of archaeological sites. Limassol offers active social life at any time of the year, holding concerts, exhibitions, wine festivals, flower festivals, and even a week-long carnival. 

How to buy a house in Cyprus with benefits?

If you are thinking about purchasing your property, please contact experts from P.L. Property Gallery Developers & Constructors Ltd. for assistance. Our company is the biggest developer in Cyprus with 18 years of successful experience in the local market. We offer our clients a wide range of houses, villas, apartments, commercial premises in different parts of the island, as well as a whole range of additional services:

  • assistance in mortgage application;
  • landscaping and gardening of adjacent territory;
  • interior design;
  • real estate management;
  • assistance in selling houses and apartments in Cyprus. 

P.L. Property Gallery Developers & Constructors Ltd. builds quality housing using proven technologies and innovative solutions. Numerous international awards and the trust of our partners prove high-level professionalism. Here you can buy a house in Cyprus, taking into account all individual needs, as well as get assistance in preparing the necessary documents.