Your guide to buying a property in Cyprus
A crucial distinction must be recognized before we begin discussing Cyprus. Cyprus has been divided since the Turkish invasion and occupation of Northern Cyprus in 1974. Greek Cyprus (in the south of the island) is a member of the European Union, but Turkish Cyprus (in the north of the island) is neither a member of the EU nor is it recognized by the UN.
Because buying property in Northern Cyprus may result in legal complications over the right of vendors to offer specific residences for sale, AIPP does not accept companies who represent property for sale in Northern Cyprus as members. As a result, this guide only covers property in Greek (southern) Cyprus.
What should I do first?
If you’ve decided to invest in a foreign property, Cyprus is a good choice. Following decades of British control, Cyprus has a special bond with the United Kingdom, which makes certain features of the island feel quite familiar. The Cypriot people are friendly to the British, and it is estimated that 60,000 Cypriots live in the United Kingdom.
Cyprus has a legal system similar to that of the United Kingdom, and buying property is generally simple. However, before you begin, ask yourself these three basic questions:
1. Why are you buying this property in the first place?
Is it a vacation home, a financial investment, or a place to retire to?
2. What do you intend to do while you’re there?
This could be resting with your partner, entertaining family and friends, participating in sports and leisure activities, or even working.
3. Which of these matters the most to you?
Is it the price, the location, the type of property, or the amenities?
After you’ve gotten these responses, you’ll have a better idea of what you’re looking for and may go on to the details.
Where should I shop in CYPRUS?
You’ll be spoilt for choice in practically any section of Cyprus, with breathtaking landscape, lovely villages, and kilometers of immaculate beaches. Historical villages brush up against raucous party towns, as they do on many small island locations, and each offers an entirely distinct experience. So, where do you begin your search for a property?
Paphos, in south-west Cyprus, and its neighboring villages are one of the most popular destinations for British expats; in fact, the number of expats here exceeds five figures. Paphos is rich in history and culture, and its golden beaches offer a diverse selection of accommodations, restaurants, and recreational opportunities, as well as its own airport.
If you want to be right in the middle of things, the rapidly developing Kato neighborhood on the Paphos waterfront is ideal, while Coral Bay is a little further out of town but still vibrant, with plenty of rustic tavernas and a magnificent Blue Flag beach.
Tala and Peyia, which are located within the hills inland from the beach, provide breathtaking vistas as well as some reprieve from the summer heat. Both have sizable expat populations.
The settlements to the east of Paphos, such as Konia and Anavargos, have a less’resort’ vibe but yet have all the amenities.
Polis, on Paphos’ north-west coast, with its gorgeous port, clear waters, and protected natural reserve, is well worth considering if you’re looking for absolutely picturesque and don’t mind a little trip.
Cyprus’ primary international airport is located in coastal Larnaca on the other side of the island. Beaches, high-end shopping, and a diverse selection of property options are also available in the city. In recent years, numerous significant constructions have been completed around the city’s waterfronts and streets.
If city life isn’t for you, check out Pervolia, which is free of large resort hotels and full of Cypriot flavor while still being tourist-friendly. Oroklini, a little further up the coast, is another option.
Limassol, on Cyprus’s southern coast, is located halfway between Larnaca and Paphos and was traditionally the island’s primary port. It is known for its carnival and wine festival, and it now has a vast new marina, as well as a diverse selection of restaurants, cafés, and shops, as well as numerous upscale projects along its sandy shores.
Erimi, Kolossi, and Episkopi, all about a 10-minute drive outside Limassol, have a more “villagey” atmosphere. Consider the calm Pissouri on the Paphos side of the island if you wish to play golf as well. It offers amazing sea views and is close to the famed Aphrodite Hills recreational area.
Because of its proximity to the Turkish-controlled northern border, Cyprus’ Famagusta enclave has received mixed assessments as a potential property acquisition location. If you’re moving to Cyprus for employment, you’ll be near Ayia Napa (Agia Napa), a popular party town where property is very cheap.
If you want to get away from the crowds (and the heat), the Troodos Mountains in central Cyprus provide a completely different perspective on the island. During the summer, you may visit the Louvaras, Palaichori, and Platanistassa local craft villages, which are full of cobblestone lanes, orchards, and vineyards. Skiing in the shadow of Mount Olympus is also feasible between January and March.
What kinds of CYPRIOT properties are available, and how much do they cost?
Part of the attractiveness of buying property in Cyprus is that the residences are distinct in style – and significantly less expensive – than those found in the United Kingdom.
When imagining a new life abroad, many foreign purchasers fantasize of a sun-drenched home. The good news is that these can be found all around Cyprus. A typical Cypriot villa will have a pool, terraces, and gardens, and will be located on the outskirts of town or in a smaller development.
A three-bedroom villa with a pool in Pervolia’s exclusive gated complex will set you back around €550,000. In Peyia, a similar-sized villa will cost around €300,000.
Townhouses are a wonderful alternative to villas since they provide ample living space while requiring less land. A decent terrace and roof top area are frequently included in the outside space. Expect to pay roughly €130,000 for a two-bedroom townhouse in Kato Paphos with a shared pool and close proximity to amenities.
The single-story bungalow is a popular choice among retirees. A three-bedroom detached bungalow with a private pool in Pissouri costs around €250,000.
Stone village cottages and farmhouses are more common in the more rural parts of Cyprus. Renovations for those in need will cost anywhere from €15,000 and €70,000. Expect to pay between €60,000 and €200,000 for a habitable home that has been restored or requires modest remodeling.
The bulk of buildings will have flats of various sizes that have been specifically designed for the tourist market. They are particularly popular among Brits due to communal amenities such as swimming pools and gardens, as well as shared maintenance costs.
The disadvantages are mostly ‘other people’ — congested during the holiday seasons and close proximity to neighbors – but they do provide a ready-made community on the other hand.
Apartment prices vary by region, but a new two-bedroom at Coral Bay with sea and mountain views can be purchased for around €75,000 as an example. A similar apartment in a popular Paphos resort, on the other hand, will cost around €300,000.
Another option is a resort property on a leisure complex, such as a golf course. You don’t have to play the sport to appreciate the breathtaking views and first-class amenities offered by these high-end buildings. They also have a high investment potential. A two-bedroom “junior” villa in a prime location on a resort like Aphrodite Hills will set you back over €500,000.