Property for Sale in Cyprus

Location, climatic conditions, economy and education

Cyprus (officially the Republic of Cyprus) is an island state in the Mediterranean Sea, a member of the EU. The island is divided by the United Nations buffer zone into the Greek part (south) and the Turkish part (north). The country's authorities exercise control over more than half of the territory (Greek).

Climate classification - Mediterranean, more than three hundred sunny days a year, hot summers, mild, wet winters.

Following products are produced in Cyprus: wine, olive oil, canned vegetables and fruits. The economy is also based on such industries as: oil refining, chemical, cement, furniture, tobacco, textile, leather and footwear, agricultural machinery. Water is provided by desalination stations. Tourism is of paramount importance here, since the nature and climate of the island are perfect for recreation. Monuments belonging to various historical cultural layers have been preserved here.

Educational activities are carried out in the country by the following educational institutions: six universities (three public, three private), two management institutes, one management academy and one business school (teaching the organization of the hotel business).

 Real estate market in Cyprus

The total volume of real estate sales and demand for it is growing, and the value of real estate in Cyprus is also increasing. The largest number of transactions was recorded in Limassol, then in Paphos, Larnaca, Famagusta. Property in Cyprus is mostly bought by foreigners, sales increased in all regions except Nicosia.

According to experts, a sharp increase in the number of transactions is associated with the end of the pandemic period and the lifting of restrictions. The overall process is significantly influenced by migration from Russia and Ukraine, as well as the activity of British investors, Israelis, Germans, who are no less interested in commercial and residential real estate in Cyprus. The demand from foreign buyers for detached houses (villas) is the highest in Limassol and Paphos.

Despite the growing figures, experts are still cautious in their forecasts. Some of them believe that the situation is unstable due to the possible complication of the geopolitical situation for a long time.

The price of real estate in Cyprus.

Estimated prices in Cyprus (per sq. m):

• apartments - 1,800 euros,
• houses / villas - 2,000 euros,
• commercial premises (shops): - 1,400 euros
• land plots (for development) - 500 euros
• land plots (agricultural) - 10 euros.

Price values are in constant dynamics, so only up-to-date information can be useful.

Property types for sale

Types of real estate: primary and secondary, including residential and commercial.

Residential Properties:

Houses, adjacent houses (for two owners);

• apartments on the ground floor (the entire lower part of the house);
•  top floor apartments with panoramic view and terrace;
•  townhouses (cottages within the city, including separate entrances for each owner);
•  bungalows (a one-story mansions, stretched across the territory, as a rule, without a heating system, made of light and thin building materials).
•  villas (detached mansions with a large adjoining area with a swimming pool and green spaces with thoughtful landscape design).

Non-residential (commercial) real estate is represented by:

• cafes and restaurants;
• hotels;
• warehouses;
• offices;
• enterprises, etc.

 Land:

• agricultural;
• livestock;
• commercial (industrial, for the construction of entertainment, and tourist centers);
• residential (for building houses).

Real estate website in Cyprus

It is safer to use the information of experts and follow their recommendations. GEOLN.COM real estate website (with a convenient search interface) contains a full catalog of real estate in Cyprus.

Buying property in Cyprus by foreigners (nuances)

The sale of property in Cyprus is free to EU citizens. For those citizens whose countries are not part of the EU, it is necessary to obtain permission from the Government, two factors are subject to verification:

• conscientiousness of the buyer (absence of violations of the law),
• so that, in addition to the acquired property, there should be only one property and the footage is limited to 4,014 sq. m.

Buying property in Cyprus is beneficial for receiving a stable high income from renting the property out, living in a country with a high level of economic development and infrastructure, in a wonderful climate near the purest Mediterranean Sea.