The island of Cyprus is usually divided into eight regions, which differ greatly from each other. An important role here is played by the fact that two of them belong to the unrecognized Turkish Republic of Northern Cyprus, and two more, including the administrative center, Nicosia, belong to both states. However, from the point of view of purchasing housing in Cyprus, this division will be completely different and, at first glance, somewhat unexpected.
Suffice it to say that Nicosia, unlike the main cities of the vast majority of European countries, does not arouse much interest among foreign investors – especially those who are planning to buy luxury real estate in Cyprus. This is equally explained by the geographical location of Nicosia, which is located at a considerable distance from the sea, and its sultry climate, and by its clear focus on two categories of the population: representatives of the business community and students. All areas that are considered prestigious are located on the outskirts of the Greek part of the city, but the infrastructure there is not well developed.
Luxury apartments and villas in Cyprus should be sought primarily in two localities and their immediate surroundings: Limassol and Paphos. The first of them has already firmly established the reputation of the most “Russian” city, while the second is preferred by investors from the EU. Each of them has its own characteristics, pros and cons, but both of them are characterized by a rich selection of luxury housing.
Of all the areas of Limassol that are popular with wealthy foreigners, we can highlight Potamos Germasogeia and Amathus, where everything you need (shops, beaches, sports grounds, entertainment venues, etc.) is within walking distance, but at the same time there are quite a lot of secluded corners with objects that are attractive in all respects. If on average in Limassol the cost of one square meter of residential real estate ranges from 1500-3000 euros, then in this “oasis” you should start from 7 thousand, and in the immediate vicinity of the sea (up to 500 m) luxury houses priced below 1 million Euros are simply hard to find. At the same time, special attention is paid to external and internal finishing, which is often carried out according to exclusive projects.
Limassol can be recommended to those investors who want to combine relaxation with doing business, and also give a good education to their children. At the same time, the presence of a large Russian-speaking diaspora and the abundance of “Russian” shops, schools, and restaurants can become one of the determining factors for immigrants who do not want to lose touch with their historical homeland.
Paphos ranks second in terms of popularity among people from Russia, Ukraine and Belarus, although this elite resort is more calm, spacious and clean. Due to its location between the mountains and the sea, as well as the presence of many green areas, a unique microclimate has developed here. Paphos also differs from Limassol in its low-rise buildings, and houses above four floors simply do not exist in nature. Not only wealthy foreigners – mainly the British and Germans – are trying to buy luxury real estate in this city, but also the Cypriots themselves, although the prices here are about the same as in Limassol. At least, the lower price level for such properties is 5,000 euros per 1 sq.m.
The most active construction is taking place in the suburbs of Paphos – such as Tsala, Tada, Chloraka and Pitridia, where residential complexes of 5-10 villas are being built. In these places you can find more than decent villas and detached houses with an area of 100-200 sq.m. with a plot of land, a garage, a swimming pool and a barbecue area for a price of about 1 million euros, but the distance to the sea will play a determining role. However, if you have a car (and all property owners in this area have one), a distance of 5-6 kilometers does not pose a serious problem.
The list of elite areas of Cyprus is not limited to Limassol and Paphos. Premium real estate in gated urbanizations, the demand for which has increased significantly due to the Covid-19 pandemic, can be found in Larnaca (Livadia village, Radisson and Mackenzie districts), Ayia Napa and Protaras. The purchase of such housing is justified in terms of not only reliable investments with constant rental income, but also obtaining a residence permit in Cyprus or citizenship of this country.