From 2017 to 2018, the number of foreign buyers increased by 81%. The best real estate in Cyprus is concentrated in the largest resort towns of the island and their surroundings. Paphos is the most popular, with 39% of foreigners shopping here in 2018, followed by Limassol (30%) and Larnaca (16%).
Where is the best place to buy property in Cyprus – Paphos
British expats have settled in the city of Paphos, located on the southwest coast of the island. Especially many immigrants from the UK live in the suburbs – the villages of Peyia and Tala. The local diaspora numbers more than 10 thousand people and is considered the largest on the island.
Paphos is divided into two parts: the Old Town and the modern areas. The Old Town is one of the island’s three UNESCO World Heritage Sites. Here are the Royal Tombs, an archaeological park, and a Medieval fort. In 2017, Cyprus received the title of European Capital of Culture and many ancient buildings were restored, roads were also repaired, and new spaces for walking and recreation were created.
Modern Paphos is not just a resort, but a full-fledged city with all the amenities necessary not only for relaxation, but also for permanent life. There are large shopping centers, modern clinics, and schools. Paphos International School is the best on the island. Its graduates have the right to enter any university in the USA and Europe. In and around Paphos there are twelve Blue Flag beaches, four golf courses, tennis courts and football fields.
Just 10-15 years ago, property prices in Paphos were 10-20% higher than in other regions of the island; now housing in Limassol costs almost the same. An apartment in Paphos can be bought at a price of 140 thousand euros, a villa – from 200-250 thousand euros. The village of Peyia, located in the hills a little further from the coast, offers beautiful views of the sea. You can buy a furnished townhouse with a swimming pool just 3 km from the beach here for 160-170 thousand euros, and a villa with three bedrooms and a garden for 350 thousand euros.
To the east of Paphos is the most luxurious resort in Cyprus, Aphrodite Hills. The complex with a golf club, football and riding schools, tennis courts, spa centers and restaurants, received several dozen international awards and prizes and was named one of the five best golf resorts in the world. Apartments with sea views here cost from 200 thousand euros, villas – from 800 thousand euros.
Where is the best place to buy property in Cyprus – Limassol
Limassol is the second largest city of Cyprus, its business capital, the most modern and cosmopolitan resort of the island. All investments flock here; there are most wealthy foreigners here, many of whom live and work in the city all year round. There are many immigrants from Russia in Limassol, there are Russian schools and kindergartens, and Russian is spoken in almost all cafes and shops.
This resort has something for everyone. Limassol has the largest selection of cafes, restaurants, shops on the island, and there is a water park. Interesting events take place all year round: concerts, a week-long carnival, wine, flower and film festivals. History buffs can visit the medieval museum, the archaeological museum, one of the ancient castles, and the ancient cities of Kourion and Amathus.
The city consists of three contrasting parts. Between the Limassol Castle and the Old Port is its ancient part, modern neighborhoods line the coast, and in the center there are residential buildings and business centers.
There are many new and under construction skyscrapers in Limassol. The tallest buildings in Cyprus are located here. In 2018, permits were received for the construction of 20 buildings up to 12 floors high. The Pafilia Tower, 37 floors high, is considered one of the most prestigious projects in the entire Republic. The building has not yet been completed, but half of the luxury apartments have already been sold. The coast will be decorated with another original complex with designer apartments – Limassol del Mar. The building was designed by the London architectural bureau that designed the Battersea Power Station metro station.
The main calling card of Limassol is its new marina, which is compared to the marinas of Dubai. Residential buildings have been built in the coastal zone, 40 shops, 12 restaurants, a yacht club, a fitness center, spa salons, a maritime training school, and a cultural center have been opened. In 2020, a complex of apartments and mansions will be built on the artificial island. Each villa has its own pier. Having approached the house by car, you can transfer to a yacht moored right at the doorstep. Apartments here cost from 2 to 6.5 million euros, and villas – from 3.6 to 14.8 million euros. About 20% of properties remain for sale.
On average, property prices in Limassol are quite high. Apartments on the coast cost from 4 to 10 thousand euros/m2, apartments in the center – 2-4 thousand euros/m2. The greatest demand is for apartments in modern residential complexes with a swimming pool, gym, and garden. For those who are interested in where it is better to buy property in Cyprus for a quiet and secluded life, the suburbs located just 10 minutes from Limassol are suitable: Erimi, Kolossi, Episkopi. Here you can buy a villa with a terrace and a garden for 350 thousand euros.
Where is the best place to buy property in Cyprus – Larnaca
The city of Larnaca is located on the southeastern coast of Cyprus. Among the main resorts of the island, it is the quietest and calmest, with the most vibrant local flavor. It’s nice to drink coffee in a cafe in the Old Town, explore ancient churches, and stroll under the palm trees on the embankment. Larnaca is less touristy than Paphos and Limassol, and you are more likely to find a tavern or coffee shop with a traditional Cypriot menu than McDonald’s or a British pub. The resort is preferred by retirees, and many Cypriots living abroad and coming home to relax also buy and rent villas here.
Off the coast of Larnaca is one of the most popular diving sites in the world – the Swedish ferry Zenobia, which sank in 1980. Nearby is the Blue Flag Mackenzie Beach, with a children’s playground, walking area, bars and restaurants.
Traveling about 40 minutes to the east you can reach the main “party” resort of the island – Ayia Napa, famous for its entertainment for all ages. There are dozens of nightclubs, an amusement park, and an aqua park. Blue Flag Nissi Beach has been voted one of the top 10 beaches in Europe by Trip Advisor visitors.
Property prices in Larnaca are still lower than in Paphos and Limassol. For 120-140 thousand euros you can buy a house with two bedrooms and a swimming pool just 10 minutes drive from the beach. The cost of apartments with a terrace starts from 120 thousand euros. Modern two-storey villas with a garden and a swimming pool are sold for 250 thousand euros in one of the suburbs of Larnaca – Oroklini or Pervolia.
The best time to invest in Larnaca property has arrived. In 2020-2022, several dozen multi-storey residential complexes will be built here. When purchasing real estate at the construction stage, you will have to wait 15-20 months before the project is delivered, but you can save 10-15% of the cost.
In the near future, Larnaca will undergo a large-scale renovation. Foreign investors intend to invest 1.2 billion euros in the development of the resort. There are plans to reconstruct the port and build a new marina for cruise ships and mega-yachts. A park and residential buildings built in accordance with modern environmental standards will appear in the coastal zone. The largest shopping center on the island will also be built in the city.