Real estate in Cyprus

Cyprus is a European island state located in the eastern Mediterranean Sea, with a developed economy and a dynamic real estate sector, attracting a large number of foreign investments in real estate.

A presidential republic, in which property rights are under a high level of protection.

The Republic of Cyprus is known for its high interest among real estate investors from all over the world.

Significant attention among real estate buyers is due to the annual growth in real estate prices, good opportunities for short-term and long-term rent, and a permanent residence program for investment in real estate.

Investment attractiveness of Cyprus

Cyprus is known as a center of attraction for business people from the European Union, as well as more distant countries, who are attracted by a loyal tax regime, a pleasant Mediterranean climate, hospitable local population, and good infrastructure in the largest cities.

The state attracts qualified specialists and business people from all over the world with its loyal tax policy and the absence of significant government interference in private commercial activities.
A pleasant Mediterranean climate with hot summers and mild winters is an additional motivation for investors to move to Cyprus. The country has been a member of the European Union since 2004, which makes the program for obtaining permanent residence by investment more attractive to foreign businessmen.

A significant part of the Cyprus economy (about 20% of GDP) depends on the tourism sector, which has been providing the island's economy with foreign exchange earnings for several decades. Another important sector of the economy of the Republic of Cyprus is the construction sector and the real estate market, in which at least 30% of transactions in recent years have been carried out with the participation of foreign investors. Many developers in Cyprus are local companies, but several large developers are of foreign origin. Other important sectors of the Cyprus economy are agriculture, as well as mining and manufacturing.

Among the cities where real estate development, and therefore the activity of Cyprus developers and Cyprus real estate agencies, is most active, we can note Limassol, located on the seashore, the capital city of Nicosia, and the smaller Larnaca and Paphos.

Each of the cities attracts its own type of investor. Limassol has the highest cost of living on the island, but also the most vibrant business environment. Nicosia has many higher education institutions where students from Europe and more distant countries study, real estate in Larnaca and Paphos is chosen for living by people who value the peace and comfort of provincial cities with a developed tourist infrastructure.

Types of Cyprus Real Estate

Cyprus real estate is characterized by a variety of residential and commercial properties. In the residential real estate sector, low-rise and mid-rise buildings prevail. In Nicosia and Limassol, there are several high-rise buildings that have become architectural landmarks of the island: The Oval, The President, City of Dreams Mediterranean, Central Park Residence, Labs Tower, Ararat Grand Residences, Sky Tower, Limassol Del Mar, Dream Tower, Ritz-Carlton Residences and other high-rise buildings.

Real Estate Agencies and Construction Companies in Cyprus

Significant activity of foreign investors, who place increased demands on the quality of construction and finishing of buildings, as well as the professional activity of developers (including international ones) leads to an improvement in construction standards, as well as the use of new construction methods that provide greater comfort and energy efficiency of buildings.

Cyprus real estate agencies differ in the number of years spent in the real estate market, the number of real estate agents on staff, the variety of properties provided, as well as specialization. The activities of an experienced, professional real estate agent lead to increased trust between real estate market participants, a decrease in the number of fraudulent actions with real estate, and the attraction of new, local and foreign conservative investors in real estate.

There are several hundred construction companies operating in Cyprus that design, build and sell residential and commercial properties.

Pafilia is a Cyprus developer founded in 1981, specializing in the design and construction of luxury properties. In its projects, the developer Pafilia uses innovative construction technologies and high-level architectural design. Pafilia has an extensive portfolio of properties, including two flagship residential complexes One and Minthis. In total, the number of projects built by the developer Pafilia exceeds 250.

Korantina Homes is a Cyprus developer founded in 1990, specializing in the design and construction of luxury properties and world-class resorts. Currently, Korantina Homes is one of the fastest growing developers in Cyprus. Among the outstanding projects of the construction company are Cap St Georges Hotel & Resort, Coral Residences, Soho Resort. The developer Korantina Homes strives to use the best materials in the construction and finishing of real estate objects, as well as to provide the highest level of after-sales service.

Imperio is a developer in Cyprus, founded in 2004, currently specializing in high-budget projects in elite locations of the island. Among the projects of the developer Imperio, one can highlight the residential complex Trilogy, Amatos Residence, One, Aria Residence, Vetro Suites, Amaya Residence and other projects.

Cyfield is a developer in Cyprus, founded in 1990, engaged in the acquisition of land, design, construction, marketing and sale of residential and commercial real estate. Currently, the developer Cyfield has projects not only in Cyprus, but also in Greece, Egypt, the Middle East. The developer has an impressive portfolio of residential and commercial real estate, numbering more than 400 objects.

Real Estate in Cyprus

Among the main cities in which residential and commercial real estate is designed, built, and sold, we can highlight Nicosia (the capital of the Republic of Cyprus), Limassol (the largest coastal city), as well as Larnaca and Paphos (small provincial towns that attract buyers with their tranquility, measured way of life, and developed tourist infrastructure).

Cyprus real estate is represented by all types of residential and commercial properties, including residential complexes of different heights, houses, mansions, cottages and villas with land plots, as well as commercial real estate (office buildings, warehouses and retail premises, production areas). The economic well-being of Cyprus largely depends on the tourism sector, since income from it makes up about 1/5 of the gross domestic product of the Republic. A significant share of foreign exchange earnings also comes from the construction sector and the real estate market.

Pros of Cyprus Real Estate

Advantages and disadvantages of purchasing real estate in Cyprus. Among the advantages are:

• Simplified process of obtaining a residence permit when investing in residential or commercial real estate from €300,000;
• Reliability of large developers and the development of the island's infrastructure;
• High demand for rent among expats;

Among the disadvantages are:

• High cost of real estate in prestigious areas of Cyprus;
• Possible delays in construction.

Developers and real estate agencies of Cyprus

Developers in Cyprus are represented by several hundred local and international construction companies that build residential and commercial real estate to meet the high demand from Cypriot and foreign investors, as well as the necessary urban infrastructure. Among the largest developers in Cyprus are both Cypriot companies and companies founded by foreign citizens: Aristo, Cybarco, Leptos, BFF, DTA, Imperio Properties, Paphilia.

The Cyprus property market is served by hundreds of real estate agencies and professional individual real estate agents who help clients buy, sell and rent suitable properties. An experienced, professional real estate agent ensures the legal purity of real estate transactions, increases the level of trust between real estate market participants, and reduces the incidence of real estate fraud.

How to choose a reliable real estate agency?
Recommendations for choosing a good real estate agency in Cyprus:

1. Studying reviews of real estate agencies;
2. Checking whether the real estate agency has a license allowing professional work in the real estate sector;
3. Checking the company's experience in the real estate market. More experienced companies often have a better understanding of local conditions and legislation;
4. Comparing several real estate agencies you like by level of service, number of available properties and terms of cooperation;
5. Getting recommendations from acquaintances and friends who have already had experience of purchasing real estate in Cyprus. 

How to buy real estate in Cyprus

The number of real estate transactions in Cyprus in recent years exceeds 13,000, and it is possible to fully pay for real estate using cryptocurrency payments (this payment method does not allow the buyer of real estate to obtain permanent residence by investment). The process of purchasing real estate in Cyprus includes several main stages:

1. Choosing a property: both finished and under construction real estate properties are offered for sale in Cyprus;
2. Checking documents: an audit of the property is mandatory to reduce legal risks;
3. Execution of a contract with an advance payment, which is usually 10-30% of the value of the property (the amount of the advance payment is set by the seller);
4. Registration of a real estate transaction: all transfers of ownership of real estate are recorded in the Land Department of the Republic of Cyprus, after which the buyer becomes the owner.

The best cities and areas of Cyprus for buying real estate

The most popular city in Cyprus among tourists and businessmen is Limassol, which has a stunning Mediterranean climate, chic beaches, and a developed business environment. Among the many areas of Limassol, several are the most popular among Cypriot and foreign investors.

Zakaki is a promising, developing area of ​​Limassol, located in the western part of the city. Currently, this area is considered one of the most sought-after investment locations in all of Cyprus. Previously, most of the area was occupied by agricultural land and industrial enterprises. In the last decade, the situation has changed significantly, which is associated with the dynamic development of the area's infrastructure and the construction of the new Limassol port, located near the Zakaki area. The main moment in the development of the location was the opening of the City of Dreams Mediterranean Casino Resort.

This resort includes a casino, a developed, modern hotel complex, restaurants, shops, and many entertainment areas. This has made the Zakaki area a center of attraction for foreign and local investments, and has also given it the status of a promising area for living and investing in real estate. In recent years, there has been a steady increase in demand for real estate in the Zakaki area from Cypriot and foreign investors.

The cost of real estate in the area is growing gradually, without sharp jumps, which makes the purchase of real estate profitable for subsequent resale. The opening of the resort has increased the demand for rental real estate in the area from tourists and resort workers, which makes business activity in the areas of short-term and long-term real estate rental quite profitable.

New, modern residential complexes, as well as the necessary urban infrastructure facilities, are actively appearing in the Zakaki area. The city administration, as well as private developers, are actively investing in the development of the road network of the area, the construction of new public facilities, and the expansion of commercial areas.

In particular, the largest shopping center in Cyprus, My Mall, is located in the Zakaki area. The largest water park in Cyprus, Fasouri Watermania, is located nearby. Currently, the Zakaki area offers many options for investing in real estate at low prices compared to other areas of Limassol. The increase in the flow of tourists, as well as the demand for real estate in the area from expats, promise a stable increase in the value of real estate in the Zakaki area in the near future.

Ayia Napa and Protaras are small villages on the east coast of the Republic of Cyprus, which are known for their vibrant nightlife and excellent beaches with golden sand and crystal clear water. On the coast there is a developed tourist infrastructure with beach bars, restaurants.

There is also infrastructure for lovers of water sports. Ayia Napa and Protaras are traditionally chosen by young people from different countries of the world to spend an unforgettable summer vacation with parties, clubs and active water sports (windsurfing, kitesurfing, diving). During the tourist season, the cost of renting real estate here is significantly higher than in many other areas of Cyprus.

The average price of a one-bedroom apartment in this location starts from €200,000. Villas start from €350,000.

Nicosia is the capital of the Republic of Cyprus and the largest city in the country. The city is the political, business, cultural and administrative center of the Republic. One of the important features of the city is its advantageous geographical location in the center of the country, which allows you to quickly get to other cities on the island.

The city has a well-developed educational infrastructure, with several prestigious schools (The American International School in Cyprus, The Junior & Senior School, Falcon School, The Grammar School Nicosia, American Academy Nicosia and other schools), as well as universities (University of Nicosia, European University Cyprus, University of Cyprus, Intercollege Cyprus, Cyprus International University, Near East University, Cyprus Institute and other higher education institutions) where students from the European Union and more distant countries study.

The city's disadvantages include its distance from the sea, a fairly high cost of living compared to most locations on the island, and dust storms that occur in the city from February to April. Foreign investors choose to purchase real estate in Nicosia to solve business or educational problems.

Reviews of real estate agencies and developers

Our website contains ratings and reviews of Cyprus developers and Cyprus real estate agencies left by real estate buyers. Studying reviews will give you the opportunity to form your own opinion about the reliability and quality of work of developers and real estate agencies, as well as make an informed decision about the possibility of purchasing certain real estate from developers and working with real estate agencies.

Also, to make a choice when buying real estate in Cyprus, you can check out the rating of Cyprus real estate developers. And if you are interested in a specific location, check out the Cyprus real estate agencies and make the right choice.