Cyprus remains a top location for those looking to invest in an overseas property. Why? Well, it’s an island, enjoys hot summers and mild winters, due to its Mediterranean location, and there’s a huge variety of properties for all tastes and budgets.
But the question stands, what can you get for your money in Cyprus?
One of the first steps for aspiring property buyers is to set a budget and when buying in a foreign currency, this is essential as your budget in pounds may not be reflected in euros.
Before we dive into budgets and what’s available for your budget, let’s take a look at the current pound-to-euro rate.
Luxury villas at the Coral Bay Beach near Pegeia village I Image: kirill_makarov via Shutterstock
GBP/EUR: A two-year high
In early October 2024, the GBP/EUR rate rose to 1.20, a two-year high for the currency pairing. To put that into perspective, if you had a budget of £300,000 in early 2023, you would’ve got around €333,000 to spend in Cyprus, whereas in early October 2024, the same £300,000 would get you a another €30,000 to play with.
“It’s a great time to buy in Cyprus” said Jack Wiggs of Smart Currency Exchange
Get a free quote to see what your budget could be in euros
Please note: The “interbank” rate referred to above is unfortunately unavailable to individuals like you and me. That’s reserved for the big banks, however, using a currency specialist, like our trusted partners at Smart Currency Exchange can help you manage your exposure to the currency markets, ensuring you get the best rate available to you at the time.
What are international buyers drawn to?
In the Property Guides annual international buyer survey, the vast majority of 200 buyers actively looking to buy in Cyprus told us that they’re favouring Paphos over easterly locations Limassol and Larnaca.
In terms of property styles, the most in-demand property was a seaside home, followed by a village home and a countryside property. All of the above can be found in and around Paphos, which is much more than just a city, it’s a vast region.
In terms of luxury properties, a recent report from Danos International revealed that “Limassol and Paphos account for the majority of high-end property sales, reflecting their status as prime locations for luxury living.”
A price breakdown, what can you get in Cyprus?
The view from a luxury property in Peyia
€1 million +
If your Cyprus property budget is €1,000,000 or more, then you’ll be glad to hear that the market is totally at your beck and call. The number of luxury properties on the island is growing exponentially and the allure has continued long after the termination of the Cyprus golden visa scheme in 2022.
A large number of the properties available to you and your budget will likely be off-plan properties, which can be hugely beneficial. The design is often much more modern, with clean lines, sliding glass doors, outdoor greenery and a pool – if you’re lucky, a horizon pool with breathtaking views of the surrounding hills.
If you’d prefer a property that’s key-ready, there’s a huge selection of homes in the Paphos hills, particularly around Tomb of the Kings and Aphrodite Hills. In Paphos, for around €1.3 m you can expect to find a detached villa with a private pool, between four and seven bedrooms and perhaps sea views.
In Limassol and Larnaca, the market is hugely varied in terms of luxury properties, you can find brand-spanking-new homes awaiting their first owners, grand townhouses in the heart of town with ample living spaces and penthouse apartments.
Typically, if your budget exceeds €800,000 you can get more privacy for your money in Paphos than the easterly cities.
Browse million-euro homes today
Grand family villa on the Tala coast for €699,000
€700,000 – €1,000,000
A budget between €700k and €1 million can easily buy you a gorgeous, detached villa with a pool across Cyprus.
There are various options in Peyia, Kato Paphos, Sea Caves on the west coast. These properties are usually relatively new, were built in the last 30 years or so and almost always come with title deeds, however, it’s always worth getting this double checked by your independent lawyer in Cyprus.
Bungalow-style villa in Peyia is on the market for €595,000
€500,000 – €700,000
In the €500,000 to €700,000 range, you can find luxurious villas and spacious family homes in prime locations such as Limassol, Paphos, and Larnaca. These properties often feature modern designs, private swimming pools, landscaped gardens and stunning sea views. For example, this recently renovated villa in Peyia, Paphos, offers three spacious bedrooms, a large plot, a blend of modern comfort and is on the market for €699,000. Additionally, you might find expansive homes with multiple floors, high-end finishes and proximity to amenities like beaches, restaurants and shops.
Gorgeous villa in Chlorakas priced at €475,000
€350,000 – €500,000
Within the €350,000 to €500,000 budget, you can expect to find well-appointed villas and townhouses, often with two to three bedrooms, private pools, and contemporary interiors. These properties are typically located in desirable areas such as Chlorakas (pictured property above) and Tala in Paphos. For instance, a charming three-bedroom villa in Tala offers an open-plan layout and a spacious, inviting atmosphere.
These homes provide a good balance of luxury and affordability, making them ideal for families or those seeking a comfortable holiday home.
Two-bedroom villa in the tranquil village of Tremithousa on the market for €300k
€250,000 – €350,000
For €250,000 to €350,000, you can find a mix of apartments and smaller villas, often with two to three bedrooms. These properties are usually situated in quieter residential areas but still offer easy access to local amenities. A three-bedroom apartment in Emba, Paphos, presents an ideal opportunity for customization and modernisation.
This price range is perfect for buyers looking for a property with potential for personal touches or those seeking a more modest yet comfortable home.
A one-bedroom maisonette in the Tomb of the Kings neighbourhood in Paphos, for €155,000
€150,000 – €250,000
In the €150,000 to €250,000 range, you can find smaller apartments and bungalows, typically with one to two bedrooms. These properties are ideal for singles, couples, or small families looking for a cozy home or a holiday retreat. For example, a delightful one-bedroom apartment in the highly desirable area of Universal, Paphos, features an open-plan living, dining and kitchen area.
These homes offer a great entry point into the Cypriot property market without compromising on comfort or location.
New-build apartment block with one-bedroom properties available for €145,000 in Nicosia town centre
€100,000 – €150,000
Despite the increased interest in high-end properties in Cyprus over the last two years, you can still find a bargain property in Cyprus. With a budget of €100,000 to €150,000, you can find compact apartments, often with one bedroom, in various locations across Cyprus.
These properties are perfect for an affordable holiday home or a rental investment. For instance, you might find a well-sized one-bedroom apartment in Paphos, offering a welcoming and spacious environment. This price range provides an excellent opportunity to own a piece of property in Cyprus without a significant financial commitment.
Under €100k
With a budget of €100,000 or less, you can still find some appealing options in Cyprus, particularly if you’re open to smaller apartments or properties that might need a bit of renovation. For instance, you can find studio or one-bedroom apartments in areas like Ayia Napa, Polis, and Tala which are often part of larger complexes with shared amenities such as pools and gardens. These properties are ideal for those looking for a holiday home or a rental investment close to the beach and local attractions.
Browse homes under €100k today
Additionally, there are opportunities to purchase older village homes that might require some modernization. These properties can be found in more rural areas and offer a chance to create a personalized living space while enjoying the charm of traditional Cypriot architecture. This budget range is perfect for buyers looking to enter the Cypriot property market without a significant financial outlay.
Sources: Danos International
