Cyprus remains a top location for those looking to invest in an overseas property. Why? Well, itโs an island, enjoys hot summers and mild winters, due to its Mediterranean location, and thereโs 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 whatโs available for your budget, letโs take a look at the current pound-to-euro rate.
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 ยฃ300,000 in early 2023, you wouldโve got around โฌ333,000 to spend in Cyprus, whereas in early October 2024, the same ยฃ300,000 would get you a another โฌ30,000 to play with.
โItโs a great time to buy in Cyprusโ said Jack Wiggs of Smart Currency Exchange
Get a free quote to see what your budget could be in eurosย
Please note: The โinterbankโ rate referred to above is unfortunately unavailable to individuals like you and me. Thatโs 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 theyโre 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, itโs a vast region.
In terms of luxury properties, a recent report from Danos International revealed that โLimassol and Paphos account for the majority of high-end property sales, reflecting their status as prime locations for luxury living.โ
A price breakdown, what can you get in Cyprus?
โฌ1 million +
If your Cyprus property budget is โฌ1,000,000 or more, then youโll 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 โ if youโre lucky, a horizon pool with breathtaking views of the surrounding hills.
If youโd prefer a property thatโs key-ready, thereโs a huge selection of homes in the Paphos hills, particularly around Tomb of the Kings and Aphrodite Hills. In Paphos, for around โฌ1.3 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 โฌ800,000 you can get more privacy for your money in Paphos than the easterly cities.
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โฌ700,000 โ โฌ1,000,000
A budget between โฌ700k and โฌ1 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, itโs always worth getting this double checked by your independent lawyer in Cyprus.
โฌ500,000 – โฌ700,000
In the โฌ500,000 to โฌ700,000 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 โฌ699,000. Additionally, you might find expansive homes with multiple floors, high-end finishes and proximity to amenities like beaches, restaurants and shops.
โฌ350,000 โ โฌ500,000
Within the โฌ350,000 to โฌ500,000 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.
โฌ250,000 โ โฌ350,000
For โฌ250,000 to โฌ350,000, 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.
โฌ150,000 โ โฌ250,000
In the โฌ150,000 to โฌ250,000 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.
โฌ100,000 โ โฌ150,000
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 โฌ100,000 to โฌ150,000, 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 โฌ100k
With a budget of โฌ100,000 or less, you can still find some appealing options in Cyprus, particularly if youโre 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 โฌ100k today ย
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
