In 2023 alone, the number of international buyers in Cyprus rose by 150% from the previous year and sales increased by 12% compared to 2021 and tripled since 2015.
It’s no secret that Cyprus is a charming place to live, with a low cost of living, beautiful weather and a rich history, but what’s changed over the last year that’s made it more appealing to foreign buyers?
Could it be the golden visa? In Cyprus, when foreign buyers invest in a property worth €300,000 or more, they can benefit from permanent residence.
Could it be the increase in urban developments? It seems international buyers are leaning towards residential properties in the country’s biggest cities, including Larnaca, Limassol and Paphos. Limassol leads the pack with the highest value transactions (€330,000 on average). Apartments are also more popular than houses, especially those priced under €250,000. This suggests buyers living in Cyprus ppt for smaller digs with better transport options over detached homes in the countryside.
There’s also the investment appeal of buying a property in Cyprus. Investors enjoy an average rental yield of 8.5% per year and can head down the path to citizenship after five years of residence.
Where to enjoy urban living in Cyprus
Paphos
Over on the other side of the island, Paphos remains a favourite for buyers who enjoy the city’s history and natural beauty. It’s said to be the birthplace of the Ancient Greek goddess, Aphrodite.
There are several charming neighbourhoods in Paphos. Favourites include Kato Paphos, near the harbour with plenty to do, Chloraka, a peaceful suburb with sea views and Tala, an elevated location with beautiful vistas, villas and apartments.
Larnaca
Larnaca is a bit more affordable than other cities in Cyprus. Homes there average about €160,000 and around 20% of property sales in 2023 were to foreign buyers.
Those moving to Larnaca tend to enjoy Mackenzie Beach, a trendy, lively area with all essential amenities, Finikoudes, a quiet neighbourhood, great for strolls and Drosia, another quieter town, great for families and older generations.
Property 1 – Two-bedroom apartment in Pyla
Property 2 – Two-bedroom apartment in Tersefanou
Property 3 – Now sold! Browse more similar homes today
Limassol
Limassol is the most popular destination among those buying property and relocating to Cyprus, boasting a modern and cosmopolitan atmosphere. In 2023 34% of all home sales were from international buyers. It’s a diverse area on the southern coast and boasts a marina and numerous beaches.
Neighbourhoods of note include Old Town (Ayia Napa), the historic heart of Limassol with narrow streets, traditional architecture and cultural landmarks.
There are also more urban areas like Agios Tychonas, Germasogeia, and Potamos Germasogeias where you’ll find modern homes for upscale living.
Nicosia
As the capital, Nicosia combines history with modernity. It’s the only divided capital in the world but enjoys a lively atmosphere. It lies inland and therefore has no access to the sea. As a result, it’s typically less crowded than seaside cities but has an equally diverse expat community.
Neighbourhoods of note in Nicosia include the Old City, where one can explore the city’s historic sites, museums and a plethora of cafes and restaurants, and Engomi, a residential area with parks, universities and modern properties. There’s also Strovolos, a family friendly suburb with all essential amenities and lots of green spaces.
