Real estate in Cyprus

Cyprus is considered to be one of the most popular countries for tourists, and thanks to that the demand for residential and commercial real estate is very high. Some choose houses and apartments in Cyprus to move or for vacation purposes. There are also those who buy apartments for the purpose of renting it out later. Both options are great because of the low taxes on the purchase of property, and a high standard of living in the country, developed infrastructure, and much more.

An important advantage for buyers of expensive real estate is the opportunity to obtain a residence permit, since it provides many privileges to its owners. Residents of other countries with a residence permit in Cyprus can stay in the country for as long as they wish. They also have the right to enter the country without additional documents, and the presence of a residence permit offers the opportunity to obtain citizenship.

What is the cost of real estate in Cyprus?

Prices for residential and commercial real estate in the country vary depending on the area. The most expensive properties can be foung in the coastal zones, as well as in the capital (commercial real estate here is in high demand).

Average real estate prices in the country typically look like this:

• a budget apartment in Famagusta can be bought starting from 24 thousand euros;
• apartments for 1-2 room apartments in Iskele and Gaziveren can be purchased starting from 34 thousand euros;
• comfortable apartments in these cities are priced starting from 38 thousand euros;
• a penthouse in not less popular areas can be purchased at around 40 thousand euros.

Speaking of expensive properties, comfortable villas in the coastal zone take the lead in terms of popularity. Their price ranges from 10-15 million euros. You can also pick cheaper options with a smaller land plot at around 4-6 million euros.