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House prices in Cyprus – 2024

House prices in Cyprus

House prices in Cyprus continue to rise consistently, making the island an attractive destination for investment. With its strategic location and accessibility, Cyprus serves as both a promising investment hub and a convenient holiday destination for Israelis.

Investing in real estate in Cyprus in 2024 offers an excellent opportunity for capital growth, portfolio diversification, EU residency, and a stable income source. The real estate market in Cyprus has shown steady growth, fueled by the island’s popularity as an investment destination. This ongoing demand drives consistent increases in Cyprus property prices.

During the early months of 2024, there has been growing interest in Cypriot real estate among both residents seeking homes and investors aiming for high rental yields. Comparing property prices between 2023 and Q1 2024, house prices in Cyprus increased by an average of 6.3%, while rental prices rose by 9.3% (Source: ASK Wire Insights).

With its dynamic market, Cyprus continues to offer lucrative opportunities for investors and homeowners alike.

 

What Are the House Prices in Cyprus?

House prices in Cyprus vary significantly depending on location, property type, and proximity to essential services. Here’s a detailed overview to assist interested investors:

 

 

New Apartment Prices vs. Second-Hand Apartment Prices in Cyprus

When comparing new apartments to second-hand properties in Cyprus, it’s essential to consider the following points:

New Properties:
New properties in Cyprus are typically sold at higher prices due to factors like modern design, updated technology, and energy efficiency. Additionally, new properties are subject to VAT, which can significantly increase the overall cost.
Most new properties are currently purchased off-plan, driven by high demand. The key advantage of this is the potential for value appreciation between the time of purchase and the handover date.

Second-Hand Properties:
Second-hand properties are often less expensive than new ones, partly because they may require renovations. These properties are not subject to VAT, making them more attractive to buyers seeking lower-cost options or those interested in renovating and reselling. However, additional expenses such as transfer fees and stamp duty must be factored into the total purchase cost.

In Cyprus, as in most parts of the world, only the number of bedrooms is counted when describing a property. For example, what is called a “three-room apartment” in other countries would be referred to in Cyprus as a “two-bedroom apartment.”

The covered area of an apartment, measured in square meters, is typically divided between the internal covered area (inside the apartment) and the covered veranda (balcony). Pay attention to the ratio between the internal covered area and the apartment’s price (price per square meter). This is a crucial figure for comparing properties effectively.

Houses or villas in Cyprus sit on private land attached to the property. Many villas in areas like Paphos, for instance, come with private swimming pools and gardens, adding to their appeal.

This breakdown provides valuable insight for understanding Cyprus property prices and making informed decisions when exploring homes or villas in Cyprus.

New Apartment Prices in Paphos (excluding VAT)

The list below presents the average price range for new residential properties in the Paphos area:

  • Studio Apartments: €140,000 to €160,000
  • One-Bedroom Apartments: €170,000 to €250,000
  • Two-Bedroom Apartments: €250,000 to €400,000
  • Three-Bedroom Apartments: €300,000 to €450,000
  • Two-Bedroom Townhouses: €250,000 to €400,000
  • Three-Bedroom Villas with Pool: €400,000 to €650,000
  • Luxury Villas (Three Bedrooms or More): Starting from €600,000

These price ranges reflect the growing demand for new properties in Paphos, a key destination for real estate investments. Whether you’re considering a small studio or a luxury villa, understanding house prices in Cyprus can help you make an informed decision.

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Key Points About New Property Prices in Cyprus

When purchasing a new property in Cyprus, it’s important to consider the following:

  • VAT is applicable on new properties.
  • Cyprus has two VAT rates for real estate: 5% for a first property intended for self-use and 19% for properties purchased for short-term rental.
  • Buying a new property worth over €300,000 grants eligibility to apply for the Permanent Residency program, providing lifelong residency on the island.

New apartments in Cyprus are typically built to modern standards and utilize advanced construction technologies, offering buyers improved quality and energy efficiency. Understanding these factors is crucial when exploring Cyprus property prices for investment or personal use.

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Resale properties Apartment Prices in Paphos

Below is an overview of the average price ranges for Resale apartments and residential properties in the Paphos area:

  • Studio Apartments: €80,000 to €130,000
  • One-Bedroom Apartments: €130,000 to €170,000
  • Two-Bedroom Apartments: €160,000 to €350,000
  • Two-Bedroom Townhouses: €180,000 to €250,000
  • Three-Bedroom Apartments: €230,000 to €350,000
  • Three-Bedroom Villas with Pool: €270,000 to €500,000
  • Luxury Villas (Over Three Bedrooms): Starting from €500,000

These prices reflect the diverse options available in the market, catering to a range of budgets and preferences. Second-hand properties often offer competitive resale house prices in Cyprus, making them an attractive option for both investors and buyers seeking affordable opportunities in Paphos.

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Apartments in Cyprus – Prices and Influencing Factors

When exploring Cyprus property prices, several key factors play a significant role:

  • Location: Properties near the sea are more expensive than those in villages, particularly in tourist areas like Paphos or along the Limassol promenade.
  • View: Apartments with sea views or central locations command a premium price.
  • Condition and Age: New or recently renovated properties sell at higher prices compared to older buildings.
  • Neighborhood/Specific District: The exact location within a city or town impacts property values.
  • Property Type: Different types of apartments or homes vary in price.
  • Transport Infrastructure: Accessibility to public transportation adds value.
  • Amenities: Residential complexes with pools, parking, gyms, or playgrounds often have higher price tags.
  • Construction Quality and Energy Efficiency: High-quality materials and energy-efficient features significantly influence prices.

While new apartments in Cyprus are generally more expensive than second-hand ones due to VAT, there are compelling reasons to consider investing in new properties:

In recent years, rental prices in Paphos have almost doubled. This is largely due to the Cypriot government’s substantial tax incentives for tech companies, which have attracted tens of thousands of tech workers to the island. These workers often rent luxury new apartments at high prices, offering landlords excellent rental yields.

The high demand for rental properties has created a shortage of ready-to-sell apartments in Paphos. As a result, developers are selling primarily off-plan properties. Purchasing an off-plan or under-construction apartment offers the opportunity for significant value appreciation upon project completion, making it a worthwhile investment.

Understanding these factors will help you navigate house prices in Cyprus and make informed decisions in this growing market.

New Apartments in Cyprus – Prices in Larnaca, Paphos, Limassol, and Nicosia

Price Ranges
Larnaca
Paphos
Limassol
Nicosia
price per SQM
€3,000 – €4,000
€2800 – €4,000
€4,000 – €5,500
€3000
1 bedroom apartment
€145,000 – €300,000
€170,000 – €250,000
€170,000 – €300,000
€137,000 – €180,000
2 bedroom apartment
€250,000 – €380,000
€250,000 – €400,000
€270,000 – €550,000
€170,000 – €240,000
3 bedroom apartment
€300,000 – €450,000
€300,000 – €450,000
€350,000 – €700,000
€200,000 – €370,000
3 bedroom apartment w/ pool
€440,000 – €790,000
€400,000 – €650,000
€500,000 – €1,400,000
€300,000 – €800,000
Luxury Villa
מעל €700,000
מעל €600,000
מעל €1,400,000
מעל €500,000

Cyprus Real Estate Market: Diverse Options and Key Insights

Cyprus offers a diverse real estate market, with options ranging from affordable studio apartments to luxury villas. Whether you’re seeking a vacation home or a profitable investment opportunity, understanding house prices in Cyprus is essential for evaluating market trends and finding the best options for your needs.

It’s always recommended to explore multiple properties to maximize your investment potential.

Over the past decade, many Israelis have purchased real estate in Cyprus, particularly in Limassol, the business hub, and Paphos, the tourism capital. Between 2014 and 2019, significant investments from Russia poured into Limassol, driving rapid price increases and leading some to consider it a real estate bubble.

In contrast, property prices in Paphos remain highly attractive for Israeli investors.

As of April 2024, Paphos leads the Cypriot real estate market for foreign investors, with 665 out of 1,962 transactions involving international buyers. This positions Paphos ahead of other major cities like Limassol and Larnaca, solidifying its reputation as the top destination for real estate investment in Cyprus.

Please Pay Attention

The data provided here are general estimates, and it is certainly possible to find deals at prices outside these ranges, depending on factors such as location, surrounding development, property condition, age, and other considerations.

It’s also important to note that house prices in Cyprus within cities differ significantly from those in the surrounding villages.

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