Cyprus Property World

Property has always been a good investment in Cyprus , but never more so now that the Republic of Cyprus has joined the European Union. The country has a healthy economy, a very low inflation rate and almost full employment. Like the cost of living, property prices are still far more affordable in Cyprus than in other popular countries such as Spain , Portugal and France .

Since the year 2000, in anticipation of the country's EU membership, property prices in Cyprus have increased at more than the rate of inflation. Average increases are around 15 per cent per year, but in some popular areas they are higher than average.

USEFUL INFORMATION

Below is a brief description of all the main areas that are popular with homebuyers, plus photographs of our sample properties with guide prices. Feel free to for more detailed information about any area or for more specific property details and prices.

There are two international airports in the Republic of Cyprus , one at Larnaca, in the south east of the island and the other at Paphos, in the south west. Both airports are currently being refurbished and extended to deal with the increasing numbers of holiday makers, second home owners and foreign residents.

Cyprus is split into administrative areas which are, in order of popularity with homebuyers, Paphos, Limassol, Larnaca, a small part of the Famagusta district and Nicosia (the capital).

Many foreign homebuyers also go for the tranquility of villages in the foothills of the Troodos mountains, but there is plenty of modern and traditional housing all over the island. The main areas are detailed below (with their Greek names) and marked on the map, along with the airports, so that you can judge distances and accessibility to other areas.

If you’d like more comprehensive information about all aspects of buying a home in Cyprus, follow the link to Survival Books, a UK publisher, who has recently published ‘Buying a Home in Cyprus’ by Anne Hall. It includes information about all areas of Cyprus, the purchase procedure, legal and financial facts and information about living and working in Cyprus.

PAPHOS (Pafos)

The Paphos area (which includes Polis, Latchi and Pyrgos) is in the south west of the island and is the most popular place for both holidaymakers and foreign residents, especially those from the UK. The area has its own international airport, which was originally opened in 1983 and is currently being refurbished. The Paphos area is a favourite location because of its stunning sea views, cool sea breezes and easy access to the island’s golf courses. These include the luxury Aphrodite Hills development, set in the hills above Paphos, Tsada to the north of Paphos and Secret Valley, which is between Limassol and Paphos. There’s plenty of both re-sale property and new developments available in Paphos town, on the golf courses and in the surrounding areas.

LIMASSOL (Lemesos)

Limassol, in the south of the island, is the second largest town after the capital, Nicosia. It’s a thriving business centre as well as a popular holiday resort, with the added benefit of easy access to the Troodos mountains. It’s home to the island’s annual Spring Carnival and a wine festival every
September. Limassol old town is full of character and charm where old and new exist happily alongside one another. Some of the villages surrounding Limassol, such as Laneia, Pissouri, Pyrgos
and Souni (among others) are becoming increasingly popular with home buyers.

LARNACA (Larnaka)

Larnaca is home to the main international airport and has a busy marina and plenty of water sports facilities. Although the town itself is less of a favourite with tourists because of its flat countryside and lack of dramatic coastline, it’s becoming more popular with foreign residents and prices have been on the increase since 2003, although they are still significantly lower than in Paphos. Surrounding Larnaca are some beautiful little villages such as Oroklini and Pyla which are attracting homebuyers.

FAMAGUSTA (Ammochostos)

There is a small part of the Famagusta district (situated in the south east of the island) which is part of the Republic of Cyprus. The remainder is under Turkish control in the occupied north of the island. This area, in particular Agia Napa, is popular with young holidaymakers in the summer but it’s also home to the resort of Protaras which is popular both with tourists and homebuyers, along with the nearby town of Paralimni.

NICOSIA (Lefkosia)

Nicosia is a large administrative district, but only the city of Nicosia, the island’s main business district and the capital of the Republic of Cyprus, is of interest to homebuyers. Following the Turkish invasion of Cyprus in 1974, only the southern half of the city is within the Republic of Cyprus. On the other side of the Green Line, the northern half of the city is under Turkish occupation.
Although it’s a divided city, it’s also a fascinating one and a wander round the old part of city is a
must. Nicosia successfully combines a unique history and culture, much in evidence in the old part of the city, with a modern, thriving commercial area with shops and restaurants and plenty of nightlife. Although tourists prefer the cooler coastal areas, Nicosia is a working city and foreign homebuyers tend be those who work for one of the international companies which are based there.