Cyprus offers a variety of budget-friendly housing options that come equipped with everything needed for comfortable living. Purchasing an affordable apartment in Cyprus is a great investment for both long-term living and rental opportunities. Cheap properties in Cyprus are generally in very good condition or may require some renovation, but they are often located in convenient areas, surrounded by picturesque landscapes or near the sea.
Buying real estate in Cyprus at a low price means making a smart investment. You are not only purchasing comfortable and high-quality housing but also gaining the opportunity to enjoy the sun and sea for most of the year, as well as run a profitable tourism business. Many European investors seek to buy inexpensive real estate in Cyprus to generate passive income by renting it out. Additionally, experienced businesspeople view this as a reliable and profitable way to secure their funds against currency fluctuations and inflation.
Contents
Who should consider buying affordable property in Cyprus?
Affordable housing options attract many investors, but we recommend this type of real estate for the following groups of people:
- Those interested in renting out affordable apartments in Cyprus. This is an easy way to quickly profit from real estate investments, as even the cheapest housing on the island is of high quality and will be in demand for both short-term and long-term rentals.
- Those willing to invest in renovations. Despite the high quality of construction, affordable properties in Cyprus often need some updates. This could involve cosmetic repairs, with the trade-off being excellent location and well-developed surrounding infrastructure.
- Small families looking to purchase affordable real estate in Cyprus for temporary or permanent residence. Small apartments or studios are ideal for them, and the smaller the property, the lower its cost.
- Those eager to live by the sea but lacking the financial means for an immediate purchase of expensive property or a mortgage. You can buy a cheap house in Cyprus that will be much more affordable than properties in Russian resorts and enjoy all the benefits of island living. Alternatively, a small apartment, which many people from CIS countries choose when relocating to Cyprus.
How much does it cost to buy an affordable apartment or house in cyprus?
The cost of real estate in Cyprus depends on the area, type of property, its condition, and, of course, the location. The cheapest real estate in Cyprus can be found in Limassol, where you can buy an apartment for as low as €1,666 per m² in the beautiful Arakapas area (Limassol province). This is a comfortable 30 m² studio priced at €50,000. This housing comes with all amenities and is surrounded by picturesque landscapes. On average, you can buy affordable real estate in Limassol for €2,500-3,000 per m², and there are also options for older properties requiring renovation, starting at €2,000 per m².
Affordable real estate in Cyprus in 2024: prices
In 2024, Cyprus offers a wide range of affordable housing options suitable for personal living or investment. Here is an overview of prices for apartments and houses in various regions of the island:
Limassol
- Apartments: The average price of apartments in Limassol ranges from €2,500 to €3,000 per m².
- Houses: Affordable older properties requiring renovation can be found from €2,000 per m².
Paphos
- Apartments: In Paphos, you can find properties priced from €85,000 to €140,000. For example, small apartments and studios in Paphos start at €175,000.
- Houses: Houses in Paphos can be purchased starting from €190,000. More spacious options, such as townhouses and villas, start at €227,000.
Larnaca
- Apartments: In Larnaca, you can find apartments priced from €147,000 for new properties in good areas. More budget-friendly options are also available.
- Houses: House prices start from €350,000 for a three-bedroom semi-detached house.
Nicosia
- Apartments: In the capital of Cyprus, Nicosia, apartment prices start at €147,000 for new developments in prestigious areas.
Affordable options
In Cyprus, you can also find properties priced under €100,000, mainly older houses or apartments that require cosmetic renovation. For example, small apartments in Famagusta and Paphos are available from €53,000.
Investment and rental opportunities
Real estate in Cyprus also attracts investors due to the high rental income potential. Rental yields can reach up to 7%, making property purchases advantageous for long-term investments.
These figures confirm that Cyprus offers a variety of affordable housing options suitable for both living and renting, making this market attractive to different categories of buyers and investors.
