Real estate in Limassol is in high demand among foreign investors. As the second-largest city in Cyprus, Limassol is home to numerous nationalities.
The city thrives due to its developed tourism and business sectors, offering a rich selection of properties to suit every taste and budget. You can find affordable apartments in densely populated areas with a comfortable living standard, as well as luxurious villas on picturesque shores with stunning sea views.
Investing in Limassol real estate is considered a wise decision due to the area’s high popularity among tourists. Properties purchased here are always in demand. With a variety of offerings—from elite apartments to affordable economy-class housing—everyone can find a suitable option.
Why Buy Property in Limassol?
Profitable Investment: Limassol is the center of business, tourism, and entertainment on the island, making its real estate the most liquid in Cyprus. Property values in Limassol increase yearly, providing a profitable resale opportunity in the future.
City of Contrasts: Limassol suits everyone, offering family-friendly environments, lively nightlife, cultural excursions, and beach holidays.
Clean Air and No Industrial Production: Limassol is suitable for living due to its clean air and absence of industrial production.
Favorable Purchase Conditions: You can get a loan for a new or secondary property, as well as for repairs. Bank rates are favorable, starting from 3.7% per annum. Installment plans are available for properties under construction. Additionally, affordable apartments in Limassol offer more comfort than similarly priced properties in other European countries.
Opportunity to Relocate to Cyprus: By purchasing real estate worth €300,000 or more in Limassol, you can apply for permanent residence. After seven years of residence in Cyprus, you can apply for local citizenship.
High Rental Income: Apartments in Limassol generate an annual income of 4-6%. With management services, you can earn up to 4% per annum. Seaside apartments are always in high demand among tourists, ensuring a steady flow of tenants.
Diverse Property Listings: Limassol offers a wide range of properties, from luxury villas with sea views to affordable housing in quieter city areas.
Good Business Conditions: The city boasts modern business centers, international organization offices, and high-quality hotels, providing excellent conditions for successful business operations.
Limassol Real Estate Prices
Property prices in Limassol vary based on type, location, condition, and other factors. For example, apartment prices start at approximately €150,000 and can reach several million euros in elite complexes with extensive amenities and sea views. Villas also have a wide price range, starting from around €300,000 for properties in less prestigious areas and reaching multimillion sums for luxurious mansions in elite areas with private plots and pools. Commercial property prices vary depending on the type and location of the property.
For more accurate information on current real estate prices in Limassol, contact us for details.
Property prices in Limassol, Cyprus, also depend on the following factors:
- Location
- Property area and floor
- Quality of construction materials
- Payback
- Rental income
- Age of the property (new or resale)
- Construction stage (finished property or building project)
Real estate in Limassol is the most expensive in Cyprus but also the most liquid and quickest to pay back. A small apartment of 35 m² in Limassol costs €80,000, while a 50 m² apartment costs €150,000. Near the sea, housing prices start at €250,000.
Apartments in Limassol start at €140,000. Prices for houses and townhouses begin at €170,000. Villas start at €270,000.
Elite properties in central areas of the city are more expensive, costing several million euros. These are homes in the most prestigious residential complexes with unique designs and all the amenities for a comfortable stay.
How to Buy Property in Limassol in 2024
Limassol, the second-largest city in Cyprus, is known for its beautiful beaches, developed infrastructure, and rich cultural life. Buying property here in 2024 can be an attractive investment or a step towards fulfilling your dream of living on the Mediterranean coast.
Step 1: Market Research
The first step is thorough market research. You need to understand which areas are most in demand, what the average property prices are, and what trends prevail in the market. Consider both ready properties and projects under construction.
Step 2: Financing and Budgeting
Determine your budget and possible financing options. Consider all associated purchase costs, including taxes, fees, and agent services. If you need a mortgage, review the terms offered by local banks.
Step 3: Property Selection
Choose the type of property that suits you: apartment, villa, townhouse, etc. Evaluate offerings in different areas of Limassol, considering factors such as proximity to the sea, infrastructure, and transport links.
Step 4: Legal Check and Contract Preparation
After selecting a property, proceed with the legal check. This includes verifying property ownership, checking for encumbrances, and ensuring the property meets all legal requirements. Then, prepare and sign the purchase agreement.
Step 5: Transaction Registration
After signing the purchase agreement, it must be registered with the land registry. This ensures the protection of your ownership rights.
Step 6: Final Payment and Ownership Transfer
After the full payment and completion of all necessary procedures, you become the rightful owner of the property in Limassol. Ensure all financial transactions are conducted through bank transfers for documentation purposes.
Buying property in Limassol in 2024 can be a profitable investment and the start of a new life on the island. It is essential to approach each step carefully to ensure a successful transaction and the security of your investment capital.
Our company can help you find the perfect property in Limassol according to your preferences. Contact us by phone or messenger—we will get in touch with you and discuss your request.
