Purchasing property in Cyprus directly from developers is an excellent way to secure high-quality housing at a relatively affordable price. In recent years, demand for new developments on the island has been steadily increasing, driven by attractive purchasing conditions and the opportunity to obtain residency. Let’s explore the key aspects to consider when choosing property from developers in Cyprus.
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Types of Properties and Their Prices
Prices for affordable property from developers in Cyprus start at around €110,000 – €120,000 for small studios and apartments in Larnaca or Paphos. These projects typically offer minimal space and standard finishes, but for many buyers, they are the perfect option for holidays or rental purposes.
In Limassol, one of the most expensive cities in Cyprus, prices for new apartments from developers start from €150,000–€180,000. This is due to high demand for real estate in the area and well-developed infrastructure. Residential complexes in Limassol offer convenient locations, proximity to the sea, and modern amenities, including pools, fitness centers, and secured areas.
Paphos, the second most popular city in Cyprus, offers more affordable options, with prices for new one-bedroom apartments starting at €120,000. Known for its calm atmosphere and rich cultural heritage, Paphos is ideal for those seeking a peaceful place for both holidays and long-term living. The average price of new apartments in Paphos ranges from €145,000 to €180,000, making it more affordable compared to Limassol.
Larnaca, the third-largest real estate market on the island, offers apartments starting from €110,000–€120,000, making it an excellent choice for those seeking budget-friendly options for vacation or long-term residence. The well-developed infrastructure and proximity to the international airport make Larnaca particularly attractive to foreign buyers.
Benefits of Buying Property from Developers
- Modern Living Conditions: New developments offer contemporary layouts and high-quality construction. Many new projects include amenities such as pools, recreational areas, parking, and secured grounds.
- Flexible Payment Terms: Many developers offer installment plans or various payment methods, allowing buyers to purchase property without needing to pay the full amount upfront. This is especially useful for buyers who cannot pay the total cost at once.
- Permanent Residency: Purchasing property worth €300,000 or more allows buyers to obtain permanent residency in Cyprus. This benefit makes buying from developers not only attractive as an investment but also advantageous for those planning to live on the island permanently.
Real Estate Market Trends in Cyprus
The Cyprus property market is seeing high demand for apartments priced up to €250,000. Such properties are popular among foreign buyers due to their affordability. In recent years, interest in smaller resort towns and suburbs has increased, where property prices are lower than in major cities like Limassol.
Key Considerations When Buying Property
- Developer’s Reputation: It’s essential to research the developer’s past projects before purchasing. This helps avoid unpleasant surprises and ensures you choose a reliable partner.
- Layout and Infrastructure: Pay attention to the apartment’s layout and available amenities within the complex. Proximity to the beach, parking, pools, and secured areas are important factors that may influence the property’s value and your living experience.
- Additional Costs: Consider the transaction fees, VAT, stamp duty, and legal fees. These expenses can add up, so it’s crucial to factor them into your budget during planning.
- Rental Opportunities: If you plan to rent out the property, choose locations in tourist areas with good infrastructure. Limassol, Paphos, and Larnaca lead in rental income, particularly during the summer season.
Buying affordable property in Cyprus directly from developers is a valuable investment for both investors and those seeking a home for personal use. With a wide range of properties, flexible payment terms, and the possibility of obtaining residency through property ownership, Cyprus remains a desirable real estate market in the Mediterranean.
