Buying real estate by the sea in Cyprus is a dream for many, particularly for those seeking to escape harsh winters and enjoy a warm, coastal lifestyle. However, navigating the process of finding an affordable property in Cyprus can be challenging, especially for those unfamiliar with the island’s real estate market. This article is here to guide you through the process.
First and foremost, it’s important to define what “inexpensive” means for your budget and preferences. Once you have a clear budget in mind, the next step is choosing the right city. Cyprus offers a range of coastal cities, each with its own unique features and varying property prices. Understanding these differences will help you find a property that fits your needs.
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Choosing a city where to buy a house in Cyprus by the sea
Let’s go from the contrary and, first of all, discard the inappropriate option. This is the capital of Cyprus – Nicosia. There is no sea here, few Russian speakers, but nevertheless, very high housing prices.
Now let’s move on to what fits the conditions of real estate by the sea inexpensively:
Inexpensive real estate by the sea: Larnaca and Paphos
Larnaca and Paphos: Affordable Seaside Properties in Cyprus
If you’re searching for affordable housing by the sea in Cyprus, Larnaca and Paphos stand out as the best options. Property prices in these cities are generally 30-50% lower than those in Limassol.
Larnaca
In Larnaca, seaside apartments are priced between €100,000 and €300,000, making it an attractive option for budget-conscious buyers. Houses in the suburbs of Larnaca start from around €150,000, and many of these properties are within walking distance of the sea.
Larnaca is also considered a promising investment destination, with a large selection of affordable real estate and numerous investment opportunities. The city’s popularity is bolstered by the presence of a modern airport and ongoing development projects. If you’re planning to relocate and want to buy property in Larnaca by the sea, you’ll find it easy to settle in. The city has a significant Russian-speaking community, along with schools, salons, and clinics where Russian is spoken, minimizing language barriers.
Paphos
Paphos is another city that is growing in popularity as a destination for property purchases. Two-bedroom apartments in Paphos are particularly in demand, with prices generally even lower than those in Larnaca.
For those interested in villas, Paphos offers some of the best options for buying a seaside villa in Cyprus. Prices for villas by the sea in Paphos range from €700,000 to €3,000,000, making it an excellent choice for those looking for luxury properties at more competitive prices.
Both Larnaca and Paphos provide attractive opportunities for those seeking affordable seaside properties in Cyprus, each with its unique benefits and potential for a comfortable lifestyle or profitable investment.
Famagusta Region: Buying Property by the Sea
The Famagusta region, particularly the cities of Ayia Napa and Protaras, is a popular destination for those looking to buy property by the sea in Cyprus. While the selection of apartments in these cities may be limited, they are renowned for offering more affordable options for seaside villas.
Ayia Napa and Protaras
Ayia Napa and Protaras are especially appealing to foreign buyers who are in search of private houses on the seafront. These areas are known for their picturesque beaches and vibrant tourism, making them ideal for those looking to invest in a property that can serve both as a vacation home and a rental property.
The cost of villas in Ayia Napa and Protaras is comparable to that of properties in Larnaca and Paphos, offering a more budget-friendly alternative to the higher-priced real estate markets in Limassol. This makes Famagusta a viable option for those seeking to buy property by the sea without breaking the bank.
Buying Property in Cyprus by the Sea: Cons
Overpriced Properties
While it’s true that you can find properties within your budget, it’s important to remember that proximity to the sea often comes with a premium price. If you’re set on buying property on the first line or within walking distance to the sea, expect higher prices. In contrast, properties located further inland, such as on the third line (approximately 20 minutes by car from the sea), tend to offer more space and better amenities for the same price.
Increased Humidity
One often overlooked drawback of coastal living is the high humidity, which can lead to various problems. High humidity levels are common in seaside properties and can cause issues like mold growth on walls, floors, and even furniture. Unscrupulous sellers might try to conceal these issues, but they can become significant problems over time, impacting the comfort and maintenance costs of your property.
Location Challenges
In the quest to find affordable property by the sea, buyers might end up choosing options in more remote or suburban areas. While the proximity to the sea and fresh air is a big plus, it’s crucial to consider the practical aspects of daily life. Suburban areas may lack essential services such as shops, salons, clinics, and entertainment options. Owning a car becomes almost a necessity in such locations, as public transportation may be limited, and walking might not always be feasible due to the lack of sidewalks or the distance involved.
Time-Consuming Process
Finding the right property can be a time-consuming and complex process, especially if you’re unfamiliar with Cyprus and its real estate market. While it’s possible to buy property in Cyprus without the help of intermediaries, doing so requires a lot of effort. You will need to visit numerous properties, potentially make multiple trips if you’re coming from another country, and navigate the local real estate market on your own. Alternatively, working with a real estate agency can save you time and effort. Most importantly, the seller usually covers the agency’s fees, not the buyer, ensuring you get professional assistance without additional cost. A reputable agency can help you avoid scams, overpricing, and subpar properties.
We’ve analyzed the pros and cons of buying property in Cyprus by the sea, giving you a clearer picture of the benefits and potential challenges. Whether you’re considering a move for lifestyle reasons or as an investment, it’s essential to approach the decision carefully. Working with a reliable real estate agency can provide the expertise and support needed to make a well-informed choice.
