How much does an ordinary apartment in Cyprus cost?

You don’t need to be a millionaire to buy an apartment in Cyprus. This sunny country offers housing for every taste and budget. Of course, it all depends on your preferences: whether you want to live by the sea, in the city center, or in a cozy suburb with a view of the mountains. Let’s take a closer look at how much a typical apartment in Cyprus costs and what factors influence the price.

Price depends on the region

Cyprus is not just Limassol and Paphos. There are other cities where you can find great options at more affordable prices. For example, in the island’s capital, Nicosia, apartments are often cheaper than on the coast. Speaking of Larnaca, there are interesting offers with a sea view at reasonable prices. The average price for a one-bedroom apartment in Limassol is about €150,000–€200,000. However, if you consider other areas, such as Famagusta or Larnaca, the price for similar properties can drop to €100,000.

New construction or resale?

An important factor is the choice between new apartments in Cyprus and those on the resale market. New constructions, especially in Limassol’s elite areas, can be more expensive. However, you get modern design, brand-new utilities, and the ability to choose a layout that suits your taste. The average price for a two-bedroom new construction starts at €250,000 to €300,000. On the other hand, resale apartments, especially those in need of renovation, are much cheaper. For example, you can find a renovated apartment in Larnaca or Paphos for around €120,000.

Life by the sea – how much does it cost?

The dream of living in an apartment with a view of the endless Mediterranean Sea may seem out of reach for many, but that’s not entirely true. Yes, apartments in Limassol and Paphos on the first line are indeed more expensive — starting from €300,000 for a one-bedroom property. However, if you’re willing to consider properties a bit further from the sea, the prices drop significantly. For example, in Larnaca, you can find an apartment within walking distance of the beach for €150,000.

Important details: what’s included in the price?

When buying an apartment in Cyprus, the price often includes several additional benefits. Firstly, most new apartments come with built-in kitchen appliances and furniture. Secondly, many complexes offer amenities such as pools, fitness centers, and security, making life more comfortable. However, don’t forget to account for additional expenses: taxes (VAT on new properties and transfer fees or stamp duties on resale properties), utility bills, and, of course, the legal costs of processing documents.

Price comparison: Limassol, Paphos, and Larnaca

For those dreaming of a comfortable life on the coast without overpaying, it’s important to understand the differences in apartment prices across various cities in Cyprus. Limassol is undoubtedly the most expensive place, as it is the financial hub of the island with well-developed infrastructure and high-end developments. Here, a two-bedroom apartment on the first line can cost from €300,000 to €500,000. However, if you prefer a quieter lifestyle and don’t mind being further from bustling business districts, Paphos is a great alternative. In Paphos, prices for similar apartments start at €150,000, and you can find properties with stunning sea views.

Larnaca, though also located on the coast, offers even more affordable options. For €120,000–€180,000, you can buy a two-bedroom apartment within walking distance of the beach. Larnaca is known for its relaxed pace of life, and here you can find more cozy areas for living or renting to tourists.

Renting as an investment

If you’re considering using your purchased apartment as an investment, you should pay attention to the potential rental income. Cyprus attracts tourists year-round, and apartments in tourist areas provide a stable income. For example, renting a one-bedroom apartment in Limassol or Paphos can bring in between €700 and €1,200 per month, depending on the season. Larnaca and other cities may offer more modest rental income, but the property prices there are also lower.

Growing market prices

It is also worth noting that the real estate market in Cyprus shows steady growth, especially in the high-end housing and new construction segments. In recent years, demand for property on the island has increased from both local residents and foreign buyers. A key factor in this trend is the programs that offer residency through real estate investment. Therefore, if you are planning to purchase an apartment in Cyprus, it is wise to do so now before prices rise even further.

What additional expenses should you expect when buying an apartment in Cyprus?

When purchasing an apartment, don’t forget to factor in additional costs. The first thing you’ll encounter is VAT on new constructions. This tax is 19%, but for a first property purchase, you can qualify for a discount, reducing the rate to 5%. Next, there are document processing fees, which include a transfer tax (1.5-4%, depending on the property price) for resale properties and legal services. It is important to account for these costs when planning your budget to avoid any surprises.

You should also consider utility expenses. In Cyprus, unlike some other countries, utility payments are quite affordable. For a medium-sized apartment, monthly bills for water, electricity, and maintenance can range from €150 to €200. This includes the regular maintenance of the surrounding areas and building upkeep if your apartment is in a residential complex with a pool or gym.

If you are looking for an apartment in Cyprus, options for every budget can certainly be found. Sun, sea, delicious food, and a relaxed lifestyle — all of this makes Cyprus an attractive place for living and investment. Whether you choose the vibrant Limassol, picturesque Paphos, or tranquil Larnaca, you are sure to find a property that will become your cozy corner in this Mediterranean gem.

Disclaimer: This article is intended solely for general information purposes. It is not a substitute for professional advice. The information in this article should not be relied upon without seeking independent advice that considers your specific situation. The authors and publishers are not responsible for any losses that may result from actions or inactions based on this article.