We analyze what constitutes inexpensive real estate in Cyprus and choose the city in which it is best to buy it.
Buying a property in Cyprus cheaply is a frequent request that can be seen on the Internet and which we have personally encountered many times. Someone wants to move closer to the sea, but has a limited budget. Others consider buying a home in Cyprus as a profitable investment.
In any case, you need to understand what this “cheap” really is. In this article, we decided to speculate about the price diversity of Cyprus and selected the most budget options for you. For example, inexpensive real estate in Paphos will cost differently than in Limassol.
What is inexpensive property in Cyprus and how much does it cost
The indicators that determine the price of an apartment are quite predictable – this is its location, the presence of previous residents, the price per square meter. m, repair, number of bedrooms and contents: furniture, appliances, etc.
It is quite predictable that the budget option will be located away from the center and have a small square. Most often this is not a new building, but already inhabited housing. But even two absolutely identical apartments (houses) with these characteristics can have catastrophically different prices.
Inexpensive property in Limassol and Paphos
If you have 50,000 € in your pocket, then you can afford a small studio (40-50 sqm) in a village near Limassol. Real estate is the most expensive in this city. For comparison, in the suburbs of Paphos for the same amount you can find housing with an area of 50-60 square meters. m.
At the same time, the apartment is closer to the center of Limassol 35-40 sq. m will cost 100,000 €, and in Paphos you can buy housing with an area of 60-100 square meters for 80,000 €. m.
The difference is obvious: you can save money and buy property in Paphos that is more spacious and not so far from the center.
If we consider houses, then a small house with 1-2 bedrooms in the suburbs of Limassol will cost about 150,000 €, in Paphos you can find a village house of 70-100 sq. m for 54,000 €. Houses 90 – 100 sq. m in settlements closer to Paphos will cost 2 times more – from 100,000 €. But even such prices are several times cheaper compared to Limassol.
That is, if you calculate, then one square meter of an apartment in Paphos will cost 1,500 € cheaper than in Limassol, and houses – 500 €. The difference is huge, so if your main goal is to save money, then it is better to buy a property in Paphos.
We have disassembled and compared the two most popular cities in Cyprus, the property in which is equally suitable for both housing and renting. But there are other, less universal directions.
Affordable property in Nicosia, Larnaca and Famagusta area
Nicosia is the capital of Cyprus. Here, most often consider housing for life. The fact is that buying property in Nicosia for renting out is largely a loss-making business. This is because the prices here are similar to Limassol, and there are much fewer tourists.
On the other hand, there is Larnaca. Real estate prices here are the most democratic: 15-20% lower than in any other city. But then again, it is better to buy housing in Larnaca for yourself, because rent will be in demand only from May to October. The rest of the six months your investment will simply be idle.
The situation is similar with the cities of Ayia Napa, Protaras and the Famagusta region as a whole. It is profitable to rent out property here only during the holiday season. Of course, there is the option of a long-term lease of real estate to one tenant, but this way you will not recoup your investment soon.
We cited the actual prices of Cyprus as an example, but there are also possible cases of luck when, for the minimum price, you purchase an option whose real price is much higher. This is possible, for example, with an urgent sale. But such options need to be able to find and snatch from the hands of other buyers.
Often, you can find and purchase real estate with such a significant benefit by working with a real estate agency. The agency will personally select options for your budget and try to find all the special offers.
Buy property in Cyprus cheap: what are the benefits
Proven smart investment
Buying an apartment in Cyprus is, first of all, a reasonable investment of your savings. According to analysts, property in Cyprus will not fall in price for at least another ten years.
There are two surefire ways to use your home for profit:
- More than once mentioned option of renting your house or apartment. If you choose the right area (here it is better to consult an experienced realtor or real estate agency), then there will always be a demand for rent, and you will continuously receive your passive income.
- Well, method number two is the purchase of real estate in Cyprus with the aim of reselling it at a higher price in a few years. At a minimum, this is a good way to protect your savings from inflation. Moreover, since you do not plan to live in the acquired property and are considering it to generate income, you can save money and pay attention to houses that are still under construction, which are always cheaper by almost 20%.
Of course, you may have to additionally invest in the purchased housing (in finishing and additional work), and this should also be taken into account.
But, speaking in more detail about investments, it is worth noting that they will not be so large. Especially when compared with the cost of luxurious repairs and utilities that require large mansions and apartments.
Ecology and the sea nearby
If you still consider housing in Cyprus for yourself, then here you will find many advantages. Natural products and sea air will strengthen the health of your family, as well as a warm climate. Cyprus is a paradise on earth, where there is not as much noise, waste and pollution in the environment as in many cities in Russia. In addition, there will always be a place of your power nearby – the sea.
Residence permit in Cyprus
In addition, having your own property in the country will be a good plus if you want to get a residence permit in Cyprus. There are many other criteria on which obtaining a residence permit depends, but in every situation the purchased property will work in your favor. Therefore, there is no easier way to obtain a residence permit in Cyprus for you and your family members than to buy a house in Cyprus, or an apartment.
And if you want to obtain the legal status of permanent residence in Cyprus, then having your own housing will help you fulfill the main criterion: to permanently reside in the country. You will already have your own housing – you will save on renting apartments and provide yourself with a good investment.
Inexpensive housing in Cyprus: disadvantages
No matter how ideal the option of buying inexpensive housing in Cyprus may seem, alas, there are pitfalls here too…
The need for additional finishing
We have already touched on the topic of additional investment in housing in Cyprus. but it should be separately noted here that older and neglected versions are often cheaper. It will take a lot of effort and expense to bring them into proper condition, it is better to calculate this point in advance. And if you want to rent an apartment in Cyprus, then you will also need furniture, appliances and a kitchen.
In addition to eliminating external shortcomings, it may also be necessary to eliminate problems that are invisible at first glance. Perhaps old pipes are leaking somewhere or there are drafts in the apartment, or maybe there are problems with ventilation. Sometimes this can be overlooked even during a thorough inspection of the apartment. If you work with a realtor, he, focusing on his experience, can tell you about subtle nuances at first glance.
Utility bills and home inspections
When renting an apartment, it is important to consider that you will have to pay for utilities, unless otherwise agreed with the residents. And if the apartment is idle, then you can go into the red. Also, consider the cost of flights, because one way or another you will have to check the apartment yourself. This is especially costly if you are in another country.
We have covered the issue of buying inexpensive housing in Cyprus. And now it is up to you to decide whether it is worth it to buy property in Cyprus inexpensively. It may be better to overpay for quality so that there are not many unforeseen costs later.