One of the ways to make a profitable property purchase is to buy secondary real estate in Cyprus. The Cypriot property market is brimming with offers of apartments, houses, and townhouses that are available at affordable prices. Secondary real estate on the island consists of comfortable properties in good condition. While some apartments may require cosmetic renovations, they are often located in well-established residential complexes near the sea. Alternatively, you can find a reasonably priced apartment in a more inland area, but with amenities such as a shared pool. There are also opportunities to purchase a beautiful historic villa, which, after some refurbishment, can become a luxurious southern mansion. The secondary real estate market offers a wide variety of properties to suit any taste, allowing you to enjoy life on the sunny island or rent out the property for a solid passive income.
This article explores the types of secondary real estate available in Cyprus, the prices you can expect to pay, and who might be interested in such properties.
Types of Secondary Real Estate in Cyprus: Types and Prices
The most popular type of property for investors is apartments. You can purchase an apartment in Cyprus at a low cost, renovate it, and rent it out, allowing the renovation costs to be gradually covered by rental income. The most affordable apartments are found in the province of Limassol, where secondary apartments can be purchased for as little as €1,666 per square meter. There are also excellent deals in Larnaca, starting from €1,076 per square meter. In the province of Paphos, you can find secondary apartments for around €2,000 per square meter.
Mansions or villas in Cyprus are also in high demand as secondary properties. You can buy a house abroad at a low cost, make some cosmetic repairs, and turn it into a real palace. This can be an ideal place for family holidays or permanent residence, as well as a good investment for rental income. Purchasing secondary real estate near the sea is especially profitable, as it will remain in high demand during the tourist season, which lasts about six months in Cyprus.
It is possible to buy a property in Cyprus for as low as €50,000. These are older houses that may require renovation, but they are equipped with all the necessary amenities for comfortable living. For example, an old villa in Paphos is on sale for €49,000, and the secondary market offers many such opportunities.
In addition to residential properties, commercial real estate is also available. The most profitable investments involve purchasing commercial properties related to tourism, such as hotels, restaurants, boutiques, and entertainment centers. During the beach season, these properties will generate stable and high income.
Who Buys Affordable Secondary Real Estate in Cyprus?
Secondary real estate in Cyprus is primarily of interest to two categories of people: buyers who do not have the financial means to purchase new-build property and businesspeople looking to invest in cheap real estate for renovation and subsequent resale.
Many Russians who have relocated to the island have chosen secondary properties because they offer good quality, with all the amenities and infrastructure in place, at an affordable price. Secondary real estate in Cyprus can also be purchased at a discount from banks, making it possible to acquire profitable properties at a 50% discount. The condition of secondary apartments, houses, and surrounding areas in Cyprus is often much better than in many Russian resort areas, and the prices can be comparable or even lower.
Russian businesspeople purchase inexpensive apartments in Cyprus with the goal of making a profit through rental income or resale. It is also a good way to protect funds from economic crises and currency fluctuations.
You can purchase secondary real estate with the help of our agency. Check out our catalog, where we have gathered affordable secondary real estate options. We would be happy to help you make a profitable investment.
Secondary Real Estate in Cyprus in 2024
In 2024, the secondary real estate market in Cyprus is characterized by the following features:
- Popularity among Foreign Investors: Cyprus is attractive to foreign buyers, especially from Russia, the UK, and other European countries. This demand, particularly for luxury properties and holiday homes, drives up prices, especially in coastal areas and major cities like Limassol and Paphos.
- Dynamic Residential Market: There is strong demand for coastal properties in Limassol, Paphos, and Ayia Napa. The housing market in the capital, Nicosia, and its suburbs is also growing.
- Property Prices: Average property prices vary by region—Limassol (€330,000), Paphos (€240,000), Nicosia (€165,000), and Larnaca (€160,000).
- Pandemic Impact: Buyer preferences have shifted due to the pandemic, with many seeking homes with larger outdoor spaces and amenities for remote work.
- Increased Rental Demand: Rental prices are also rising, especially for holiday and residential apartments.
- Political and Economic Risk Factors: The unresolved political situation in Cyprus and the economy’s reliance on tourism may affect market stability.
- Investment Opportunities: The Cypriot real estate market offers various investment opportunities, including purchasing properties for rental income, commercial real estate, development projects, and tourist properties.
- Buying Tips: It is recommended to thoroughly research the market, conduct a full property inspection, and understand the legal aspects of purchasing real estate in Cyprus.
These features of the secondary real estate market in Cyprus in 2024 reflect a dynamic market with active participation from foreign investors and increased demand for housing in popular tourist areas.
