Which areas do you consider ideal at this time for purchasing a home and for investment purposes, and why? Where can you more easily find “bargain” prices?

The Question of the Month

Because when I wonder, it’s worth… asking!

Through this particular column of the online magazine of Synergy Real Estate, answers are provided to various questions related to properties and the real estate market in Cyprus.

The Managing Director of our company, Christodoulos Kyriacou, provides an answer to the question that was posed to him.

Question: Which areas do you consider ideal at this time for purchasing a home and for investment purposes, and why? Where can you more easily find “bargain” prices?

Cyprus has many areas that can be ideal for purchasing a home or for investment purposes, depending on the preferences and goals of each potential buyer. Before deciding to purchase a property, it is important to consider factors such as location, construction quality, type of property – whether commercial or residential, as well as its liquidity, to ensure security in case of a future potential sale. Additionally, it should be checked in advance if the property is already leased and the reliability of the tenant if there is one. Each district offers different characteristics and advantages, so it is up to each investor to choose and make the appropriate purchase according to their criteria and needs. Below, we provide some basic guidelines for each city, which should be studied before making the final decision to invest in property.

Nicosia: The capital acts as the economic, political, cultural, and administrative center of Cyprus. It offers stability and security for investments, especially in commercial properties and apartments, mainly in central areas. However, there are also quieter areas in the suburbs with a variety of residential properties. Nicosia is ideal for families as it has many public and private schools, as well as universities. Highly preferred for both home ownership and investment are the municipalities of Nicosia, Strovolos, Engomi, and Aglantzia, while we see a large number of sales, mainly in houses and apartments, also in the municipalities of Lakatamia and Latsia.

Limassol: As the second largest city in Cyprus, it offers all the characteristics of the capital with the additional advantage of the sea and vibrant nightlife. It is an important business and tourist destination and is ideal for families as it has many schools, shops, restaurants, and leisure areas. It has everything needed for a comfortable and luxurious life. Investors choose it due to the high demand for rentals, offering good returns. Attractive areas for property purchase, of course depending on each buyer’s budget, are the Municipality of Limassol, Germasogeia, Agios Athanasios, Ypsonas, and Agios Tychonas.

Larnaca: With the projects already being implemented and those planned on the coastal front – in the area of the former refineries, Larnaca has attracted many foreign investors, making it the new emerging investment hub of Cyprus. It is therefore natural that prices are rising due to reduced property availability and increased demand. As the real estate market continues to evolve, driven by both global trends and local dynamics, Larnaca stands out as the new destination for those involved in the real estate sector. Popular areas for property purchase at this time are the city center within the limits of the Municipality of Larnaca, the areas of Livadia, Oroklini, and Aradippou.

Paphos: Paphos is a popular tourist destination, with demand extending to holiday homes and tourist accommodations, as well as homes for permanent residence. Pegeia, Chloraka, and Geroskipou are considered the most expensive areas of the district, while high sales levels are also seen in the central areas of the Municipality of Paphos.

Famagusta District: The areas of Ayia Napa and Protaras stand out as they are popular for tourism, offering good investment opportunities in tourist accommodations. The famous beaches attract millions of tourists every year; therefore, these areas are ideal for those who want to invest in holiday homes and tourist resorts, having the option to choose from a variety of properties – from small conventional apartments to seaside luxury apartments and villas. Prices vary according to proximity to the beach and available tourist amenities.

In answering the question about “bargain” prices, I would say that it is more correct and safe, at the time of the desired purchase, to examine potentially advantageous property offers in peripheral areas outside the municipalities, as well as properties sold below market value due to personal circumstances of the sellers or problems with the property.

In conclusion, it is important for the interested buyer to collaborate with reliable real estate agents, with whose help they will conduct extensive research around the area they are interested in investing, analyzing all its prospects. After all, buying a property involves significant financial cost, so it is wise to make the best and safest choice for us.