WHERE IS THE CHEAPEST PROPERTY IN CYPRUS?

Buyers of different categories are interested in purchasing extremely cheap properties in Cyprus. The first one is of people that would love to live in their homes overseas, or what we commonly say holiday homes. The second category includes non-residents and citizens of the country who want to make profitable investments. These profitable investments are to rent out housing or to turn large amounts of money into real estate. This way, they end up saving their money.

As a rule, these cheap houses and apartments in Cyprus aren't purchased to resell at a higher price because these types of investments are typical only for elite real estate sectors. The budget housing here is typically interested by foreign buyers as nothing but a rent source.

Frequently Asked Questions on the cheapest properties in Cyprus

What is the cost of cheap real estate properties in Cyprus

The idea of profitable, cheap and inexpensive real estate in Cyprus are usually ambiguous. Whoever wants to make them needs to clear the following points properly:

• The location of the real estate
• If it is a secondary or primary starts
• What the price per square meter is
• How many bedrooms
• If there are amenities, furniture and condition of furniture and what are the utilities nearby.

Usually these cheap properties in Cyprus refer to small-sized square meters flats. These could be a one bedroom apartment or two to three bedrooms for a single house. This real estate is not seafront, not in the fashionable area of the city. More often than not, budget housing could be a less attractive property in Cyprus. However, there are times when there are affordable nice properties available in Cyprus.

The range of the real estate prices in Cyprus for houses and apartments is large. One of the simple ways we could make these concepts is to make use of specific examples using the cost per square meter.

What about Small Cheap Properties in Limassol

The tiny houses found in Limassol district with 1-2 bedrooms could be bought for one hundred and fifty thousand euros (€150,000). These properties are located in distant villages or suburbs (20km+ from city center). For a price like this you can get a resale property of around 70-100sqm. Properties closer to the sea in places liked Agios Tychonas, Germasigeia etc, prices start at €2,000 per square meter for a resale apartment of 2-3 bedrooms between 120-170sqm.

What does one have at the end of the day?

The average price per square meter for properties in Limassol's real estate sector is €2,500. These prices are for average resale properties in Limassol. New properties or sea view properties can start from €10,000 per square meter.

How much are properties sold in Paphos?

Real estate in Paphos is highly affordable. Apartments in areas like Peyia or other suburbs could be purchased for about sixty thousand euros. These are quite spacious properties with sizes ranges from fifty to sixty square meters.

The closer an apartment or a property is to the center of the city, the higher the price of the apartment. Moving closer to the city center of Paphos does not necessarily increase the size of the property. Apartments with one or two bedrooms cost around ninty thousand euros on average. For this amount, buyers get around sixty to a hundred square meter. Of course a property with a view or a nice complex can go up to €120,000.

How much do suburbs properties cost in Paphos?

Apartments in suburns cost start from sixty thousand euros. For this price, you can find a one bedroom apartment around fifty square meters. These properties are available close to the suburbs at Geroskipou, Chloraka or farther away. But in villages or settlements developed like Polis and Peyia, which are far more spacious, end up becoming more expensive. They are around one hundred to one hundred and twenty thousand euros to get a property with two to three bedrooms in sizes of ninety to one hundred and ten square meters.

What happens in the end to these village apartments in the suburbs?

In places like Paphos, one square meter of an apartment costs around a thousand euros. There is more affordable when compared to apartments in Limassol. The cost of villas here is a little bit higher. It costs around one thousand seven hundred euros per square meters for an average three bedroom detached villa in Paphos.

What are the Property prices in Nicosia?

The prices of properties in a place like Nicosia, which is the capital of Cyprus, are pretty close to that at Limassol. Getting properties in Cyprus's capital is quite expensive due to the high number of people who plan to move into the bursting part of Cyprus.

How are the prices of properties in Larnaca?

Larnaca has pretty affordable properties. Properties in Larnaca costs fifteen to twenty percent less than those from Limassol. You could easily rent it during periods where the demand for properties increases. Larnaca housing is not in demand generally at seasons like winter.

How are the prices in a place like Famagusta

The same thing occurs in Famagusta. Places in Famagusta include villages, Protaras and Napa. There's a lot of income from the tourism sector that could be received only for just six months. The remaining period that's when all of the properties would remain vacant, so the real owners would live in them or rent them out for an extended period. This is very far from earning enough profit as one would earn when they rent it out for a short time.

The thoughts you should have as you search for cheap properties in Cyprus.

Ensure you don't forget that there are several scorching offers available on properties all across Cyprus. There are bank auctions, urgent sales, spacious house rights available on the shores of the seas that could receive the cheap property rights. One of the main things one should understand is the number of funds buyers should have and what they should expect to get for these funds.

All these prices are given as instances, and they are taken from the various databases just for reference.

What are the advantages of Properties in Cyprus?

As you would have guessed, purchasing a property serves as an opportunity to invest with a minimal amounts of funds. Because Cyprus properties wouldn't get cheaper in the coming decade, as stated by financial analysts.

How can one Obtain Property Permits?

Whenever you purchase a property in Cyprus, a non-European Union citizen could apply for a residence property permit that covers themselves and all of their family members.

In addition, it isn’t necessary to select a specific type of residence permit. There are several other options. Types of residency include free travel to European Union for a specific time, family travel or even working in Cyprus. If you have a property in Cyprus, you might have a greater chance of getting a residence permit without any problems.

Receiving permanent residence for your property and naturalization it would be best if you wanted to live permanently on the island. This way, it is effortless to live in your property. 

How do you know the amount of money you would pay for cheap properties in Cyprus?

It has been said previously that cheap properties located at the center of the city are pretty small. The cost one would need to pay to rent these properties would be small/cheap too. This ends up attracting a lot of people that want cheap properties to rent.

Take, for example, the busy Pano Paphos area of Paphos, which doesn't have many luxurious properties. One could find more than enough apartments, which means several families that work in the vicinity and various tourists and ex-pats pay a lot of attention to this specific space.

Properties could be rented both for the long term and short term (needs approval from Cyprus Tourist Organization). In various big cities, there are several tenants. In areas that do not have tourists, these long-term rentals are more profitable, of course. This means the owners of these apartments end up receiving stable, permanent income.

Would it be wise to invest in Cheap Properties in Cyprus?

One of the best places you should wisely invest in Cyprus would be places far from the middle of town with large living spaces and good areas. These real estates usually need more investments. If everything is correctly calculated, it could be sold with a lot of interest in some years' time, and you could earn a lot of profits.

You could easily invest in brand new properties which are still under construction in Cyprus. These brand new properties might cost twenty to ten percent less than resale properties in Paphos.

How can one get cheap properties in Cyprus which have low costs of maintenance?

For properties in Cyprus, the higher the type of property, the most it would cost to maintain. It would be best to consider when you are selecting apartments or villas that are either luxurious, business class, or economic. Cheap properties do not need large amounts of funds spent on utilities, hiring staff, or needing renovations from designers.

For example, bills used for utilities in one-bedroom properties or studio properties in Cyprus might cost three hundred to five hundred euros annually. This excludes electricity and water. You will need around three hundred to five hundred to make some renovations if your apartment is rented out for a short period. For long-term rentals or if you would like to move into your apartment, these expense items could be removed.

Properties found in residential complexes with added services, like the gym-closed adjacent territories, swimming pools, and parking, would need an bigger annual investment. They would need around a thousand five hundred to two thousand annually. This excludes electricity and water. Renovation of high-class properties is around two to three times more expensive than average apartments or houses/villas.

What about the nature of cheap properties in Paphos?

Cheap properties in Paphos are suitable for people who want to enjoy a lot of their time on the warm islands close to the sea. There are vegetables and fruits which grow, and the sun shines here all through the year.

It is a unique experience to grow your children in a place like Cyprus. There is an absence of harmful pollution; seasonal viruses are only found in the middle of the cold months. There are various kid's events and schools available in cities. After school, lovely kids could study and enjoy their education in Cyprus universities.

How much does it cost to renovate cheap properties in Paphos?

Some properties need to get renovated in Cyprus. These are cheaper than other similar options that do not need renovation. You should know that if these cheap properties are pretty profitable, their renovation will take up a lot of money.

The apartment also has similar issues. Some buildings need you to fix many things like getting brand new utility lines and fixing significant repairs. If this happens, you need to invest a lot of money in your property. It would be best if you also did everything on your own. To several foreigners, these cheap property renovations might be too stressful due to the difference in spoken language.

This way you know all about the cheapest properties in Cyprus and how you could easily maintain your properties if you plan to rent it out to other people.

Copyright C.N. Property Canvas Ltd

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “WHERE IS THE CHEAPEST PROPERTY IN CYPRUS?” and is a certified advance negotiator.