Cyprus is an island state in the Mediterranean Sea. The country is interesting for tourists and can offer not only comfortable housing in a climatic climate, but also rental income for savings. When buying real estate from a developer, although not a cheap investment, but developers should strive for potential buyers.
Advantages of buying Cyprus real estate from developer
The main advantage of buying off-plan property in Cyprus from a developer is the staged payment. The buyer is not required to pay the entire amount at once - instead, a mechanism similar to an installment plan is used, where each new payment is tied to the stage of construction of the property.
That is, the buyer pays 30-40% of the cost when signing the contract (the stage of laying the foundation of the building). Then another 30-40% during the construction process (completion of the main frame + finishing work) and the remainder (20-30%) upon delivery of the property.
New buildings in Cyprus themselves are:
- Modern technologies and high quality construction. Developers in Cyprus work according to EU standards.
- Developer's warranty. The buyer is protected from losing funds in case of problems with the construction of the object.
- Flexible payment terms. In addition to the above-mentioned installments, many developers offer favorable mortgage programs in Cyprus.
- High liquidity and investment attractiveness. Real estate in popular areas is rapidly growing in price and is easy to rent out.
Features of buying housing in a new residential projects in Cyprus
Foreign citizens can purchase any real estate on the island, but only after receiving official permission from the Council of Ministers of Cyprus. Permits are often a formality, and obtaining them does not involve significant difficulties if the property being purchased does not exceed 4,014 m2.
At the same time, foreigners who are not citizens of the EU and EEA countries must obtain permission when purchasing additional properties. But this restriction can be legally circumvented by registering the second property to a relative. Moreover, to complete the transaction, you only need a passport, a certificate of finances, and an agreement with the developer.
Cost of housing in new buildings in Cyprus
The cost of new construction projects in Cyprus depends on the city, district, class of property, and view from the window. The most significant influence on prices is proximity to the sea and the development of local infrastructure. For example, new buildings on the second and subsequent coastlines cost an average of 18% more than properties of a similar area in the center of the island.
Average cost of new housing in Cyprus:
| Property type | Average price per m2 (€) |
| Apartments (1 bedroom) | 2000-4500 |
| Apartments (2 bedrooms) | 2500-5500 |
| Villas | 3500-8000 |
Popular cities and areas for purchasing housing in a new development in Cyprus
The first place in demand is usually occupied by the capital of the state, but in the case of Cyprus, Nicosia is limited in land funds and is suitable for work and life. The tourist potential is lower than in the coastal areas, and rental investments are not recouped as quickly.
The following cities are in greatest demand:
- Limassol. The business center and investment capital of Cyprus. International companies, banks and offices of large corporations are located here. The Limassol real estate market is represented by skyscrapers on the first line (The Oval, Trilogy, Limassol Del Mar, One Tower), villas in prestigious areas (Agios Tychonas, Germasogeia, Mouttagiaka) and apartments in the center, popular among businessmen and IT specialists.
- Paphos. An elite resort and historical center, which is a UNESCO cultural heritage site. In the city you can see ancient castles, archaeological parks and mosaics of the Roman era. However, you can buy housing from a developer in Cyprus in Paphos only in its new part.
- Larnaca. Larnaca is located on the east coast of the island and is its main transport hub. It is here that the large port and the main international airport of Cyprus are located, which is convenient for travelers and business. Prices here are lower than in Limassol and Paphos, and the real estate market is dominated by modern residential complexes and apartments in the center.
- Ayia Napa. The city is considered the resort capital of Cyprus: the best beaches of Cyprus, such as Nissi Beach, Makronissos, Konnos Bay, are located here and attract young people from all over the world with a rich nightlife. The real estate market is represented by hotels and rental housing.
