A Look at the Cost of Property in Cyprus

If you are considering moving abroad to Cyprus and think you might want to look into buying property in Cyprus you may want to see if property there is affordable for you. Due to its nice Mediterranean climate and low crime rate there is an increasing demand for property in Cyprus from foreigners interested in experiencing the more relaxed way of life that you can find on the island. Also due to its popularity with citizens of the United Kingdom as a place to retire, the property prices in Cyprus have been rising steadily since 2000.

While the prices for property in Cyprus did start to stabilize a few years ago, the demand for property has not died down at all. Cyprus is attractive to some people because while prices have been on the rise, they are still lower than what you can find in most other European Union countries. For instance, if you are looking for a place with a similar climate such as in Spain or France then you can expect to pay about 40 percent more in Spain and about 50 percent more in France. Granted, Cyprus is a bit farther away if you are moving from the United Kingdom or the United States, but the significant cost savings just might be worth your while.

Since becoming a member of the European Union, the prices of property in Cyprus have risen fasted than inflation at a rate over 10 percent. In the more popular tourist areas the properties have seen a more significant increase, sometimes as much as 50 percent a year. That being said, it is still quite possible to find charming villas at reasonable prices in Cyprus. In fact, you can get a decent sized villa home for around $120,000 US. If you are more interested in buying an apartment, you can typically find modern apartments for around $150,000 US in popular areas.

It is important to remember that when you are buying property in Cyprus that you will have to pay taxes and fees that you may not be used to paying in your home country. Typically taxes and fees add on about 11 percent of the purchase price to the total cost of the property.

As you search for a home in Cyprus you will notice that home ownership is high among Cypriots. It is rare that people buy real estate to sell for a profit in Cyprus.

There are five districts in Cyprus and here are some examples of property prices in those districts. In Famagusta you will find the popular destinations of Agia Napa and Protaras. A two bedroom apartment can be found for around $120,000 US in those areas. And a villa in Protaras can be yours for around $200,000 US or in Agia Napa for around $320,000 US.

In the Larnaca district, you can get a two bedroom apartment for around $100,000 US in Larnaca City. In Oroklini you can get a two bedroom apartment for around $200,000 US. Or you can get a villa with a private pool for around $300,000 US in either place.

In the Limassol district you can find two bedroom apartments for around $150,000 US. Or you can get a villa for around $300,000 US and higher.

In the Nicosia district, you can get a semi-detached house in the old city center for around $100,000 US or you can get the same on the outskirts of the city for around $360,000 US. Apartments start around $100,000 outside the city for one bedroom.

In the Paphos district, prices seem to be rising faster than the other districts. Two bedroom apartments are around $150,000 US and villas are around $600,000 US.