Properties in Cyprus. Cyprus real estate prices
For many people dream, it is a dream to buy property in Cyprus with its unique Mediterranean climate, affordable prices, cultural heritage and mature tourist industry. This country is safe and people who buy homes can get citizenship under certain conditions, making properties for sale in Cyprus attractive to many foreign citizens.
The island is divided into two distinct states: the Republic of Cyprus that owns 60% of the territory inhabited mostly by Greek-Cypriots and the Turkish Republic of Northern Cyprus (the TRNC) which is not recognised by the international community. Real estate in Cyprus is cheaper in the TRNC than in the Republic.
Prices for property in Cyprus are €1,450–1,700/sq. m. on average and resort property in Kyrenia, Larnaca, Limassol, Paralimni, Paphos, Polis and Famagsta is the most sought-after. Here, an apartment sells for at least €50,000 and house prices start at €100,000.
Real estate prices in Cyprus have been going down 2–9% every year since 2009 and took a nosedive at the beginning of 2014 when they dropped 8.7%, the most dramatic fall in Europe after Croatia’s market. However, demand for real estate in Cyprus is once again on the rise with more and more foreign buyers investing in property.