You can often find information that luxury apartments are not real estate for long-term living, but only for short rent (they are like hotel-type housing). However, this is not quite true. If we consider real estate in Cyprus, then there is no legal difference between luxury and typical apartments.
The former usually means more comfortable and prestigious housing, which is also used for long-term rent and living. Both types are in great demand among residents of Cyprus and citizens of foreign countries: they buy it to move in and as an investment for future income.
In Cyprus, they sell mainly new residential complexes located near the Mediterranean seacoast.
Thus, the buyer will not need to spend money on expensive repairs (although there are options for apartments with only primary cosmetic finishing), replacement of utilities, plumbing, and so on.
Luxury apartments are often larger than typical apartments even if they have the same number of rooms. The same applies to the studio type (an apartment with no rooms, but one bedroom-kitchen).
A high level of service in residential complexes, often the presence of a common pool, gym and other infrastructure.
Bigger offer. In Cyprus, there are many options for buying apartments in both the secondary and primary markets.
In Limassol, you can buy inexpensive real estate for both 50,000 and several million euros (cheap apartments are usually sold in old houses relatively far from the seacoast).
Since typical apartments, as a rule, have a smaller area compared to luxury apartments, the cost of utilities will be proportionally lower, as well as the property tax.
You can always buy or rent an apartment in Limassol by contacting our agency.