Cyprus is one of the most popular countries in the world for Real estate Investment.
The holiday atmosphere, wonderful climate and long vacation season are good reasons to buy a house or apartment in Cyprus.
When planning a purchase, it is worth knowing that real estate in Cyprus has a clear classification and a certain set of options that affect the final cost of the property.
Many foreign buyers may find it unusual to divide housing not just into houses and apartments, but more specific categories. Therefore, before buying, it makes sense to understand the characteristics of the local housing market and what types of real estate exist in Cyprus. This blog will help you learn everything you need to know about the real estate in Cyprus.
So, on the island, the following categories of real estate can be distinguished, which in turn are subdivided into subcategories:
Apartments (flats) in Cyprus
Among the most inexpensive types of properties in Cyprus are apartments. In Cyprus, they are usually placed in buildings that have at least three to four floors and are quite often part of residential complexes.
One important feature to know. Cypriots never indicate the number of rooms, they only specify the number of bedrooms in an apartment.
Thus a three-bedroom apartment is an apartment which has 3 bedrooms, a living room, a kitchen (or a living room can be combined with a kitchen) and one or more bathrooms. Apartments in Cyprus are popular due to several factors. First, their prices are low. Second, the cost of operating an apartment is not as expensive as a house or villa.
Types of apartments in Cyprus:
- Studio. It is the most affordable type of real estate in Cyprus. The studio is like a one-room apartment, but here a bedroom and a kitchen are separated only by a kitchen counter. This type of accommodation is perfect for daily rentals during the tourist season, or for renting out to young families, workers and students. As a rule, it does not have a balcony.
- Ground floor apartment is an apartment located on the first floor of an apartment building. The main advantage when buying or renting such real estate in Cyprus is a separate entrance from the street. In addition, such an apartment often comes with its own small courtyard.
- Penthouse in Cyprus is an apartment located on the top floor. Such apartments are the most expensive, since the last floor allows you to have a rooftop pool or a spacious observation deck with a relaxation area. Penthouses in Cyprus are typically located in areas with beautiful panoramic views of the sea, mountains or city. Sometimes the terraces are located on the same level with the living quarters, and sometimes on the roof of the building.
- Duplex apartment. This type of apartment is located in apartment buildings and occupies two floors. There are living rooms and bathrooms on each floor. Duplex apartments cost much more than standard apartments. Highly appreciated are the duplex apartments located on the top floor of the building.
- Loft in Cyprus is a non-standard type of apartment that has recently appeared on the island. Lofts are premises originally occupied by some kind of production. It could be a warehouse, reconstructed for an apartment. At the same time, the lofts look rather strange: high ceilings, non-standard walls. This is a great option for extraordinary and creative individuals. A significant advantage of this format of real estate is the low cost of housing, since it's not a new building.
Duplex in Cyprus
Duplex is two separate houses, united by a common wall and roof. Each independent part of the duplex is considered an individual residential building. Each half has all the necessary communications, a separate entrance and its small courtyard.
Duplexes usually have two floors, they are constructed like with a mirror, with similar room layouts. On the ground floor of such houses, there are common rooms: a kitchen, a living room, a bathroom, utility rooms, bedrooms of family members, an additional bathroom, wardrobes and a balcony are on the first floor.
This type of property has emerged thanks to the some developers of Cyprus: duplexes occupy smaller plots of land than detached houses. The greatest demand for “2-in-1” buildings is used by large families, where one house is acquired by parents, and the other is occupied by adult children.
Bungalows in Cyprus
A bungalow in Cyprus is a type of detached one-story house with a terrace.
The bungalow is very convenient for the owner of the house in the sense that all rooms are located on the same floor, and there are no stairs, there is no vertical zoning in the interior.
Rooms in bungalows are usually small, but for convenience are as open and bright as possible. For this, a minimum of furniture and appliances are used, and the size of the windows can be panoramic in order to make the most of natural lighting and visually expand the space.
The cost of a bungalow is sometimes more expensive than a regular two-story home, due to the larger basement and roof area. Larger basement generally has higher construction requirements.
Maisonette in Cyprus
Maisonettes is a number of two-story houses built in a row, each of which has its own small courtyard and parking.
The total area of the one separate maisonette can be 90-200 square meters, which includes a living room, kitchen, bedrooms. A modern residential complex of maisonettes usually has a landscaped communal area with a swimming pool.
One of the main economic reasons for buying a maisonette in Cyprus is a high probability of real estate investment payback. Prices for maisonettes in Cyprus are not sky-high, and the level of comfort is constantly growing.
Now developers, as a rule, offer to buy maisonettes in Cyprus with plots, fully finished, with furniture and utility lines. Maisonettes are especially popular with buyers because of their low cost, dictated by reduced construction costs.
Townhouse
Townhouses are a popular in Europe and North America form of housing, gradually gaining popularity in Cyprus.
A townhouse in Cyprus can be defined as a combination of elements of an apartment and a country house, to which a plot of land is attached. In fact, this is a two-story cottage with no neighbors above and below. The third floor is often a cozy living attic. On the ground floor there is an equipped kitchen, dining room, living room, on the second floor there are two or three bedrooms with fitted wardrobes and a bathroom.
House in Cyprus
The house is a standard two-storey building (usually) with 3 bedrooms.
This is a great option for a large family. The cost of this type of real estate depends on the location, its condition, the materials from which it is made, and the number of bedrooms. The cost of the house includes costs of a land plot (on average from 6 to 10 acres) and parking for 1-2 cars. Thus this is one of the more expensive property types.
Villa in Cyprus
A villa is a luxury housing option in Cyprus, well known for its comfort, privacy and popular among good-income owners.
The key difference between villas and other types of real estate in Cyprus is their large territory. Often it is divided into several zones such as a pool area, a recreation area with a gazebo, a garden area with fruit trees, a sports and barbecue area.
The cost of villas in Cyprus varies greatly, it directly depends on the size and condition of the house, area, land area, distance to the sea coast. Typically, villas are equipped with a separate engineering infrastructure, swimming pool, garage, terrace.
However, villas also have disadvantages, their cost of operating is the highest. In addition, the villa needs to be looked after even if no one lives in it permanently. It is required to take care of the garden, clean and maintain the pool. Villa owners often enter into contracts with service companies, which take on this work for a fee. Most villas in Cyprus are located outside the city limits, although there are exceptions.
Read more:
- How to prepare an apartment or house in Cyprus for sale (link)
- Real estate hot deals in Cyprus: where to look and how to avoid fraud? (link)
- Humidity and mold in your Cyprus home (link)
- Mortgages in Cyprus (link)
- Renovation in a rented apartment in Cyprus: all the pros and cons (link)
- Sale and purchase of property in Cyprus. Most important things to know (link)
- Recommended appliances and furniture to be in a rental property (link)
- How to look for your dream home in Cyprus (link)
