Buying real estate in Cyprus is a profitable investment.
Unlike most European countries and Middle Eastern countries, this region demonstrates a steady and stable development over the years. The liquidity of Cypriot housing is kept at a high level, prices remain below the European average, and the demand for it is constantly growing.
At the same time, Cyprus has changed dramatically over the last 5 years. Today, the island of Aphrodite is able to fully meet the needs of any modern person. Therefore, the number of those wishing to acquire Cypriot real estate is not decreasing.
The most popular city for buying housing is traditionally considered to be Limassol. However, he is actively "stepping on the heels" low-rise Paphos, as well as promising Larnaca and unique Nicosia. Not lagging behind and the eastern region of the island - Ayia Napa and Protaras. In these resort towns are realized more and more residential projects, which are in great demand among buyers. We will talk about them in more detail.
Crowded with tourists, noisy Ayia Napa or measured, more family-oriented Protaras? Between these two towns on the Mediterranean coast of Cyprus is only 5 km, but they differ significantly in atmosphere and lifestyle.
Ayia Napa
Ayia Napa is the tourist center of the island. It is here is the largest not only on the island, but also in Europe water park and the most popular beach of Cyprus - Nissi Beach. It is here that lovers go to take pictures on the Bridge of Love.
A couple of decades ago, before beats and rhythms filled the resort with music, there was a quiet fishing village here. The whole area was covered with dense uninhabited forest. Ayia Napa became a tourist town only in the 80s of the last century. It was then that tourists became aware of the amazing beaches of Cyprus. Guests from different parts of the world came to Ayia Napa for vacation. Europeans became the pioneers.
Today, almost the entire infrastructure of the resort town, as well as the economy "sharpened" for guests from abroad.
The resort is often compared to Ibiza. And it is not surprising. From April to October Ayia Napa turns into a real Mecca, attracting a huge flow of clubbers from all over the world. In the center of the city opens a large club quarter, on which crowds of people walk.
It is worth noting that recently the infrastructure of Ayia Napa has begun to develop quite actively. This is facilitated by the construction of a new marina, hospital, stadium, sports complexes. All this leads to the fact that in the city soon, as in Limassol will be comfortable conditions for permanent residence. By the way, there is already a Russian-language private school and soon should build an international university. Ayia Napa is really moving forward very actively. Moreover, the city has room to expand. Free territory for the realization of new construction projects is plenty.
The main advantages of Ayia Napa:
- Relatively low real estate prices
- High profitability of resort real estate
- Extensive choice of objects for rent and purchase of housing
- Availability of good beaches and sea
- Ideal location for remote workers or vacationers
- Rich history and many attractions
- Good geographical location and pleasant climate
The main disadvantages of Ayia Napa:
- Almost always noisy
- Overcrowded beaches
- Difficult to find a job, especially for a foreigner
- Language barrier
- Seasonality
Protaras
Protaras would have remained a little-known village in southeastern Cyprus in the shadow of the luxurious beaches of Famagusta. But when the Turks occupied Cyprus, a large proportion of Greek Cypriots moved to Protaras, settled down and turned the small village into the number one resort for family vacations.
Protaras stretches along the coastline and actually represents a long "promenade" by the sea, along which are built hotels and apartments of different caliber. If a couple of decades ago there was almost nothing here, and only saw fig groves and dry bushes, but now in Protaras created all the conditions for recreation and living away from the noise of larger settlements.
Special mention should be made of the natural landscape of Protaras: the resort is located amidst spacious green fields, and small villages, peasant farms and working windmills give this beautiful part of Cyprus an additional charm and charm. The area is sometimes referred to as "windmill country". Protaras is a great place for those who want to enjoy the peace and tranquility of their home, but have the opportunity to have fun if necessary. For this, it is enough to visit the neighboring Ayia Napa, where there are many entertainment facilities and all kinds of entertainment.
The best beach in Protaras is Sunrise Beach. It is a long and wide beach with yellow sand, very lively in the summer season. And here is the iconic beach of Protaras - Fig Tree Bay or Fig Tree Beach. It is named so in honor of the fig tree growing on it. The beach is adjacent to the city beach. In addition to these two beaches in Protaras there are at least half a dozen beaches smaller, but the same cozy and sandy. Along all the beaches there is a pedestrian path. Protaras is not rich in sights. In addition to the beaches can be noted the Church of Elijah the Prophet on the hill and the beautiful church of St. Barbara on the outskirts of the city.
Many couples with children choose this town for vacation and accommodation. Why? First, because it is relatively quiet and there is no noise and noise, which is inherent in most resort towns with a large influx of tourists. Secondly, it has a wonderful climate. Protaras is located in a picturesque bay, surrounded by rocks that protect it from the winds. Even in the coldest month, which is January, there is no less than 17 degrees Celsius, and the water is only two or three degrees lower. In summer here is quite comfortable temperature for recreation and living - 27 degrees above zero, and the water - about 23.
As for the demand for housing in this city, it is growing. Partly due to the pandemic, partly because of world events. Also, the so-called "digital nomadism", when freelancers come to another country to winterize and work remotely, has played a role. Protaras has slowly "shifted": foreign investors have finally started to consider it not only as a vacation destination, but also as an option for a settled life.
The main advantages of Protaras:
- Attractive prices for renting and buying homes (on average 20% cheaper than in Limassol),
- Beautiful beaches
- Quiet and measured life
- Close proximity to large and lively cities
- Picturesque surroundings
- Low housing prices
- Good prospects for growth of housing prices
- Opportunity to develop small and medium-sized businesses
- Possibility to get a permanent residence permit of Cyprus when buying real estate
The main disadvantages of Protaras:
- Poorly developed infrastructure
- Little cultural entertainment
- Predominantly private development
- Overcrowding of beaches in season
- Language barrier
- Seasonality
In which city is better to buy real estate?
To answer this question, you first need to determine for what purpose you need it. If you like to be in the center of events, then Ayia Napa is ideal. The disadvantage of this city is essentially one - a large number of tourists, especially in season. However, for some people this is rather a plus, as it gives them the opportunity to socialize with people from different countries and make new acquaintances.
If you want peace and quiet, Protaras is the right place for you. Housing near the sea in Protaras is one of the most affordable. The great demand has recently created a construction boom, so you can find a lot of attractive offers on the Protaras market, including apartments in modern residential complexes. In general - this is an interesting option for real estate investment, if you are making the first steps on this path.
Read also:
- Top 5 residential complexes of Ayia Napa
- General Health Care System GESY in Cyprus
- Differences between long-term and short-term rentals in Ayia Napa in 2023
- The most interesting new projects in the free neighborhoods of Famagusta
- Cyprus in a week by car. Part Two
- 10 reasons to invest in real estate in Protaras
- Top 5 Spa Hotels in Cyprus
