Nicosia, the capital of Cyprus, is confidently emerging as a centre for luxury property investment in 2025. While Limassol and Paphos attract visitors with their coastal charm, Nicosia attracts with its stability, developed infrastructure and status as a business and educational centre.
For investors looking for quality housing, the opportunity to obtain permanent residency or reliable investments, the premium property market in Nicosia offers prospects that deserve special attention. According to RICS and KPMG data for 2024, residential property prices in the capital continue to rise and rental rates are steadily increasing, making the city an attractive place to live and invest. In this blog we will analyse what you can buy in the luxury property segment in Nicosia with a budget of up to €500,000 (excluding VAT), present five specific residential complexes with sample apartments, compare them in terms of price and quality, and provide buyers' recommendations from local agents.
Overview of the luxury property market in Nicosia
According to reports by RICS and KPMG for the fourth quarter of 2024, the property market in Nicosia remains the second most active in Cyprus after Limassol, with steady demand for premium apartments. The average price per square metre in the luxury segment ranges from €2,500 to €4,000, which is significantly lower than in Limassol, where prices can reach €6,000 euros per square metre.
Demand is driven by local professionals, families and foreign investors, especially under the permanent residency programme, which requires an investment of 300,000 euros. The growth of residential prices in Nicosia in 2024 was around 5-7% year-on-year, while rental prices increased by 8-10%, especially in the areas of Engomi, Strovolos and Aglantzia. The stabilisation of the market observed at the end of 2024 indicates maturity and sustainability, making Nicosia less volatile than the coastal towns of Aphrodite's island.
It should be noted that luxury property in Nicosia is not only determined by price:
- Location. Prestigious areas such as Engomi or Agios Omologites.
- Quality of construction. Class A energy efficiency, smart home systems, heated floors.
- Infrastructure. Concierge, swimming pools, parking.
- Price. Above market average.
With a budget of up to €500,000 you will find spacious 2-3 bedroom apartments, often with large verandas and modern amenities, ideal for families, professionals or investors.
What's more, these are all new developments, which means your investment has significant long-term growth potential.
Five luxury residential developments for up to €500,000
Below are five premium residential complexes in Nicosia, selected based on data from experienced local agents. For each, there is an example of an apartment priced up to €500,000, including a description, specifications and benefits.
La Maison Residences (Engomi)
Example property: 2 bedroom apartment
Price: €363,000 + VAT
Surface area: 149 m2 (Living area - 93 m2)
A new development in the prestigious Engomi area, close to embassies and the University of Nicosia. The four-storey building with eight spacious apartments combines minimalist design and comfort. The ground floor apartment with two bathrooms is equipped with high quality finishes, class A energy efficiency, heating and air conditioning. Parking and storage space are included with each apartment.
Advantages: Engomi is the most prestigious area with a well-developed infrastructure (supermarkets, schools, cafes), which is definitely worth paying attention to. Ideal for families and professionals looking for peace and quiet, yet close to the business centre and entertainment.
View all properties in the La Maison Residencies development
Epias (Engomi)
Sample Property: 3 Bedroom Penthouse
Price: €456,000 + VAT
Surface area: 159 m2 (Living area - 114 m2)
Description: A modern complex close to the University of Nicosia campus and the Hilton Hotel. The penthouse with roof terrace, three bedrooms and two bathrooms has a spacious veranda and panoramic windows. Class A energy efficiency, photovoltaic panels, underfloor heating and air conditioning. Parking and storage are included. Completion is scheduled for December 2026, which means that if you buy today, you have the opportunity to earn 15-20%.
Advantages: Proximity to educational and business centres makes the property attractive for letting. Suitable for investors and those seeking exclusive accommodation.
View all properties in the Epias development
Academies (Aglanja)
Example of property: 3 bedroom apartment
Price: 449,000 Euros + VAT
Surface area: 152 m2 (Living area - 127 m2)
Description: Prestigious complex on Platy Hill in Aglandha, close to Atalassa and Academias parks. This second floor apartment with three bedrooms and two bathrooms offers panoramic views, underfloor heating, A-rated energy efficiency, two parking spaces and a storage room. Completion: December 2025.
Benefits: Aglandha is the greenest area of Nicosia, ideal for families who value nature and tranquillity. High demand for rentals all year round.
View all properties in the Academias development
Avia (Engomi)
Example property: 3 bedroom apartment
Price: €450,000 + VAT
Surface area: 156 m2 (Living area - 125 m2)
Description: An elite development in a quiet part of Engomi with a modern design inspired by city life. The second floor apartment with three bedrooms and two bathrooms has large verandas, underfloor heating, air conditioning and even appliances. Energy efficiency class A, parking and storage. Completion date: February 2025.
Pros: A combination of minimalism and functionality, close to the amenities of Engomi. Suitable for families and investors.
All property options in the Avia development
Katsoni (Agios Omologites)
Property example: 3 bedroom apartment
Price: 490,000 Euros + VAT
Surface area: 166 m2 (Living area - 128 m2)
Seven storey complex in the area of Agios Omologites, close to the town centre. The ground floor apartment has three bedrooms and three bathrooms, a photovoltaic system, underfloor heating, energy efficiency class A, two parking spaces and a storage room. Completion date: January 2026.
Advantages: Central location, close to parks, schools and business centres. Ideal for active city living.
View all properties in the Katsoni development
Compare prices and quality of apartments
To understand which development offers the best value for money, let's compare properties by price per square metre and key features:
Complex | Price (thousand euros) | Intrenal Area (m2) | Price per m2 (euro) | Neighborhood | Features |
La Maison Residencies | 363 | 149 | 2436 | Engomi | Minimalism, coziness, proximity to universities |
Epias | 450 | 159 | 2868 | Engomi | Penthouse, terrace, high rental yield |
Academias | 449 | 152 | 2954 | Aglantzia | Green area, panoramic view, family comfort |
Avia | 450 | 156 | 2885 | Engomi | Modern design, functionality |
Katsoni 7 | 490 | 166 | 2952 | Agios Omologites | Central location, spaciousness, technology |
- Price per 1 m2. La Maison Residencies offers the lowest price per m2 (€2,436), making it the most affordable option. Katsoni and Academias are the most expensive (around €2,950/m2), but this is justified by their spaciousness and top-of-the-range facilities.
- Quality. All complexes have a Class A energy rating, underfloor heating, parking and storage. Katsoni stands out for its photovoltaic system and central location, Epias for its exclusive penthouse and Academias for its green setting.
- Location. Engomi (La Maison, Epias, Avia) attracts with its respectability and proximity to the universities, Aglandja (Academias) with its nature and Agios Omologites (Katsoni 7) with its urban dynamism.
For investors looking for rental income, Epias and La Maison in Engomi are suitable options due to the high demand for apartments near universities. For family living, Academias in Aglantzia offers peace and nature, while Katsoni offers the convenience of the city centre. Avia balances design and functionality, making it suitable for a variety of purposes.
Tips for buyers
Buying luxury property in Nicosia requires preparation. Here are some key recommendations for first-time buyers:
- Define your goal. Are you looking for a family home, an investment property to rent out or permanent residency? This will determine the area and type of property.
- Research the area. Engomi and Strovolos are ideal for families and rentals, Agios Omologites is perfect for city living and Aglantzia is great for nature lovers.
- Consider VAT. New builds are subject to VAT (5% or 19%), which adds to the cost. Check if you qualify for a reduced rate for your main residence.
- Check out the developer. Make sure the company has a good reputation and that the property is legally sound. Use independent lawyers.
- Assess the investment potential. Areas with high rental demand (Engomi, Aglantzia) or developing areas (Latsia) promise good returns.
Luxury properties in Nicosia for up to €500,000 in 2025 are an opportunity to buy quality homes in the stable and developing capital of Cyprus. From cosy apartments in La Maison Residencies to spacious penthouses in Epias, the choice is varied and meets different needs: from family comfort to high yield investment. The market is showing steady growth in prices and rents, and prices remain more affordable than in Limassol. For Russian-speaking expats, Nicosia is attractive not only for its quality of life, but also for its permanent residency programme, which opens doors to Europe. With the right approach - researching the market, choosing a reliable developer and professional support - buying luxury property in Nicosia will not only provide you with a comfortable home, but also a profitable investment for years to come.
Read also:
