Protaras has been and remains a quiet and beautiful place, loved by locals and visitors alike. For Cyprus, this town is a kind of synonym for the word "resort". All because the native Cypriots (especially the inhabitants of the capital) used to buy summer houses here and have a vacation on a par with tourists. Today the situation looks a little different. How the real estate market functions Protaras and whether you should buy housing here - tell us in the article.
Protaras as a municipal unit
Protaras is a small town in the free part of the Famagusta district. Recall that since 1974 the island is literally divided into two parts: the Republic of Cyprus, which is part of the European Union and is recognized as a separate independent state, and the unrecognized Turkish Republic of Northern Cyprus. The Republic of Cyprus and most countries of the world consider the northern territories of the island occupied and therefore inaccessible to foreigners. The city of Famagusta itself and part of its neighborhood are just in this zone. The southern part of Famagusta district (Paralimni, Ayia Napa and Protaras) belongs directly to the Republic of Cyprus. Here foreign citizens are allowed to stay and buy real estate.
Many Russian speakers call Protaras "village", although this is incorrect: this name is suitable for settlements with a number of inhabitants not more than 10 thousand people. And in Protaras permanently resides 20 thousand people. So by Russian standards and by the standards of Cyprus it can and should be considered a city. Albeit a small one.
Protaras is a part of Paralimni municipality. Although, interestingly enough, the town of Paralimni itself is 6 thousand people less than Protaras. Also some "competition" Protaras is Aya Napa: the permanent number of residents is only 3000 people, but in the hot season the figure increases many times.
So, Protaras is a city that is "subordinated" first to Paralimni, then... should be "subordinated" to Famagusta, but it is on the occupied territory. Therefore, for locals the next "instance" - immediately the capital of Cyprus Nicosia. In addition, it is located next to territorially.
Differences in the real estate market in Protaras and other cities
Of course, to compare Protaras with the big cities (Nicosia, Limassol, Paphos and Larnaca) makes no sense. You will get too big difference in numbers and in the features of the infrastructure. It is more reasonable to look at the characteristics of the town as a whole.
Properties in Protaras are available in the form of apartments and private houses (villas, cottages), as well as townhouses and maisonettes. Apartment buildings are not very large in number, mostly they are chamber complexes-new buildings. Among them you can find exclusive offers, but do not expect too many. In general, apartments in Protaras - are not the most common option.
With private houses everything is different. There are enough of them, and of different classes: from economy to luxury. Freestanding cottages, as a rule, belong to secondary housing, and new buildings are usually located in gated complexes. The The complexes usually consist of 2-4 villas, but some with 20-30 can also be found. Their main advantages include- well-equipped common area, convenient access roads, a good level of security and a high class of service. The last argument becomes decisive for those buyers who want to live in Cyprus not all year round, but a certain amount of time. As a result, the range of houses in Protaras is large and attractive.
Prices for real estate in Protaras will pleasantly surprise those who compare them with major cities or even nearby Ayia Napa. For example, 1 m2 can cost about 1.6-1.8 thousand euros, and the average cost is 2.3-2.5 thousand euros. Elite real estate also has a low price per square meter: it starts from 3.5 thousand euros.
If we talk about the object "in its entirety", the apartment can be purchased for 130 thousand euros (approximate starting price at the end of 2023), and the house - for 230 thousand euros. For Cyprus and for the European Union such prices are very low.
The increase in real estate prices in Protaras is not as big as in some other locations in Cyprus. But it is necessary to emphasize its stability and good demand, which does not fall. In addition, the forecasts for the next 5-10 years are very optimistic. The fact is that in the Famagusta area, with the support of the authorities, began to realize large-scale and really impressive projects. These projects include Paralimni Marina and Ayia Napa Marina, which can change the entire surrounding infrastructure and give impetus to the transformation of the real estate market in the Famagusta area.
The profitability of real estate is still seasonal, as the main way of making money from housing is through short-term rentals. In summer there is absolutely no shortage of people wanting to rent an apartment or house, but in winter, of course, the demand decreases. Therefore, income generating should be planned in the perspective of the whole year, not just one or two months.
Summarizing the above, real estate in Protaras:
- is inexpensive relative to many cities in Cyprus and EU countries;
- is an excellent investment for the purpose of preservation of funds;
- seasonally can bring a very good profit;
- is good for temporary or permanent residence for people who like a peaceful and quiet atmosphere.
In general, Protaras is a "family" town. In the town, you can meet people who have settled here on a permanent basis as well as tourists, people with children, retirees, as well as those who are looking for peace and quiet. Party lovers choose Ayia Napa, and connoisseurs of fast pace of life - big cities like Limassol. For permanent residence, Protaras is suitable if nature, warmth, clean sea and short distances for walking are all you need for happiness.
Infrastructure and features of Protaras
You can read about the advantages and disadvantages of buying real estate in Protaras in our article that came out a little earlier. Here we will focus on what you need to consider when buying real estate in this beautiful town.
Geographical location
Protaras has a very attractive location in every sense. The first advantage is, of course, the proximity to excellent beaches. And in this case, the word "excellent" is not just a beautiful and empty word. On the coast of Protaras there are indeed many beaches with sandy shores, gentle descent into the water and turquoise clear water. These conditions are ideal for children and people who prefer the utmost comfort. Many beaches are marked with the Blue Flag, which confirms their safety, cleanliness and convenience. These are:
- the famous Fig Tree Bay beach;
- all three beaches of Vryssi;
- towards Cape Greco - Lombardi and Connos Bay (also famous, by the way);
- two beaches in nearby Pernera: Pernera Beach and Louma Beach.
The town itself is set on a hill that rises gently from the coast. This provides excellent sea views, and at the same time - safety during heavy rains. They do happen in Cyprus, though not often.
It is worth noting the proximity of attractions - both natural and man-made. By car is very easy to get to the protected Cape Cavo Greco, and within walking distance are the ancient Christian shrines.
In terms of practicality (not just recreation and walking), Protaras has access to good road connections to any major city. Usually, locals prefer to go to the capital Nicosia for business and general shopping, but Larnaca can be reached in about the same amount of time. The journey to both towns takes about 40 minutes along the highway.
Infrastructure for permanent residence
To compare Protaras with any large city is, of course, unreasonable. In this respect, it will always lose to them, sometimes by a wide margin. But everything necessary for life in Protaras, is certainly there. There is a good network of roads, clinics, kindergartens and schools, supermarkets and markets, small shops, pharmacies and much more. If you have a car (and all adults in Cyprus have it) the distance of 10-15 km is not a problem.
Public transportation in the free areas of Famagusta is available, but it can not be recognized as convenient for daily travel. Buses run on schedule but not too often, so it is better to consider another way of transportation. You definitely should consider renting a car or a cab, if you are not intending to stay in Protaras for a long period of time.
Cultural entertainment such as theater, exhibition galleries, and other things are rather scarce, so for this you have to go to Nicosia or Limassol. The exception is the summer season when there are festivals and other leisure activities.
Infrastructure for recreation
From April to November in Protaras bustles with lively resort life. All cafes and restaurants are open, various shops are open on the seafront, and hotel hotels offer their services (spa, thalassotherapy and other pleasures). Most of the local entertainment is designed for children and family people, as well as those who like a quiet beach vacation and relaxing sightseeing tours.
Climate and nature
Protaras is located on the east coast of Cyprus: there are no strong winds, and the sea is mostly calm and quiet. Summer temperatures are slightly lower than in the center of the island (for example, in Nicosia), but at times there is high humidity. Snow does not fall here, and in winter the thermometer does not fall below +5 degrees.
There are no forests in the Famagusta area, but this does not prevent the location from being considered beautiful. There is a peaceful and a picturesque coastline. Cape Cavo Greco deserves special attention, which annually becomes the "hero" of hundreds of thousands of photos.
Business and work
The main source of income in Protaras is tourism and everything related to it. There is a lot of competition in the tourism sector, but there are always niches for small and medium-sized businesses. Employment is more difficult: only EU citizens are hired for seasonal work in Cyprus, and permanent work is not available in a wide range.
But for remote workers and freelancers, Protaras can be a great place for temporary or permanent residence. Especially since the "digital nomad" visa is now available in Cyprus.
Protaras for foreign real estate buyers
Famagusta area is still interesting for some categories of foreign buyers of real estate. But the special fever in Protaras is not yet observed: people here take housing with mostly two purposes. The first - living some part of the year (for example, winter or beach season). The second - renting out the property and generating income.
Obtaining a residence permit and permanent residence permit in Cyprus
When buying real estate worth 300 thousand euros (excluding VAT), a foreign investor can participate in the program for accelerated acquisition of a residence permit in Cyprus for himself and his family members. It is not necessary to purchase one object - they can be multiple. For example, you can simultaneously buy an apartment in Protaras and in another city on the island. The main thing - that their total value is equal to or exceeds 300 thousand euros.
In order to participate in the program few more conditions ought to be met:
- make a one-time payment of 200 thousand euros (the rest can be taken in installments or mortgages);
- make a deposit in a Cypriot bank in the amount of 30 thousand euros;
- provide certificates of criminal record and income of the buyer and each of his family members who will receive a residence permit.
However, it is interesting that no exams on the knowledge of the language, the history of the island, and other things are not necessary. The required documentation set is minimal. In order to sustain the permanent residence - you only need to stay in Cyprus for 2 days a year. These conditions are considered the most favorable in the entire European Union.
Residence permit in Cyprus can be obtained on different grounds, and the purchase of real estate of any value - a good "strengthening" of any of them. Especially if the visa is not a working visa, but another type. Both the residence permit and permanent residence permit in Cyprus give the opportunity to obtain citizenship after living on the island for 7 years.
How profitable are the investments?
Summarizing all that is said above: investing in real estate in Protaras has its advantages. This is the preservation of funds, a steady increase in the cost of housing, and the opportunity to earn by renting it out in the summer season.
It is profitable to buy real estate at the construction stage. At this point it is on average 10-20% cheaper than the same property, but after its completion. Pay attention to the new buildings in Protaras on the website of the agency DOM. Here you will find interesting offers, and you can always ask for advice from specialists.
Read also:
- TOP 5 residential projects in Ayia Napa
- GESY: General Health Care System in Cyprus
- Differences Between Long-Term and Short-Term Rentals in Ayia Napa in 2023
- The Most Popular Hangout Spots in Ayia Napa
- A Week in Cyprus by Car: Part Two
- 10 reasons to invest in property in Protaras
- Top 5 Spa Hotels in Cyprus
