One bedroom apartment: great start when buying a residential property in Cyprus

Односпальная квартира — отличный старт при покупке жилой недвижимости на Кипре
18 July 2022 Irina Star
1502

Many people, when buying real estate in Cyprus, consciously give preference to one-bedroom apartments. This is a great way to save money without reducing the quality of life. Why?

According to the rules, every new apartment in Cyprus must have a parking space. And to build a house without a nice balcony where you can have a cup of Cypriot coffee and discuss the news with your neighbors is just a crime. In addition, many residential complexes are decorated with swimming pools, a traditional fireplace or a choir of Cypriot seals. But let's talk about everything in more detail.

How much does a 1-bedroom apartment in Cyprus cost

The average price of a 1-bedroom apartment in Cyprus starts from 100 thousand euros, in a new building or a house under construction — from 150 thousand euros. This is about 2.5 times lower than the prices for two- and three-bedroom apartments. Prices differ in different cities and segments. 

Limassol

Historically, the most expensive housing in Cyprus is located in Limassol. In the central district of Neapolis, a new one-bedroom apartment with an area of 66 m2 costs 255 thousand euros (+VAT). A 1-bedroom apartment of 75 m2 in a remote area of Ypsonas will cost 165 thousand euros (+VAT). A secondary apartment of 50 m2 with one bedroom costs 145 thousand euros.

As you may know, now in Cyprus, buyers pay tax when registering new apartments: 5% for the first and main housing with an area of up to 200 m2 and 19% in all other cases. A person has the right to use the preferential tax rate once in 10 years. 

Nicosia

In the capital of Nicosia, a new one-bedroom apartment of 74 m2 in the Engomi area costs 158 thousand euros (+VAT). In the Latsia area, an apartment of 60 m2 in a modern residential complex will cost 95 thousand euros (+VAT). Embassies of many countries are located in the city and they have inexpensive or even free schools. There are also many beautiful parks, theaters, museums and concert halls in Nicosia. You will have to drive to the nearest beach for at least half an hour, but this does not frighten real sea lovers.  

Larnaca

In Larnaca, prices have risen significantly since 2017, but are generally moderate. The proximity of the international airport, the presence of cultural life all year round, a large number of educational institutions for young and middle-aged children and a calm rhythm of life attract families from all over the world. Five minutes from the Finikoudes embankment, in a quiet area of Krasa in a house under construction, a one-bedroom apartment of 62 m2 is for sale for 105 thousand euros (+VAT). In the remote from the center, but cool village of Pyla, a one-bedroom apartment of 50 m2 in an ultra-modern building with energy efficiency of class A can be purchased for 110 thousand euros (+VAT). Secondary single apartments in Larnaca with minimal repairs cost around 60-80 thousand euros.

Controlled areas of Famagusta

In this beautiful part of Cyprus, life stops in winter. Nevertheless, schools, kindergartens and other necessary infrastructure are open all year round. This option is ideal for lovers of privacy and life in the bounty style.

One-bedroom apartment of 90 m2 with sea view, located in a fashionable gated complex in Protaras costs 205 thousand euros (+VAT). In the village of Derynia, a new one-bedroom apartment of 60 m2 with a communal pool, a spacious veranda and parking costs 95 thousand euros (+VAT).

In Famagusta, even the most economical options for 1-bedroom apartments can boast not only high quality materials and layout, but also the amenities inherent in the elite segment: a swimming pool, a luxurious garden on the roof of the building, a reception with a beautiful marble lobby. And all this is 10 minutes from the best beaches of Cyprus, such as Fig Tree, Makronisos and others, as well as the new marina of Ayia Napa. 

Paphos

In Paphos, a new one-bedroom apartment with a total area of 48 m2 today costs 105 thousand euros (+VAT). A communal swimming pool, a gym, a barbecue area, a playground for children will be built for residents. When such an apartment is empty, it is easy to rent it out. For the convenience and registration of residents, a reception is provided. A very spacious one-bedroom apartment of 99 m2 in the picturesque area of Tala costs 144 thousand euros (+VAT).

Features of 1-bedroom apartments in Cyprus

According to Eurostat, Cypriots live in the most spacious houses in Europe. Only 2.5% of the population is experiencing inconvenience due to overpopulation of living space. And all because it has long been customary to build very large apartments and houses with a spacious living room, a bright veranda, a comfortable kitchen and several storerooms inside and outside the living room. At the same time, each bedroom usually comes with a separate bathroom. 

What can we say about 1 bedroom apartments and studios of modern new buildings? This is the dream of artists, poets and, of course, foreign investors from the financial capitals of the world. Even at the design stage, all the latest trends and technologies in the construction sector are taken into account. An important feature is the increased energy efficiency of buildings. This means that future residents will need to pay for electricity at times lower than in the houses of the old housing stock. 

The minimum area of a 1 bedroom apartment in Cyprus is 40 m2. And I must say this is very rare. Since the average area is 70 m2. If desired, you can correctly zone the room or vice versa, leave everything as it is and be inspired by space and light. 

As a rule, a single apartment is equipped with a spacious veranda, or at least a loggia of 3-4 meters. For additional space savings, a washing machine with a dryer is also brought here. There is a storage room or even several in the parking lot or on the roof.

Who buys one-bedroom apartments in Cyprus?

  1. Students. The number of foreigners in some Cypriot universities is over 50% of the total number of students. They all need housing. In recent years, prices for the sale and rental of single apartments near educational institutions have been steadily rising. And even faster than for medium-sized apartments, which are in the greatest demand. Experts note a decline in interest in odnushki only during the years of the pandemic, when many switched to online training. Note that in this case we are talking mainly about Limassol and Nicosia — they have the most educational institutions. Well, their parents or investors buy housing for students for rent.
  2. Young people under 35-40 years old. And both locals and foreigners. It is not customary for Cypriots to rent housing. And the tradition of living with parents in large communities is gradually becoming a thing of the past. Young people choose compact apartments in dynamic areas, and after 40 they start families and move into houses.
  3. Couples without children. Considering the fact that the Cypriot 1 bedroom apartments are very roomy. Couples often choose stylish studios in new elite complexes. The only thing is that during the pandemic, many realized the need for personal space and this category of buyers is already looking for apartments with rooms for an office or a house. 
  4. Parents with one child. If young parents are not afraid to turn the living room into a game room, or at least equip a children's corner, then for the first time a single apartment is quite suitable for them. 

1 bedroom apartments in Cyprus are considered highly liquid. There are few of them being built, and there is always demand, both for buying and renting.

At the same time, taking into account modern layouts and technologies in construction, one-bedroom apartments are comfortable for a small family. If the apartment was considered as a starting option, it can always be sold at a bargain price. 

Interested in buying a property in Cyprus? Welcome to the DOM website! Here you will find options for houses and apartments in Limassol, Paphos, Larnaca and Famagusta, as well as get the help of experienced specialists.

See also:

  1. The story of Plus Properties in Cyprus
  2. Why Cypriot new buildings are better than secondary ones: TOP 8 reasons
  3. Permanent residence in Cyprus - permanent residence permit through real estate investments
  4. How to get a mortgage in Cyprus: 7 advantages for borrowers
  5. Basics of taxation in Cyprus
Source: DOM
Photos: DOM, Pixabay
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