Nicosia is both the most densely populated city in Cyprus and the island's capital, renowned for its prestigious neighbourhoods and prime real estate.
However, the capital's property market has several 'hidden' areas that are not immediately apparent but offer untapped potential for investors. These include several central historic districts close to the 'Green Line' and areas on the outskirts of the ever-expanding capital.
Kaimakli
Located north-east of the centre of Nicosia, Kaimakli is a very distinctive historic district with beautiful architecture and local colour. It is an area with a rich history and industrial past. It is home to the railway station, built during the British rule. It is dominated by narrow, cosy streets with traditional Cypriot houses, Ottoman-era buildings and British colonial buildings.
Kymaikli is a fairly authentic neighbourhood with a distinct local character and bohemian atmosphere. It is very popular with young creative people. Most of the industrial buildings have been converted into art studios, cultural centres and workshops. In recent years, many streets in Kymaci have been transformed thanks to the artistic initiatives of the local community and the municipality. The area is known for its close-knit and active community. Most of the inhabitants are locals. The percentage of foreigners is quite small. Although Kymaci lacks the glitz and glamour of, say, Engomi or Strovolos, the atmosphere of the district exudes its own unique charm, with a touch of artistic spontaneity, bohemian relaxation, warmth and cosiness.
Despite being a central area, there are many quiet, cosy streets. Most of the buildings are traditional one- and two-storey houses over 100 years old, as well as apartments from the 1960s and 1970s. Recently, new boutique developments of small apartment complexes have appeared. The conversion of industrial buildings into modern loft apartments is also becoming popular and can be a good investment. Thanks to its central location and bohemian atmosphere, Kaymakli has every chance of becoming one of Nicosia's trendiest areas in the near future. The area is ideal for young creatives, expats, digital nomads and professionals who value a sense of freedom and historic architecture.
Average property prices in the Kaymakli area:
Price per 1 m2 - 1,800 Euros
Apartments
In older complexes - from €70,000 to €130,000
New or renovated - from €140,000 to €220,000
Houses (depending on condition, size and location)
From €180,000 to €350,000
Palouriotissa
Not far from the Kyrenia district and the Venetian Walls (Famagusta Gate) is Palouriotissa. This is another historic central area of the capital with affordable property. Compared to Kyrenia, it is a larger and more urbanised area. Although its history dates back to the Ottoman period, not many architectural monuments and buildings from past eras have survived to this day. In the centre of the district you can still find old narrow streets with traditional houses, but for the most part buildings from the second half of the 20th century and more modern constructions dominate.
The area is unpretentious, with a somewhat rough architectural appearance: worn, graffiti-covered walls of buildings from the 1960s and 1990s, industrial buildings mixed with more modern, compact residential complexes. But it is this heterogeneity that gives Pallouriotissa its individuality and charm. Historically it was home to the working class, and this atmosphere of simplicity and 'lived-in' charm has been preserved to this day. Nothing is done here for show, instead life moves at a leisurely pace where it is common to see children playing in the courtyard and older residents stopping in the middle of the street for long conversations. Locals gather in small cafes and taverns to discuss the events of the day. It is also a place where family and community ties are exceptionally strong, with several generations living under the same roof or next door to each other, and people on the same street knowing each other by name.
The area continues to develop, with new residential and commercial properties, schools and public spaces being built. Flats make up the majority of the local property market. These range from older apartments in buildings dating from the 1960s to the 1990s to new apartment complexes. The central part of Pallouriotissa consists mainly of traditional Cypriot-style houses. On the outskirts, bordering the districts of Aglandzia and Latsia, you can find new houses with modern layouts. Compared to the suburbs, however, there are far fewer houses and vacant plots.
Close to the centre of the capital and not far from the University of Nicosia, Pallouriotissa is ideal for families, first-time buyers and students. It is also a good opportunity for investors looking to buy a property to rent out. Thanks to its central location and well-developed infrastructure, the area is becoming increasingly popular with young creative people and expats.
Average property prices in the Pallouriotissa area
Price per square metre - 1,620 Euros
Apartments
2 or 3 bedrooms (in older complexes) - from €70,000 to €130,000
New (in modern complexes) - from 140,000 euros to 220,000 euros
Houses (depending on condition, size and location)
From 180,000 euros to 350,000 euros
Latsia
Once a sparsely populated rural area of open land, Latsia is now a well-developed suburb of Nicosia. A few decades ago, land and property prices here were among the cheapest. This area was considered the outskirts of Nicosia and not many people wanted to live here. Today, property prices in Latsia continue to rise rapidly, but are still affordable for first-time buyers and investors.
It is a convenient, quiet and modern 'bedroom' area in the classic sense of the word. There are no historic buildings typical of central areas, but there are wide streets and roads, modern detached houses and spacious villas. Latsia is ideal for families with children and for those who value space and a comfortable standard of living at an affordable price. It has an excellent infrastructure with many parks, including Latsia Municipal Park, schools and sports facilities. Latsia will definitely appeal to those who want to avoid the hustle and bustle of the central areas. It is also very safe.
Located to the south-east of Nicosia, Latsia is a 10-15 minute drive from the city centre. It also has direct access to the Nicosia-Limassol motorway. Another advantage is the convenient access to Larnaca airport and beaches, which can be reached in about 20 minutes. The General Hospital, Mall of Cyprus and IKEA are all nearby.
Latsia is an excellent choice for young families with children, professionals and expats, retirees and, of course, investors. Villas and detached houses dominate the local property market. Most are modern and spacious, with their own courtyard and garden, sometimes with a gazebo, patio and driveway.
Flats make up a smaller proportion, although their number is gradually increasing. These are mainly small, modern and compact residential complexes, 2-4 storeys high, designed in the style of boutique apartments.
Property prices in Latium continue to rise. The region is gradually moving from the middle to the upper price segment. Today it is still possible to find residential properties and land at attractive prices. It is therefore important not to miss the opportunity to enter this rapidly growing and promising property market.
Average property prices in the Latium region
Price per 1 m2 - 1,200 euros
Flats
1 bedroom - from 135,000 euros
2 bedrooms - from 220,000 euros
3 bedrooms - from 275,000 euros
Houses
3 bedroom (standard) - from 275,000 Euros
3 bedroom mid range - from 300,000 Euros
Agios Dometios
Agios Dometios is one of the few urban areas on the 'green line' that is divided into two parts. After the tragic events of 1974 and the division of the island, this area was abandoned as Greek Cypriots were afraid and unwilling to settle so close to the buffer zone. As a result, property prices here remained low for a long time and it is only in the last decade that the area has begun to grow in popularity.
Today, Agios Dometios is a distinctive and diverse central district. Its architecture is a mixture of styles and periods. In the past it was home to the working class. Some buildings, such as the well-preserved Coca Cola factory, bear witness to the area's industrial past. A large percentage of its residents were local Greek Cypriots, as well as members of national minorities such as the Pontian Greeks. Now the area is becoming increasingly popular with expats.
You will find traditional old Cypriot houses, 1970s and 1990s apartment buildings and modern properties. Apartments make up a large part of the market. Some of these are residential complexes from the second half of the 20th century, in good condition and with good layouts, but in need of renovation. Others are new residential projects from the 2010s, built with modern materials and all amenities. Today, there are still many attractive offers for affordable apartments, which are the most sought-after segment of the Nicosia market. These are in high demand and can easily be rented to students or young professionals. The demand for rental apartments in Nicosia continues to grow every year and the return on investment is constantly increasing.
In the historic part of Ayios Dometios you will find old detached or semi-detached houses built in the traditional style with courtyards and gardens. Many of these need renovation and repair, but they can be a good investment as land prices and property prestige continue to rise here. This area is well suited to rental investment. Its proximity to the city centre and universities, convenient transport links and well-developed infrastructure make Agios Dometios a desirable area for young professionals working in the city centre, students and expats.
Average house prices in Agios Dometios
Price per 1 m2 - 1,900 Euros
Flats
1 bedroom - from 100,000 euros
2 bedroom - from 140,000 Euros
3 bedrooms - from 180,000 Euros
Houses (depending on condition, size and location)
From 250,000 Euros to 600,000 Euros
Geri and Tseri
Like all large cities, Nicosia is constantly expanding, absorbing the surrounding villages and turning them into new suburbs. This is what has happened to Geri and Tseri, which used to be villages but are now fully fledged metropolitan areas. Both areas are now highly sought after on the property market, offering excellent value for money and an attractive alternative to the central districts of the capital. They are just far enough from the city to enjoy peace and quiet without feeling isolated. The construction of the new Nicosia ring road has made these areas even more accessible, significantly reducing travel time from the city centre.
The majority of the local property market consists of detached houses or villas built in a modern style using high quality materials and eco-design elements. Recently, small apartment complexes have also appeared, ideal for investment, young couples or professionals.
Located approximately 10km north-east of Nicosia, Geri is a quiet suburb with a relaxed lifestyle and the relaxed atmosphere of a 'bedroom community'. It is ideal for those who value peace and privacy.
Average house prices in Geri
Price per square metre - 1,500-2,300 euros
Flats
1 bedroom - from 108,000 euros
2 bedroom - from 178,000 Euros
3 bedroom - from 315,000 euros
Houses
3 bedroom (standard) - from 215,000 Euros
3-bedroom (mid-range) - from 450,000 euros
Meanwhile, Tseri, located 8km south of Nicosia near the village of Deftera, has a more lively village atmosphere.
Average property prices in Tseri
Price per 1m2 - 1.2 thousand euros
Flats
1 bedroom - from 100,000 euros
2-bedroom - from 140,000 Euros
3-bedroom - from 200,000 Euros
Houses
3 bedroom (standard) - from 275,000 Euros
3-bedroom mid-range - from 350,000 euros
Both areas have close-knit communities with a fairly diverse population. They are home to local villagers, a small percentage of refugees from the occupied northern areas who fled in 1974, and members of the working class. The majority of residents are Greek Cypriots. However, Geri and Tseri have recently become increasingly popular with expatriates and the middle class. Following the trend of recent years, these areas have every chance of becoming some of the most popular and sought after in the Nicosia property market. They are ideal for first-time buyers, especially young families, and anyone who dreams of owning their own home with a garden or patio at an affordable price.
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