In 2024, Cyprus continues to attract investors due to its favorable investment climate, advanced infrastructure, and high quality of life.
Choosing the right city to invest in depends on many factors including investment objectives, budget, and lifestyle preferences. Let's take a look at the main cities in Cyprus that are of interest to investors in 2024.
Nicosia: capital and business center
Nicosia, the capital of Cyprus, is the financial and commercial center of the island. Investing in commercial real estate or startups in Nicosia can be profitable because of its role in the business community and the steady demand for office space.
A prime example in the center of the capital: is a restored two-story building in traditional Cypriot style that dates back to 1885. The total area of the building is 295 m2. It is complemented by a plot of 107 m2 where an additional seating area can be arranged. The premises consist of a large open space used as office space, two smaller ones used as a private office, and a conference room.
The new business centers in Nicosia are known for their high level of energy efficiency, which is especially important for maintaining a comfortable temperature during rainy winters and hot seasons. At the same time, you can buy a whole floor. For example, the new 8-level business center in the central district of Dasoupolis. On the five floors spacious office space can be arranged, which can be zoned depending on the needs of specific companies. Each floor will have meeting rooms, reception areas, kitchens, restrooms and covered verandas.
Limassol: a rapidly growing city
There is a long debate as to whether Nicosia is the main financial center, as it has long been on the heels of the port giant of Cyprus. Limassol is a city that is growing rapidly, attracting investment in residential and commercial real estate. Thanks to its port, developed tourist infrastructure, and a lot of new buildings, Limassol offers great investment opportunities.
As the city is always full of tourists, expats, and students, studios are worth their weight in gold. Investing in tiny apartments is always profitable. In addition, a modern apartment, even the smallest will have a private parking lot, and sometimes a convenient storage room on the ground floor. For example, a 40 m2 studio with built-in furniture and parking in the Fasouri area at a very attractive price.
By purchasing projects at the off-plan stage, the investor can resell the object with a profit of 30-40% at the stage of completion or even earlier. Moreover, transactions with new buildings usually take place in the office of the developer and take no more than 15 minutes. To enter the market of investment in commercial real estate can done with a modest budget of 100-200 thousand euros. So, a cozy space of 70 m2 for a small clothing boutique in the Old Town can become a very profitable investment.
Paphos: tourism and investment paradise
Paphos is known for its archaeological monuments, beautiful beaches, and developed tourist infrastructure. Investing in the hotel business or buying property to rent out to tourists can be a profitable strategy in this region. Even the scrappiest new construction property is sure to have a community pool, private parking, and million-dollar views.
In the picturesque neighborhood of Emba, you can profitably buy at the off-plan stage of a wonderful 3-bedroom house of 152 m2 in a sophisticated Mediterranean style. By the way, the cost of new construction at 300,000 euros allows the investor to get into the program of accelerated permanent residence permit in Cyprus.
In the quiet neighborhood of Kissonerga a small 1-bedroom apartment of 43 m2 with sea views, at the off-plan stage also draws attention from the point of view of investment. Within walking distance, there is a picturesque promenade, beaches, restaurants, and grocery stores. To the historical center of the city, you can get in 15 minutes by car.
Larnaca: potential and development
The air gateway of Cyprus - coastal quiet Larnaca - is a city with great potential for growth in real estate value. At the same time, prices here remain more affordable compared to Limassol and Paphos. Investment in residential property or SME development can be particularly interesting in this area.
In the area of the most promising project of the new marina of Larnaca today you can buy a variety of real estate options. Experts emphasize commercial projects in this list. For 7.5 million euros you can buy an apartment building in the renovated area.
Not far away is for sale an office of 108 m2 in one of the most beautiful futuristic high-rises near the coast. The project is conveniently located a stone's throw from the beach and five minutes from the lively center of Larnaca.
In the quiet village of Tersefanou, you can easily invest in a profitable residential project under construction, with a cozy recreation area for residents and a communal swimming pool. The amount of investment starts from 103 000 euros. The property is VAT exempt.
In the historic district of Kamares, new modern buildings form an architectural decoration of the skyline. A 1-bedroom apartment of 60 m2 with views of the hills and mountains, within walking distance of the new shopping center, cinema, and other amenities, costs about 130 thousand euros, excluding VAT (19%).
Among the picturesque fields of the village of Pyla are luxury residential complexes at very favorable prices. Everything you can imagine: swimming pool with bar, gym, parking and security. In this case, 1-bedroom apartment, which can later be profitably rented out, costs about 150 000 euros (+ VAT).
Ayia Napa and Protaras: recreation, entertainment, golden beaches, and azure sea.
Resort towns on the east coast of the island are ideal for investment in entertainment, recreation, and hotel business. Developed infrastructure for tourists and high seasonal demand make this area attractive for investment.
By buying real estate in one of the new quality projects in a favorable location, the investor can confidently count on the active demand from tenants. In the quiet town of Paralimni, a 1-bedroom apartment overlooking the sea and nature will cost approximately 150 000 euros (+ VAT). New projects are distinguished by a high degree of energy efficiency, quality building materials, and unique design, embodying a measured and refined Mediterranean lifestyle.
The cost of villas starts from 270 000 euros. Thus, just 5 km from the edge of the sea, in the area of the village of Frenaros is a modern residential complex, offering duplex houses of 175 m2 with a plot of 315 m2, on which you can place the future pool...if you wish.
In the cheerful and picturesque Ayia Napa, just 100 meters from the sea, there is a ready-made luxury villa of 437 m2 with 5 bedrooms, a swimming pool, and a garden with a barbecue area, which is part of a gated luxury residential complex. Its value is currently estimated at 3.1 million euros.
In the new marina, 50 meters from the sea you can find luxury villas of 390 m2. These are ultra-modern houses with smart control, a central climate control system, concierge service, and 24-hour security. Their cost starts from 7 million (+VAT), which is still certainly a profitable investment in the long term.
Choosing a city to invest in Cyprus in 2024 depends on your goals and preferences. Nicosia offers stability and opportunities in the business sector, Limassol and Paphos - active development and tourist potential. But Famagusta is also worth paying attention to, otherwise, the Cyprus Maldives will remain a daydream.
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