The free areas of Famagusta are more than just a dot on the map of Cyprus. This region enjoys more than 300 days of sunshine a year, a warm sea from April to November, and beaches that receive international awards for cleanliness and safety every year. In recent years, a real investment boom has been observed in this part of the island of Aphrodite.
Unique opportunities are opening up for private investors and companies. For a relatively small investment, you can purchase an apartment and earn a steady rental income. If you wish, you can also enjoy your own apartment on the Mediterranean coast.
Why are apartments the best investment option in the free areas of Famagusta real estate? Which location offers the right balance between profitability and comfort? How can you transform resort property into a reliable source of passive income? Find the answers to these questions and more in our detailed review.
Why are resort apartments the best starting point for an investor?
First, it's important to understand that the Famagusta real estate market isn't just about beachfront luxury villas. Apartments, especially those in modern complexes with amenities like swimming pools, fitness centers, and 24-hour security, are now the optimal choice for novice investors. The main advantages of such an investment are:
Affordable entry threshold
Resort apartments in the free areas of Famagusta are significantly cheaper than those in Limassol or Paphos. While prices per square meter often exceed €6,000 in prestigious areas of Cyprus, in this part of the island, you can find modern apartments by the sea ranging from €2,200 to €4,000 per square meter.
Ease of management
Apartments are easier to manage remotely. You can hire a company to handle all issues related to check-in, cleaning, and maintenance. This is especially important for investors who live outside Cyprus.
High demand all year round
Although the peak rental season is during the summer, vacant areas in Famagusta are also popular during the off-season. Many European retirees come here to spend the winter, and remote workers come for the warm climate.
Property value growth
Apartment owners earn not only from rental income but also from market price increases. Over the past five years, apartments in popular resort areas of Famagusta have increased in price by an average of 35–40%.
Learn how to profit from renting out an apartment and earn a stable income
One of the main advantages of investing in resort apartments is the opportunity to earn money from short- and long-term rentals. In more detail:
Short-term rental
During the summer season (May–October), resort apartments are 90–95% occupied. Depending on the location and class of accommodation, tourists are willing to pay from €80 to €200 per night. With competent management, you can earn enough in six months to cover the apartment's annual maintenance costs.
Long-term rentals
During the off-season, owners often switch to long-term rentals of three to six months, targeting Europeans who come to "spend the winter." Rates for these periods range from €800 to €1,200 per month.
Secrets to Successful Renting
In fact, it's very simple. To successfully rent out your apartment, follow these simple rules:
- Take high-quality photos and create professional listings on Airbnb, Booking.com, and local portals.
- Take care of the basic needs of the tenant: Provide Wi-Fi, air conditioning, kitchen appliances, and a washing machine. This will significantly increase your rating.
- Don't hesitate to work with management companies that optimize occupancy and monitor property conditions.
On average, the yield on resort apartments in vacant areas of Famagusta is 6–8% per annum in euros, which is higher than deposit rates at local banks, for example.
The most popular resort areas for investing in apartments
The choice of area is a key factor affecting profitability and the speed of return on investment. In Famagusta's free zones, there are two types of locations: active resort areas and quieter areas designed for long-term living.
Ayia Napa
is one of Cyprus's most famous resorts, offering world-class nightlife, restaurants, a yacht marina, and sandy beaches. Apartments here are more expensive, but rental income is also higher. This area is suitable for investors focused on tourists who are willing to pay for a location in the center of activity.
Protaras is a family resort with Fig Tree Bay, which regularly ranks among the best beaches in Europe.
This family resort is home to Fig Tree Bay, which consistently ranks among the best beaches in Europe. It's an excellent option for buying apartments to rent to families with children and couples. The tourist season here lasts from April to October, which increases the income period.
Deryneia
is a small town with developed infrastructure, including schools, shops, and medical centers. It is located 10 minutes from the beaches of Protaras, making it convenient for long-term rentals. Prices for apartments here are lower, and there is stable demand from locals and expats year-round.
Paralimni
is the administrative center of the district and combines the features of a city and a resort. It has shops, government offices, and banks, and the sea is just a few minutes' drive away. This location is ideal for investors who want to combine rental income with the possibility of personal residence.
Kapparis
This quiet coastal area has several cozy beaches and restaurants. There is stable rental demand here in both summer and winter, especially among British and European expats who appreciate the peaceful atmosphere.
Below are some excellent options for buying apartments
Below are some excellent options for buying apartments in Famagusta's free areas today:
New three-bedroom apartment in Deryneia
This 146 m² apartment has three bedrooms and is located in a new complex in Deryneia. It is an investment in comfort, privacy, and long-term value. Scheduled for completion in December 2025, the project comprises just three independent houses with a limited number of apartments — two on each floor — ensuring no shared walls with neighbors. This ensures a high level of privacy. Its convenient location makes it ideal for permanent residence or seasonal rental, and its proximity to the sea (only 2.4 km away) increases its tourist appeal and potential profitability.
The apartment features a spacious covered terrace, a storage room, and a covered parking space, as well as connections for air conditioning, electric heaters, and blinds. The buildings in the complex are constructed to Class A energy efficiency standards, featuring external insulation, thermal aluminum, and individual photovoltaic systems. These features minimize operating costs and increase the property's market value. Thanks to the government's housing program for border areas, investors receive additional benefits.
New two-bedroom apartment in Paralimni
This modern two-bedroom apartment in Paralimni is another great investment opportunity. Its spacious 97 m² floor plan, functional layout, and high-quality finishes create the perfect living or rental space. The interior is thoughtfully designed down to the smallest detail, and large windows fill the rooms with light and offer sea views. The apartment comes with air conditioning and its own photovoltaic system, which reduces energy costs and increases the property's long-term value. Construction is scheduled for completion in May 2027, allowing investors to purchase the property on favorable terms during the construction phase.
The complex consists of only 26 apartments and is located in a quiet, well-maintained area just 3 km from the coast. Residents have access to a shared swimming pool, which will be a center of relaxation on hot summer days. A school (500 m), public transportation stops (400 m), shops, restaurants, and cafés are within walking distance, and the international airport is only 49 km away. This location allows you to enjoy the tranquility of a residential area while remaining close to city amenities and seaside entertainment. For investors, this is an excellent opportunity to acquire liquid property with high rental potential and stable demand in the Cypriot real estate market.
New Two-Bedroom Apartment in Kapparis
This stylish two-bedroom apartment is located in the prestigious Kapparis area and is an excellent investment in seaside real estate. With 89 m² of space and a well-thought-out layout featuring an open living room and kitchen, this apartment offers a spacious, bright, and functional living space where every square meter is utilized to its full potential. The large, covered veranda is perfect for unwinding in the fresh air or enjoying dinner at sunset.
The apartment comes with a storage room and a parking space for added convenience, and the modern interior design blends practicality with style. The complex's shared swimming pool increases its appeal to tenants and vacationers alike, providing residents with a resort-like atmosphere.
The picturesque beaches of Kapparis are just 950 meters away, and Larnaca Airport is only a 45-minute drive away. Restaurants, supermarkets, a private English school, and all the necessary infrastructure are nearby, making the location popular all year round. Investors will appreciate the opportunity to purchase liquid real estate with high rental potential in one of the most popular areas on the east coast of Cyprus. This location offers a stable income and growth in property value over time.
New two-bedroom apartment in Kapparis
This exclusive two-bedroom apartment in a modern three-level complex is a rare opportunity for investors looking for space and premium quality close to the sea. The 1,672 sq. ft. floor area allows for the creation of a comfortable living space, while the large open terraces are ideal for relaxing in the fresh air. Spacious bedrooms, exquisite Italian kitchen units, and walk-in closets highlight the apartment's high level of finish and attention to detail. The apartment includes covered parking and a storage room, and the architectural design provides ample natural light and a cozy ambiance.
The complex is located just 400 meters from Malama Beach, one of the gems of the east coast of Cyprus, making the property particularly attractive for short-term and seasonal rentals. Residents have access to three swimming pools and a playground, creating a resort-like atmosphere. Modern construction technologies increase the property's energy efficiency and durability, and the successful combination of location, quality, and infrastructure ensures high growth potential and stable rental income. For investors, this is not just an apartment by the sea, but a strategic asset with guaranteed demand.
New 2-bedroom apartment in Paralimni
The 1,983 sq ft apartment includes a stylish living space. The complex has its own swimming pool, making the apartment unique on the market and particularly attractive for premium rentals. Its minimalist design, featuring clean lines, high-quality materials, and a thoughtful layout, creates an atmosphere of modern comfort. The spacious rooms are filled with natural light, and the panoramic windows offer impressive sea views.
Consisting of six blocks and only 64 apartments, the complex is located on a hill, ensuring privacy and exclusivity. The property is conveniently located only 2 km from the coast, making it ideal for both relaxing by the sea and enjoying an active city life. The project is scheduled for completion in September 2026, allowing investors to purchase property on favorable terms during construction.
Free areas of Famagusta offer investments with decades of prospects.
Buying a resort apartment in the Free areas of Famagusta is more than just an investment in real estate.
It's a step toward financial independence, offering stable income, capital growth, and the personal satisfaction of owning a home on one of the Mediterranean's most beautiful coastlines.
The right location, competent rental management, and focus on the target audience enable investors to earn above-average European returns with relatively low risk.
The region continues to develop rapidly. New complexes are being built, infrastructure is being modernized, and tourist traffic is growing. All of this makes now an ideal time to enter the market. The sooner an investor purchases a property here, the higher their potential future profits will be.
Read also:
- TOP 5 Spots in the Free areas of Famagusta to invest in Real Estate for Short-Term Rentals
- What documents are required to sell a property in Cyprus?
- Interview with Maryna Komarnytska - Head of DOM Real Estate Office in Famagusta
- How to divide real estate during divorce in Cyprus: rules and subtleties
- Overview of Free Areas in Famagusta: Where Is Best Place to Buy Real Estate?
