The popularity of a particular neighborhood is influenced by two main factors. Firstly, the alignment of commercial interests and/or personal preferences of investors seeking residential properties in the area. Secondly, the location's attractiveness is determined by meeting several essential criteria, primarily safety, comfort, and infrastructure. The real estate market in the capital city of Cyprus appears to be notably stable and predictable, showing resilience even during periods of lockdown. However, for those considering the optimal residential location, it's essential to consider the following features:
- Unlike many other major cities, Nicosia is not coastal.
- The majority of real estate buyers are local Cypriots, with foreigners comprising only 6% in 2023.
- Property prices in Nicosia are generally lower compared to seaside cities.
- The city hosts three out of the five universities in Cyprus.
- Nicosia serves as the financial and diplomatic hub of the country, attracting a stable population of foreign nationals.
Below, we delve into reviews of several attractive neighborhoods in Nicosia for potential investors:
Aglantzia
The municipal district of Aglantzia, the name which translates from Turkic as "entertainment", has existed since 1986. It is adjacent to the center on one side and to the large Athalassa Park on the other, which is an obvious plus for Nicosia's residential neighborhoods. Thanks to its bicycle paths, pavilions which provide shade, and playgrounds, adults and children alike can enjoy a comfortable and enjoyable vacation here. Another neighborhood park named after the second president of Cyprus, Spyros Kyprianou, offers the visitors possibility to practice their favorite sports. Next to Aglantzia University of Cyprus is located. It is the first public institution of higher education in the country.
The local municipality also pays attention to the development of culture. In particular, the annual Aglanjazz - Jazz Festival which is held in the central square. Accommodation in this area offers comfort and tranquility. There are plenty of stores, cafes, and traditional Cypriot taverns. Aglantzia offers a wide range of accommodations from budget apartments to luxury villas. Aglantzia is an optimal choice for families and those whose activities are related to the University of Cyprus. Finding and buying interesting real estate can be profitable while buying for your own needs or for renting out.
At the moment, there are plenty of apartment options available in the Aglantzia area. For example, a one-bedroom apartment in a new building can be bought for 125 thousand euros + VAT. For 2-bedroom apartments you will have to pay 300 thousand euros + VAT, and for 3-bedroom - 370 thousand euros + VAT.
Agioi Omologites
A small district is located south of the center of Nicosia. The name Agioi Omologites, which means "Holy Confessors" in Greek, came from the main local attraction - the Orthodox Church, consecrated in 1674. The area is graced by the picturesque Grammiko Park, and the nearby Dimitrios is home to the Palace of the President of Cyprus. The infrastructure of the district makes it a very practical and comfortable place to live. There are numerous kindergartens and schools, stores and beauty salons, cafes, and restaurants.
To the amenities, we can add easy access to public institutions and the historical center of the capital. Sports clubs, medical and cultural centers are located within walking distance. In Agioi Omologites there is a rather dense residential development, at the same time the demand for square meters here is high. Both foreigners and locals invest in real estate in the area.
Currently, in the area of Agioi Omologites, you can find options for all tastes. For example, you can buy a new apartment on the second floor of a 5-story building with an elevator. The apartment has two bedrooms and two bathrooms. Total area of the apartment is - 113 m2, while the living area is- 86 m2. The house will be commissioned next year. The price is 272 thousand euros + VAT.
Strovolos
This large and highly developed neighborhood was formed into its present boundaries in 1986. Strovolos has many green areas, sports, and playgrounds. One example of the integration of nature and culture was the renovation of the caves in the local park, which makes it possible to organize creative and artistic evenings, exhibitions, and concerts. The local real estate market offers the widest range of properties. Every interested investor will find a suitable option in the area from among new buildings or secondary properties.
Strovolos is considered to be one of the most comfortable neighborhoods in Nicosia with well-formed infrastructure. Sports and entertainment centers, restaurants, cafes, and supermarkets are at the disposal of residents. Local schools provide a high level of education, which is especially appreciated by families with children. A developed transport network allows you to quickly get to the city center or other cities. In addition, it should be noted that investment in the residential sector of Strovolos is economically beneficial for both private residence and renting.
Today in the Strovolos area you can buy both ready-made apartments, as well as apartments or houses under construction. For example, an apartment on the second floor of a 3-storey house, built in 2020, with a total area of 146 m2 and a living area of 115 m2, with three bedrooms and two bathrooms will cost you 330 thousand euros. All rooms are furnished and equipped with the necessary appliances. It also includes new kitchen equipment. On the first floor, there are utility rooms and a closed parking lot.
Engomi
The municipality of Engomi is located in the western part of Nicosia and its name translates from Greek as the "new town". Today it is a prestigious district hosting offices of international organizations, embassies, and diplomatic residences. In the district are the International Exhibition Center of Cyprus and the stadium named after President Makarios. The doors of the University of Nicosia are also open here, thanks to which the district has gained popularity among students and teachers. The historical heritage of Engomi is epitomized by the two iconic monasteries of St. Procopius and St. Mary of Macedonitis.
Many recreational areas in the area provide residents with a comfortable vacation. The housing stock of Engomi is a combination of traditional buildings and modern technological complexes. There is also a large number of private cottages. In the neighborhood, there are many restaurants, bars, and nightclubs. There are also all types of services - from hairdressers to hair salons. Overall, Engomi is a quiet and well-kept area, where investing in real estate is profitable and promising for family life as well as for commercial purposes.
At the moment, there are a lot of housing options available for sale in Engomi. For example, you can buy a luxurious 129 m2, 2-bedroom apartment for 349 thousand euros. Or a new 3-bedroom villa for only 280 thousand euros.
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