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29 August 2022

Buying property in Cyprus in order to sell it later


Cyprus is still considered an excellent country for investment, including investment in real estate. To buy an apartment in Cyprus means to invest reliably and even get a benefit. One of the important points when buying investment housing is the ease of its sale in the future.

Here you will find 6 criteria that will help you choose a property for subsequent sale.

Criterion No. 1: Busy cities

Large and developed cities have always attracted people. The population of such cities is constantly growing, as people come here to study, live, build a career and raise children. In this regard, the demand for housing is growing. At the same time, both for rent and for purchase.

Don't forget prices are rising along with demand. Therefore, apartments in a big city are always a profitable investment, especially in the long term.There are at least two large and lively cities in Cyprus: Nicosia (the capital of the island) and Limassol.

In Nicosia, demand is growing due to the indigenous population: young people come to the capital to study and make a career. Businessmen from different countries also flock here. Residential real estate is in demand for permanent residence with a family, commercial of course, for earnings.

The situation with Limassol is a little different. Yes, it is also a major business center of Cyprus, but it is also a place of residence for a long vacation. Whole families spend the winter here (and not only), relaxing and enjoying the sun and climate. And there are also a lot of people working remotely anywhere in the world.

The demand for Limassol real estate comes from several needs at once:

  1. for business or work;
  2. for recreation/ regular living with family;
  3. for tourist purposes (for example, to rent housing);
  4. to create a "country-abroad" residence.

Interestingly, there is a great demand for luxury real estate in Limassol. Therefore, it is very profitable to take luxury apartments here for their subsequent sale.

Criterion #2: Developed infrastructure

Here you need to understand that in Cyprus (conditionally, of course), there are two types of infrastructure according to requests:

  1. tourist - these are cafes and restaurants, shops, entertainment venues, diving centers, yacht clubs, clubs, bars, spas, amusement parks, etc.; here - the availability of public transport and taxis;
  2. residential - these are clinics, kindergartens and schools, banks and offices, gyms, large shops, parking lots and more.

Based on the type, you can imagine a potential future buyer and his needs. But the combination of these two types is, of course, in the greatest demand.

Criterion #3: First Line

Seafront real estate is always and in all countries in demand - for an excellent view from the window, for walking distance to the beaches, for the developed infrastructure nearby (as a rule, it is not always only touristic - and can be quite comfortable for life, see criterion above).

Sometimes an apartment with a good view may have only the beach within walking distance, and everything else will be far away, then such housing will be more difficult to sell.

And the first line is always a win-win option. Even if these are small apartments in a quiet and modest village, there will always be buyers for them.

Criterion #4: City area with a good reputation

In any city there are areas that are in high demand: clean, well-maintained, well-developed infrastructure, a large field for any activity (hobbies, sports, children's studies), a wide selection of real estate. Here are some of the most famous locations in Cyprus:

  1. Nicosia. This includes the city center (which has recently acquired a couple of skyscrapers) and the areas of Strovolos and Aglantzia. They are well developed, have all the necessary infrastructure for life, they also have a place for new buildings.
  2. Limassol. In addition to the coastline in the center (near the marina and Molos), Neapolis and Germasogeia are worth noting. Neapolis is very lively, it can be considered the business center of the city. It is located not so far from the sea, besides, it has a large number of new buildings of various classes: from economy to luxury. Germasogeia is a quiet family area that has its own access to the sea. It also has a developed infrastructure and everything for a comfortable permanent residence.
  3. Suburb of Limassol. Separately, we would like to note two fashionable locations - these are Amathus and Parekklisia. Although they are quite far from the center, they are easily accessible by car. These areas are as comfortable as possible and have many new business and luxury buildings. It is worth paying attention to two more areas: Agios Athanasios and Agios Tychonas - housing in these places is in high demand among lovers of the sea and beaches.
  4. Larnaca. The historic center and Finikoudes are of interest to potential buyers of luxury real estate, but here it is enough (especially in new buildings). The Mackenzie area is also developing very actively: it is located next to Larnaca, has a long coastline, borders on the popular tourist location of the Salt Lake and boasts a developed infrastructure.
  5. Paphos. Pano Paphos and Kato Paphos are both in demand. Only the first is still more focused on vacationers, and the second is also for permanent residents. Kato Paphos can offer real estate of any class, as well as a developed infrastructure of the city center and a fairly close location of the beaches.
  6. Ayia Napa, Protaras, Paralimni. The demand is always high for the first coastline in these settlements. Pay attention to the fact that there is infrastructure nearby, and not just beaches, then the speed of the subsequent sale will increase significantly.

Of course, there are other locations in Cyprus where it is quite easy to sell an apartment. We have listed only the most famous and popular, without mentioning Peyia (in the Paphos district), the village of Omodos and others.

Criterion number 5: new building

New housing has recently been in great demand among buyers - both foreign and local. This is explained by the following points:

  1. purely aesthetically it is more pleasant to live in a new apartment;
  2. lower utility costs (especially if the new building has been assigned energy efficiency class A);
  3. more comfortable layouts;
  4. increased thermal comfort: there is thoughtful heating (for example, underfloor heating), the room keeps the temperature well, that is, it keeps warm in winter and cool in summer;
  5. easier to repair.

Of course, if you buy an apartment in a new building and then sell it, this will already be considered a secondary housing. However, many buyers are satisfied with this, as they only care that the apartments are modern and in good condition.

Criterion No. 6: not higher than the average price on the market

Obviously, it is more difficult to sell expensive real estate than cheap ones. Therefore, it is recommended to buy an apartment slightly below the average price for the segment (that is, for the class of housing).

For example, in Limassol, it is recommended to buy an economy class for 100-120 thousand euros - this is the average cost, and it will not be difficult to sell such an apartment. If we talk about luxury real estate, then it is worth acting in the same way here: a studio for 600 thousand euros will leave much faster than a studio for 1 million euros, even if it is in a more attractive residential complex.

If there is a possibility that the apartment will need to be sold urgently, do not purchase the cheapest option, otherwise there will simply be nowhere to drop the price, and as a result, you can end up almost in the red.

Summing up: generalization and the most successful examples

So, if you combine all of the above, then which locations in Cyprus will be the most successful in terms of the fact that you can quickly and easily sell apartments in them? Summarize:

  1. The first coastline in the center of any major city: Limassol, Paphos, Larnaca. Here, the sea is nearby, and there are many new buildings, and the infrastructure is at the highest level. Basically it is luxury real estate.
  2. Comfort and business class housing are new buildings in Neapolis (Limassol), Mackenzie (Larnaca), Kato Paphos. This also includes the center of Nicosia.
  3. Economy-class housing will quickly sell in the nearest suburbs of Limassol and in the areas of Nicosia (Strovolos and Aglandzia). And it doesn't really matter if it's a new building or a resale.

It is logical to give a few examples to this list. Here they are, pretty good options with a subsequent sale:

  1. 2 bedroom apartment in Molos (Limassol). It is located in the very center, 3 minutes walk to the nearest beach and a chic promenade, all infrastructure and public transport are nearby.
  2. 2 bedroom apartment in Finikoudes (Larnaca). Already furnished secondary apartment in the very center of the city. The beach and the promenade are literally a minute walk, the sea can be seen from the window. Great option for living or vacation.
  3. 2 bedroom apartment in Mackenzie (Larnaca). Wonderful apartment in a new building with panoramic windows and excellent views. The sea and beaches are 5 minutes walk, there is all the necessary infrastructure nearby.
  4. 2 bedroom penthouse in Kato Paphos. Located in the center, but at the same time has excellent views of the sea and the mountains due to the location. Located in a closed new building club type.
  5. 3 bedroom apartment in a luxury complex of Ayia Napa Marina. Luxurious real estate in a large and most comfortable complex-resort. Magnificent views, yacht parking, a private promenade with an abundance of boutiques and restaurants - this is not all that the residents of the complex will receive.
  6. 1 bedroom apartment in Aglanj (Nicosia). A great budget option for those who want to live close to a big city. Despite the second floor, the views from the terraces and from the windows are excellent.

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

Read also:

  1. Varosha: city where time stopped
  2. How to cut costs on your house or apartment remodel in Cyprus
  3. GESY General Health Care System in Cyprus
  4. TOP 5 areas of Limassol for real estate investment in 2022
  5. Is it profitable to buy land in Cyprus and build a house?
  6. Plus Properties in Cyprus
  7. Apartments in Limassol complete with permanent residence
Source: DOM
Photos: DOM
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