At the time of writing there are approximately 1,559 properties for rent on HomeAway.com in Cyprus and it is always interesting to see where these are scattered around the island because at some point they were all for sale. Clearly Paphos is one of the most popular rental markets on the island.
- Paphos region rentals 864
- Famagusta region rentals 365
- Larnaca region rentals 114
- Kyrenia Region rentals 105
- Limassol region rentals 101
- Nicosia region rentals 9
Cyprus is the perfect place in which to purchase an investment property, with flights from the UK 4 1/2 to 5 hours long. You are certain to get proper sun for your holidays. There is good competition on flights so prices are reasonable, due to the likes of EasyJet.
Cyprus is one of the jewels of the Mediterranean. Often referred to as being at the crossroads of civilisation, Cyprus’ location in the south-eastern Mediterranean, just off the Turkish coast, puts it near the junction of three continents and gives truth to the expression “where east meets west”.
Because of this strategic and influential location, Cyprus has a long and volatile history. More recently, Cyprus declared its independence from Great Britain in 1960. After the Turkish invasion of 1974 Cyprus was split into two halves; the Turkish northern part which was governed by a Turkish administration, and the Greek southern half, governed by the recognised Cypriot government. Between 1974 and 2003 it was impossible to travel between the two parts of the island, which were separated by the “green“ buffer zone. But from 2003 onwards the buffer zone was partially dismantled and nowadays all EU citizens can pass freely from one part of the island to the other.
The opening of the Cyprus buffer zone is great news for travellers and holiday-makers who were previously limited to visiting either one half of the island or the other. With freedom of movement and access it is now possible to enjoy all of the many delights of Cyprus without limitation.
Whatever it is you’re looking for in a Mediterranean island, Cyprus can provide it. From the sun-kissed beaches of the south, lined with sun loungers and high rise hotels, to the rugged mountains of the interior with their verdant olive groves and sedate pace of life, Cyprus has something for everybody. All of this makes Cyprus an ideal location for your overseas property investment. Whether you’re looking for a buy-to-let money maker, a permanent second home, a holiday let that will pay for your annual fortnight in the sun or a place to retire to, you’ll find it here. With its British heritage you will find that English is widely spoken across the island, making finding and buying a property a much easier experience than in some other, non-Anglophone locations.
The first thing you’ll need to consider is location. For such a small island Cyprus offers great diversity. Here are some of the towns you might wish to consider:
This is the capital of the island. It is a small city of around 75,000 and offers a mix of old world charm and modernity. The old city is contained within a Venetian sandstone fortress wall with a moat and elegantly shaped bastions. Narrow streets meander between mosques and overhanging balconies. The streets have an ancient feeling and the wonderfully restored pedestrian precinct is a great place to visit, lined with craft shops, restaurants and tavernas. Beyond the city walls you can see the new town spreading with its high-rise centre and modern commercial centre. Here you will find the best shopping on the island and Stassicratous Street in particular should be visited if it’s shopping that you like.
A 1 bedroom apartment in Nicosia should set you back around £65,000 – £80,000. A 2 bedroom should cost around £85,000 – £125,000 whereas for a 3 bedroom you should expect to pay £130,000 plus. A 3 bedroom family house will cost you somewhere in the region of £220,000 – £260,000. You can buy a small building plot in Nicosia for around £45,000.
Paphos is the ancient capital of Cyprus and home to sites of archaeological interest. Paphos has been declared a UNESCO World Cultural Heritage Site and is a must see if you like your ancient ruins and Roman mosaics. Paphos is the preferred holiday destination of thousands and its beautiful beaches and plentiful accommodation cater to all budgets and tastes.
Paphos is the place to visit if you want to choose from a myriad of restaurants and enjoy a bit of nightlife afterwards.
Prices for a 1 bedroom apartment in a complex in Paphos start at around £35,000. Expect to pay anywhere from £55,000 to £100,000 for a 2 bed and over £90,000 for 3 bedrooms. A family 3 bedroom house will cost you over £125,000. Building land is expensive and hard to come by in Paphos, expect to pay over £200K.
Famagusta is a harbour town that was beautifully restored and pedestrianised in 1996. It is an excellent holiday destination with expansive golden sands stretching away in both directions from the harbour. Visiting the old town of Famagusta is like taking a step back in time and is a delight to explore, soaking up the atmosphere and whiling away the time in quaint cafes and tavernas. It makes a great base for dining, shopping and recreation. Famagusta is also close to the huge Roman ruins of Salamis, and a visit to its ruins and nearby beaches is an absolute must.
You can find a 1 bedroom apartment in Famagusta for as little as £45,000. A 2 bedroom apartment will set you back somewhere between £75,000 and £135,000 and you can expect to pay anywhere from £135,000 and up for an apartment with 3 bedrooms. A 3 bedroom family house in Famagusta will cost anywhere from £150,000 up to £300,000. A building plot can be anything over £60,000 depending on size and location.
Larnaca is built on the site of the ancient city kingdom of Kition. The remains of the ancient city can be seen in its walls made of giant blocks of stone and its 12th century Mycenaean Greek temples. It is also home to the impressive 10th century Church of St Lazarus in the centre of the town, one of the finest examples of Byzantine architecture in Cyprus. The sea front in Larnaca is lined with small cafes and restaurants and is a fantastic place to while away an afternoon, watching the town go by.
1 bedroom apartments in Larnaca start at around £45,000 – £50,000. 2 bedrooms start at around £65,000, while 3 bedroom apartments start at about £85,000. A detached 3 bedroom family house will set you back about £125,000 – £175,000 and a building plot can be anything over £60,000 depending on size and location.
The harbour city of Kyrenia located in the northern coast of Cyprus offers historical buildings in the old town, excellent scenery and some of Cyprus’s best beaches and some excellent restaurants.
Kyrenia has been under Turkish control since the Turkish invasion of Cyprus in 1974 and the population is predominantly Turkish Cypriots and settlers from Turkey it self. Property prices are as low as £30,000 and rise to around £130,000 for a three bedroom apartment.