Property in Nicosia
The sector of real estate in Nicosia directly reflects the overall economic stability in Cyprus. The city is the financial, cultural, and business centre of the country, where a number of headquarters of Cypriot banks and international companies are located.
From year to year, the local real estate market is becoming increasingly attractive for investors who consider renting out apartments in Cyprus as a source of additional income. A significant role in increasing the demand for housing in Nicosia was played by a government programme that allows you to obtain a long-term residence visa, including through the purchase of property in Cyprus. Thanks to this, a safe environment has been established in the island and its capital, and sales of residential and commercial properties have increased significantly.
If you are planning to buy property in Nicosia, you will certainly appreciate the variety of local real estate. Since it’s not the most popular holiday destination, unlike other locations in Cyprus, it has a tranquil feel to it. There is always something to do in the vicinity of the city: you can go shopping at famous brand stores, visit world-famous attractions, play sports, etc.
Nicosia is a city with great potential and comfortable living conditions. There are many jobs and business opportunities in the capital of Cyprus. In recent years, national and international companies have opened brand new office spaces here. The capital provides the conditions needed to manage large and small corporations while keeping rents, prices, and taxes low. Property rental prices in Nicosia are slightly lower than in many other European capitals and even in other cities of Cyprus such as Limassol.
Nicosia compares favourably with other locations because it is just one hour from the best beaches and mountains of the island. Moreover, the capital’s proximity to Larnaca Airport, which is only 50 km away, provides easy access to anywhere in the world.
Properties in Nicosia, Cyprus will be an excellent option as a summer holiday home or permanent residence. The city has many parks and picturesque natural areas. They contribute greatly to the physical and mental well-being of the residents, who can walk there with their families and friends, train their dogs, or engage in active outdoor sports. Greenery, rivers, and wildlife make for a good escape from the noise of city life.
Properties prices in Nicosia
You can buy an apartment in the capital of Cyprus for €200,500. The average cost of a house is €268,983. Below you can find the current prices of property in Nicosia for investments and living, depending on the type and configuration of the unit.
Apartment:
| Number of Bedrooms | Price |
|---|---|
| Studio | €121,000 |
| Two bedrooms | €190,167 |
| Three bedrooms | €255,333 |
| Four bedrooms | €406,708 |
Houses:
| Number of Bedrooms | Price |
|---|---|
| Four bedrooms | €412,500 |
| Five bedrooms | €650,000 |
| Six bedrooms | €562,500 |
Apartments cost an average of €2,136 per 1 m². Over the past 12 months, this type of property has increased in price by 76%. Houses cost an average of €1,824 per 1 m². Houses have gone up in price by 11% over the year.
You can view specific property prices in Nicosia in the currency you are interested in in the catalogue on Cyprus-Real.Estate or request them directly from a specialist.
Investment property
Investing in the Nicosia real estate market has many advantages, including low taxes, constant demand, and high rental yields. Due to its proximity to several countries including Greece, Turkey, and Bulgaria, Nicosia is a popular and sought after destination. It is also one of the most prosperous cities in Cyprus, which has seen significant economic growth over the past few years.
The Nicosia real estate market is also experiencing an unprecedented boom, growing by around 20% every year. In 2022, Nicosia ranked second in the country in the number of residential and commercial property sales transactions after Limassol. A total of 5,311 contracts were signed here.
Many new business complexes are being built in the centre of the capital. These are mixed-use buildings at least four stories high, featuring state-of-the-art equipment, underground parking, reception desks, video surveillance, and climate control in all premises. The ground floor often houses retail space, while the upper floors contain residential apartments or restaurants. Such business centres can be easily rented out as a whole unit or split into individual floors or offices. It is this type of real estate that is now most in demand in Cyprus.
As for residential rentals, investment property in Nicosia yields an average of 6.36% per annum.
Buying property in Nicosia
Browse villas in Cyprus in the catalogue on Cyprus-Real.Estate to find your ideal home! View only verified properties from leading developers and owners in the country’s best locations. Search for properties that fit your key parameters yourself or with the help of a specialist. If necessary, you can always request property cost in Nicosia and detailed advice on the sale and purchase from a real estate expert.