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Invest in Cyprus Real Estate: The 2023 Guide for Foreign Buyers

Posted by Despina on February 28, 2023

Cyprus is a location many love to visit but hate to leave. Its ideal location, stunning weather, low cost of living, and venture potential are just four reasons many people decide to invest in Cyprus real estate.

The sector is booming right now, with many international investors realising the island’s great opportunity for those considering buying property in Cyprus. 

Whether you are thinking of relocating with your family or for work or looking for a property to rent out or land to buy, the following guide will give you all the information you need to choose and own the right real estate option for you. 

Type of Property

Buying real estate in Cyprus can be a very profitable investment. According to the Residential Property Price Index 2022 Q2 released by the Central Bank of Cyprus, a quarterly increase of 1.7% for apartments and houses was recorded compared to 1,1% for Q1. While demand in the real estate market in Cyprus is rising, supply is going down so it is only logical to believe that if someone wants to invest in property, they should do it sooner rather than later when even fewer properties will be on the market at higher prices. If the decision has been made to invest, the next question is which type of property?


The best choice if you are not planning to make Cyprus your permanent home. Perhaps you want to come over during the summer months and rent it out during winter, or you are looking to receive a steady income through rent. Living in apartments is becoming very popular at the moment and more people are more inclined to rent a home at more affordable prices rather than buy one.


A house can more easily become a home, especially if you have a large family. Many modern houses are currently being built but there are also many existing and more classic houses on the market, which means there is more choice and more certainty that you will find the style of house that fits your taste and needs.

Offices and Commercial Buildings

If you are planning to start a business in Cyprus or if you are diversifying your business to the island, you will need to buy or rent office space. This could range from a floor of an office building or the whole business building, depending on your needs. You might also want to consider buying an office building to rent as the current business scene is booming due to the country’s location and tax benefits.

Residential building

One of the best bets when looking to invest in Cyprus property for financial gain is a residential building. Many old and derelict houses in Cyprus are being demolished and contemporary residential buildings are being built in their place. These buildings provide great striking opportunities to put your capital somewhere where gains are almost certain.

Plot and Land

The saying that you can’t lose when you buy land is very true when buying property in Cyprus. So, if you want to invest your capital in something that will just sit there without needing maintenance and gain value with time, land is the best investment opportunity for you.

Property Prices and Location

Once you know which type of real estate you want to invest in, the next important elements to consider are price and location. Your budget will help to narrow down your choices as property value is very much attached to location.


Like in most other places in the world, the cost of real estate in the capital may be considered high but the price really depends on the area of Nicosia you are considering. Real estate closer to the downtown area may be more expensive than real estate located on the outskirts of the city. Also, more modern buildings and houses would be more expensive than older, classical constructions. This is the city where governmental departments are located and is seen as a business centre for most sectors. So, Nicosia is a strategic and captivating location for most businesses. 


The seaside city that welcomes thousands of travellers to the country via its airport every year has been developing at a fast pace lately. This being said, the price of property in Larnaca is considered affordable and will most likely not break the bank.


Limassol is considered to be the most luxurious city on the island. You can find state-of-the-art villas, apartments, houses, and commercial buildings, but the closer to the breathtaking seafront the more expensive. Real estate located further out of the city is cheaper. This is the city that never sleeps in Cyprus and the city you will want to be if your lifestyle involves a taste for luxury. 


Real estate around the Aphrodite Hills area is considered to be the most expensive in Paphos, other than that, prices vary. The city of the Tombs of the Kings and the Rock of Aphrodite has a very relaxed atmosphere and is the closest to the old Cypriot way of living. Many expats from Britain find this the perfect place to retire. 

Finding an Estate Agent

A full-service agent that is also an expert in the property market, will be your perfect guide to buying property in Cyprus. One of such agency is Galaxia Estate Agencies. The expert team will hear your every need, feel where your passions lie, and show you properties accordingly. Your essential guide, that takes equal care of its residential and commercial customers, will lead you through the contracting and payment processes while also offering top-notch property management services. An experienced and professional agent will help you navigate the housing market and stand by you until the title deeds are in your hand. 

Your property guide will also knowns all about and may be able to help you with:

The Cyprus Citizenship and Residency Programs

Other than profiting from capital appreciation on property sales, investing in property is also a means to obtaining permanent residency in Cyprus. Foreign investors qualify for this when they buy a new house or apartment from a property developer for a minimum of €300,000. Once permanent residency is obtained, Cypriot citizenship can be the next goal.


Since October 2011, the Ministry of Finance has been offering a reduction in VAT from 19% to 5% on the purchases of new property to be used as primary residency in Cyprus. Estate agents will know how to go about obtaining this tax bracket from the republic of Cyprus.

Renting out your property

According to the Ask WiRE Index, the rental values for Q2, 2022, increased by 6.6% for apartments and 5.0% for houses. This is a sudden jump after a year of stability and prices could increase further. For someone who owns property on the island and wants to rent it out that means a steady monthly income and a good return on investment.


There is no doubt that Cyprus has been a desirable destination for investors for decades and in 2023 this is still very true. Just choose the type of real estate and the location you want to invest in, and tell your estate agent your budget and get ready to find your very own property in Cyprus.

FAQs about investing in Real Estate in Cyprus

Non-EU citizens qualify for permanent residency in Cyprus when they buy a new house or apartment from a property developer for a minimum of €300,000.

Before foreign citizens can obtain Cypriot citizenship, they first have to buy a new house or apartment from a property developer for a minimum of €300,000. Once permanent residency is obtained, Cypriot citizenship can be the next goal.

Prices vary depending on location and size. Apart from the actual price of the house, you also have to pay property tax and legal fees, including stamp duty and transfer fees.

Most conveyancing transactions in Cyprus can take from 3 to 6 months.

The easiest and safest way to go about buying land in Cyprus is to find an estate agent to help you find the plot of land and guide you through the buying process.

Yes, the property market is booming in 2023, after two years of stability.

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