11/11/2024
INVESTING INTO THE PROPERTY MARKET IN CYPRUS
With its robust economy and EU membership, Cyprus presents a stable and attractive opportunity for investors. With rental yields averaging between 4-6% annually, the real estate market in Cyprus is up-and-coming, offering the potential for a steady passive income and a significant return on investment in the long term.
At the moment buying property worth at least €300,000 in Cyprus can result in permanent residency and, after eight years, in Cypriot citizenship, making it a sound investment.
RENTAL YIELDS
- Residential Properties: In major cities (Nicosia, Limassol, and Larnaca) rental yields for residential properties generally range between 4% to 6% annually. In some tourist-heavy areas (e.g., Paphos or Limassol), yields can be higher, particularly if the property is rented out short-term (e.g., vacation rentals).
- Commercial Properties: Commercial properties, especially office spaces and retail units in central business districts, offer higher returns up to 8%.
In 2022, the Residential Property Price Index (RPPI) saw annual gains of 7,4%, reflecting strong demand and limitePd supply. This trend continued into 2023 and the first quarter of 2024, with solid increases in apartment prices and more modest housing price gains.
PROPERTY PRICES
Property prices
As of October 2024, the average price for an apartment in Cyprus per square meter totals around € 4,053. The median price for a house per square meter being around € 3,396.
