Choosing a Property in Cyprus

Many British buyers have chosen Cyprus as a destination for their own holiday use and hence head to the major towns and resorts. The combination of low property prices, cheap charter flights and an excellent climate make it a perfect holiday home destination.

But there is also a healthy rental market in Cyprus with some areas with high tourist traffic, such as Paphos, Protaras and Ayia Napa, particularly well-suited to holiday lets. So if your priority is to make your investment pay for itself, as opposed to choosing a location purely because it’s somewhere you want to be for your own personal use (of course, there two criteria may coincide), then you should consider property in these areas.

Paphos has a 12-month season, its mild winters making it a popular escape in the coldest months in the UK for people of retirement age. Paphos is the most popular area for visitors at present and good areas there for investment are Kato Paphos, Tala, Tomb of the Kings, Chloraka and Peyia.
In contrast, tourist towns on the east coast such as Protaras, Ayia Napa and Paralimni see very few tourists between November and April, so properties there are only suitable for summer lets.

If you are buying purely for investment – and for long-term lettings – then look at the main cities, Nicosia, Limassol and Larnaca.

There is a great deal of new development taking place near the major towns such as Paphos, with competitive prices and beautiful views of mountains or beaches. Even though prices in Paphos itself have risen a lot in the past couple of years, you need only head a few kilometres away, either on the coast or in nearby traditional villages, to find attractive new or resale properties for a fraction of the price.

Given a relatively small area and two international airports – one on either side of the island – nowhere in Cyprus takes long to reach, so rural Cyprus is also tempting some house-buyers who would rather an isolated perch in the Troodos mountains, yet still be able to drive into the main towns within 20-30 minutes.