How much does the cheapest property in Cyprus cost?
Published on 19th of March, 2024
The most beautiful island in the Mediterranean Sea, Cyprus, attracts investors and sun beach lovers with its culture, history, and, of course, opportunities for real estate acquisition. Is it possible to find affordable real estate on Cyprus that simultaneously meets the desires for quality and location? In this article, we will explore how much the cheapest real estate in Cyprus costs, as well as investigate the options available for those dreaming of living by the sea without incurring significant expenses.
What Affects the Cost of Real Estate in Cyprus?
Before discussing prices, it's worth noting that the cost of real estate in Cyprus can vary significantly depending on several factors: location, proximity to the sea, the condition of the property, the infrastructure of the area, and other characteristics that may affect the price. In general, the closer the property is located to large cities or popular tourist zones, the higher its price. However, even under such conditions, affordable offers can be found if you know where to look.
The Cheapest Real Estate in Cyprus
The most accessible real estate in Cyprus is usually found in small towns or villages, located relatively close to large cities but still at a certain distance from the sea. These can be compact apartments, small houses, or even studios in residential complexes that require minor repairs or are in decent condition.
Prices for such real estate can start from approximately 60,000 euros. For example, a 2-bedroom apartment of 80 sq.m in a complex from 2010 near Larnaca costs 90,000-100,000 euros. The same apartment in Larnaca itself will already cost from 200,000 euros. It's important to remember that the price can vary depending on the size, condition of the property, and its exact location. Typically, such objects are located 5-10 minutes drive from the sea, which is quite acceptable for those accustomed to living in a large city.
Such real estate can be found on the website bazaraki.com.
Advantages and Disadvantages
One of the main advantages of purchasing affordable real estate in Cyprus is, undoubtedly, the opportunity to live in a Mediterranean country with a high quality of life, mild climate, and rich culture. Furthermore, it can be a profitable investment considering the potential for real estate price growth and the possibility of earning passive income from renting.
Among the benefits of living outside the city are: tranquility, safety, views, clean air, proximity to the highway.
However, there are certain disadvantages, such as the need for investment in repairs and maintenance, and the possible remoteness from major tourist attractions and infrastructure. It's also important to consider expenses on taxes, maintenance, and real estate insurance.
But the main downside is that you will have to spend an additional 10 minutes each day to get to a large city (if necessary). And the same amount of time to return. And time is the most valuable asset. Therefore, weigh this carefully.
How to Choose Affordable Real Estate in Cyprus?
When choosing affordable real estate in Cyprus, it's important to pay attention to a few key aspects:
- Location: How important is the proximity to the sea or to large cities for you? Is there a developed infrastructure in the area?
- Condition of the Property: Are you ready to engage in repairs, or are you looking for a property that can be used immediately?
- Budget: How much are you willing to spend on the purchase and subsequent maintenance of the property?
It's also recommended to seek help from professional real estate agents who specialize in the Cyprus market to get up-to-date information on available options and assistance in making a deal.