Cyprus property values

Cyprus property values have soared in the past few years. Fuelled by buyers eager to find a place of their own in the Mediterranean sun and greedy land owners eager to make their fortune by selling their pot of gold, it has become hard to see what fair property prices in Cyprus really are.

Depending on whether you want Cyprus off plan property, a piece of Cypriot land or you are simply thinking of buying a home in Cyprus that has been built for several years already, prices can vary enormously.

Appartment Prices in Cyprus

• One bedroom appartments start from around €94,000/CYPŁ55,000 up to around €162,000/ CYPŁ95,000 for a large 2 bedroom appartment.
• These appartments are normally on complexes with shared swimming pools and other communal facilities.
• Prices in more exclusive areas and/or more luxurious complexes are obviously much higher.

Re-Sale Property Prices in Cyprus

• Buying a home in Cyprus from the re-sale market is a good choice. You already know whether your view is going to be spoilt due to other buildings around you and after a couple of years, any structural faults will have become visible.
• But resale property prices in Cyprus vary wildy, mainly as most prices are "made-up" by the seller. You can look at virtually identical properties in two different yet similar locations and find that the price varies by anything up to €150,000!
• Expect to pay at least €340,000/CYPŁ200,000 for a 3 bedroom villa with pool on the resale market.

Land Price in Cyprus

• Land prices in Cyprus have increased at twice the rate of house prices recently.
• The cost obviously depends on the location and size of the plot with large coastal plots being far more expensive than smaller rural plots.
• Average size plots of land in Cyprus are between 600 square metres and 1000 square metres.
• These plots cost between €102,000/CYPŁ60,000 and €256,000/CYPŁ150,000.
• We have seen some larger plots costing over €385,000/CYPŁ225,000 but in our view these Cyprus property values are just plain crazy!
• If you can still find a single plot of land in Cyprus around the €100,000 mark and it has reasonable views and services (electricity and water) close by then it is likely to be a bargain.

Cyprus Off Plan Property

• You can still get discounts for buying off plan property in Cyprus, usually 10-15% if you lay a deposit down in advance.
• Many appartment and town house complexes are sold off plan. Town houses range from €214,000/CYPŁ125,000 to €256,000/CYPŁ150,000 depending on number of rooms/bathrooms and location.
• Villas in Cyprus sold off plan can also attract discounts and the higher the asking price, the easier it is to negotiate a deal, especially if the developer has not sold any of the properties in advance and needs to bolster his cashflow!

  Expect to pay a minimum of €342,000/CYPŁ200,000 for your average three bedroom/three bathroom villa with swimming pool.

Dream property in Cyprus

• Dream home properties involve a unique build to a specific design.
• A good idea is to purchase your Cyprus land first then do your property build separately.
  Whilst this way of buying a home in Cyprus takes time and commitment, your Cyprus property value will probably end up better, especially if you are looking for a long term investment.
• Most developers will charge at least €1,200/CYPŁ700 per square meter to build a basic concrete frame property. So for an average 3 bedroom villa of around 150 square meters, you are looking at building prices of €180,000/CYPŁ105,000.

  Add that to your land price of €128,000/ CYPŁ75,000 and you have a purchase price of approximately €307,000/CYPŁ180,000.

• Remember this when you read the latest Cyprus property news advertising bargain villas at only €428,000/CYPŁ250,000!

Hopefully these Cyprus property values have given you some idea of what is a fair price in Cyprus. Prices correct as of February 2008.

Our advice would be to shop around carefully, don't rush into anything, see several agents and to get as much advice as possible from other people before you buy.

If you would like a recommendation for trustworthy Cyprus property agencies, please CONTACT us.

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