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Cyprus property values

How much should you be paying?

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, especially when you see sea-front properties advertised at over 1 million Euros!

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.

Prices just updated as at September 2010.

Guide to Property Prices in Cyprus

Apartment Prices in Cyprus

One bedroom apartments start from around €75,000 up to around €145,000 for a large 2 bedroom appartment.

These apartments 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 from €325,000 for a 3 bedroom villa with pool on the resale market.

Land Price in Cyprus

Land prices in Cyprus increased at twice the rate of house prices between 2005-2009 and land owners are still asking silly money for land.

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 and €256,000.

We have seen some larger plots costing over €385,000 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 apartment and town house complexes are sold off plan. Town houses with 2 bedrooms range from €150,000 to €200,000 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 negotiatea 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 €350,000 for your averagethree 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 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.
Add that to your land price of €128,000 and you have a purchase price of approximately €307,000.

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

Hopefully these Cyprus property values have given you some idea of what is a fair price in Cyprus. Prices correct as of September 2010.

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.

Related pages:

Cyprus Property Sales - Re-sales and new developments in Cyprus at Sunshine Estates

Get a good lawyer

Contact a Cyprus Estate Agent

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