Cyprus property values
How much should you be paying?
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. NB - prices on apartments have come down in the last 2 years and are now in line with 2006 prices - basically developers got greedy and are now having to seeling at realistic prices!
- 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
Dream property in Cyprus
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
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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