Homes Worldwide

Check out Cyprus's best areas for investment, relocation and holiday homes.

1. Larnaca

This southeastern coastal city is one of the oldest in the world and stands on the ancient site of Kitium (Kition/ Khittim), a Bronze Age port settlement that flourished by exporting copper extracted from the nearby Troodos mountains.

1. Larnaca

This southeastern coastal city is one of the oldest in the world and stands on the ancient site of Kitium (Kition/ Khittim), a Bronze Age port settlement that flourished by exporting copper extracted from the nearby Troodos mountains.

Although extensively rebuilt during the 1970s and home to the country’s main airport, with a population of just 46,700, Larnaca has retained its laid-back ambience. The popular Finikoundes (palm trees) area is a mile-long seafront promenade that’s lined with cafés, tavernas, restaurants and a sandy beach.

At the far end is one of the island’s few yacht marinas and the main shopping centre is just a short walk away. An annual attraction is the Kataklysmos Festival held in June. Other attractions include the Church of St Lazarus, the Mosque of Hala Sultan Tekke and Salt Lake.

The growth in demand for Larnaca’s comparatively cheap properties is predicted to push prices up by 15%. However, prices are still much lower than elsewhere on the island.

Two or three-bedroom homes can now be picked up for around C£130,000. A brand new three-bedroom villa beside the beach could be yours for C£155,000, while large four-bedroom family homes sell for under C£250,000.

Larnaca enjoys a healthy rentals market which is based around the summer months. The resort is particularly popular with young people who want an active holiday, although more British people with families and of retirement age have recently bought here, especially on the outskirts of the city.

Rents here are lower than elsewhere on the island, with the average monthly rent for a two-bedroom apartment being C£450 (£500) per month.

KEY FACTS

• Population - 46,666

• Airport - Larnaca Airport, 7130 Larnaca, Tel: +357 481 61 30

• Tax - Property tax per C£1,000: C£2.5 to C£4, based on property value

• Schools - American Academy Larnaca, PO Box 40112, Gregoris Afxentiou Avenue, 6301 Larnaca, Tel: +357 24 65 20 46, www.academy.ac.cy

• Medical - Larnaca General Hospital, Archbishop Makarios III, Larnaca, Tel: +357 04 63 03 00

• Pros - The city centre of Larnaca is situated only ten minutes’ drive from the airport. The city retains an elegant charm, epitomised by the central tree-lined promenade that leads to the yacht marina. Larnaca enjoys a low cost of living and a thriving expat community, including a branch of the British Citizens’ Association. Property here has risen significantly in value since 2003, at a rate of 20% per annum, although prices are still lower than they are elsewhere on the island.

• Cons - At busy times of the year, airport noise can become a problem, as can overcrowding in the resort. Despite the current affordability, it’s likely that prices will continue to rise, bringing Larnaca up to the same level as the other resort towns.

2. Limassol

With a population of 156,939, Limassol, also known as Lemesos, is Cyprus’s second-largest city. Its vibrant nightlife and colourful carnivals and festivals make it a very popular tourist destination. After the Turkish invasion of 1974, Limassol became Cyprus’s main port and, spanning 16 kilometres of southern coastline, is now the island’s largest resort.

Within easy reach of the majestic Troodos mountain range and the many wine-producing villages that nestle in its foothills, Limassol is the hub of the country’s winemaking industry. The city offers something to suit all tastes, from golden sandy beaches and luscious vineyards to many ancient archaeological sites, such as the medieval castle where Richard the Lionheart is said to have married Berengaria.

The main entertainment is to be found along the lively, recently developed seafront, although bars and eateries are springing up in the old port area, injecting it with new life.

The high demand for new properties continues to push prices up. Prices in Limassol have risen by around 20% per year, and there’s little sign of the market slowing down. A two-bedroom house with a pool situated close to Dassoudi Beach can be picked up for C£118,850. Small, detached houses with three bedrooms will cost somewhere in the region of C£157,536. Properties in the most popular price range of C£90,000 to C£225,000 (£100,000 to £250,000) sell very quickly opportunities and making this a good time to invest. Two-bedroom apartments and villas experience the highest demand, and in peak season, a two-bedroom apartment will fetch around C£312 to C£450 (£350 to £500) per week. Seafront properties are the most popular and generate the highest rents.

FACTS

• Population - 156,939

• Airport - Larnaca Airport, Larnaca 7130, Tel: +357 481 61 30

• Tax - Property tax per C£1,000: C£2.5 to C£4, based on property value

• Schools - Logos School of English Education, 33 to 35 Agialousa Street, PO Box 51075, 3501 Limassol, Tel: +357 25 33 60 61, www.logos.ac.cy

• Medical - Limassol General Hospital, Limassol, Tel: +302 533 03 33

• Pros - Cyprus is among the most prosperous countries in the Mediterranean region and is currently experiencing a property boom. Local living costs are moderate. Limassol is close to Larnaca and Paphos airports and telecommunications in the area are good. Legal and financial services are modern and efficient and are based on UK practices. Since 2003, property prices have appreciated by 20% per annum, but some smaller houses are still available at bargain prices.

• Cons - Limassol is running out of room for expansion, which will result in the slowing of the property boom. The influx of tourists and new residents has resulted in overcrowding.

3. Paphos

This pretty west-coast harbour town is steeped in a history that spans thousands of years. Reputedly the birthplace of Aphrodite, Paphos is a designated World Cultural Heritage site and boasts an abundance of archaeological attractions, notably the Tombs of the Kings (where underground tombs carved out of solid rock date back to the 4th century BC), the stunning Paphos Mosaics, the 2nd-century Odeon, and Paphos Castle.
The town is divided into two parts – Kato Paphos (Lower Paphos) and Ano Paphos (Upper Paphos), which are two kilometres apart.The traditional lower end centres around the quaint quayside with its outdoor restaurants and souvenir shops, contrasting with the modern shopping area of Upper Paphos.

As with the rest of Cyprus, demand for seafront property is high, and prices in the area are rising by 15% per annum. Two-bedroom houses cost around C£108,768, and a small semi-detached house with three bedrooms can be purchased for under C£163,033. Four-bedroom detached houses can sell for over C£231,181.

Paphos has a healthy rental market, which lasts for at least 30 weeks per year. Since Cyprus joined the EU, the rental market in Paphos has benefited from the larger number of people visiting the country. A two-bedroom flat can generate rentals of C£645 (£715) per month on average, while a four-bedroom villa can earn the landlord up to around C£2,250 (£2,500) per month. The demand for seafront accommodation in particular is extremely high.

KEY FACTS

• Population - 46,320

• Airport - Paphos Airport, Paphos 8320, Tel: +357 26 24 05 06

• Tax - Property tax per C£1,000: C£2.5 to C£4, based on property value

• Schools - International School of Paphos, 22 to 26 Hellas Avenue, PO Box 62018, Paphos 8060, Tel: +357 26 93 22 36, Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

• Medical - St George’s Hospital, 29 Eleftheriou Venizelou Avenue, PO Box 2259, Paphos 8021, Tel: +357 26 94 70 00

• Pros - Paphos has many well-established expat societies, includinga branch of the British Citizens’ Association. Paphos is a small, pretty town with a lot of history and a healthy year-round climate. The international airport is close by, and it provides good connections to most of Europe. A new marina, the largest on the island, was constructed in 2004. Paphos is a safe, friendly place that’s ideal for retirement or holidays.

• Cons - Paphos may not be the right place for you if you’re looking for an active and different way of life, as a large majority of the residents here are retired and the lifestyle is very similar to Britain. As a popular resort, Paphos becomes overcrowded with tourists in summer months.

4. Protaras

Once known as ‘Fig Tree Bay’, Protaras is now a highly developed tourist spot. Hotels vie for position along the crowded seafront and all the fig trees have long since vanished.

However, crystal-clear waters and some of the country’s best beaches make Protaras a popular destination among British and Cypriot holidaymakers.

Subsequently, the beaches can become very busy, but you can always retreat to the peaceful Cape Greko, which is about four kilometres to the south. Providing you don’t mind clambering over a rocky shore, some of the best snorkelling and swimming is to be had here.

For the more active tourist, a scenic coastal path passes cliffs, caves and Roman ruins as it leads from Protaras to Ayia Napa. Alternatively, you can follow the rugged cycle track from Konnos Beach to Cape Greko. There’s plenty of entertainment on offer in Protaras, including bars, pubs and restaurants, but if it’s nightclubs you’re after, head for Ayia Napa, the island’s famous non-stop party town.

The most sought-after homes in Cyprus are villas and bungalows with a sea view. Every year prices go up by between 15 and 20%, as demand for such properties by far outstrips supply. The average market value of a two-bedroom house with a swimming pool is C£125,344 here, and a luxury three-bedroom villa with a private pool costs C£128,437.

Protaras has a healthy rentals market that revolves around summer and lasts about 30 weeks per year. Rents are cheaper than in some other resorts: a two-bedroom apartment generates C£480 (£550) per month. Seafront properties fetch the highest prices, and tenants are usually young people or families.

KEY FACTS

• Population - 9,000

• Airport - Larnaca Airport, 7130 Larnaca, Tel: +357 24 30 47 00

• Tax - Property tax per C£1,000: C£2.5 to C£4, based on property value

• Schools - American Academy Larnaca, PO Box 40112, Gregoris Afxentiou Avenue, 6301 Larnaca, Tel: +357 24 65 20 46, www.academy.ac.cy

• Medical - Larnaca General Hospital, Archbishop Makarios III, Larnaca, Tel: +357 04 63 03 00

• Pros - Protaras is an elite resort with a string of secluded bays set into a rugged coastline. It has arguably the best beach on the island. The resort is well located, being only 45 minutes’ drive from Larnaca airport. There are good facilities, including quality restaurants, a thriving nightlife and opportunities to take part in watersports. The resort has a relaxed and friendly atmosphere.

• Cons - In summer, the beaches and restaurants become crowded and noisy. Despite the family-orientated facilities, some parts of the resort have a number of clubs and late-night bars. Protaras is close to Ayia Napa, which attracts large numbers of young people and clubbers who want to enjoy an active and often noisy holiday.