|Last Updated: Aug. 29, 2016|
|LARNACA - Apartments||COST (€)||YIELD (p.a.)||PRICE/SQ.M. (€)|
|TO BUY||MONTHLY RENT||TO BUY||MONTHLY RENT|
|60 sq. m.||78,180||310||4.75%||1,303||5.16|
|120 sq. m.||147,600||508||4.13%||1,230||4.23|
|LIMASSOL - Apartments|
|65 sq. m.||115,960||534||5.52%||1,784||8.21|
|120 sq. m.||183,600||810||5.29%||1,530||6.75|
|NICOSIA - Apartments|
|60 sq. m.||95,760||378||4.74%||1,596||6.30|
|90 sq. m.||128,700||508||4.73%||1,430||5.64|
|120 sq. m.||158,880||530||4.01%||1,324||4.42|
|200 sq. m.||254,800||874||4.12%||1,274||4.37|
|Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule|
Property prices. Property is not expensive in Cyprus, with prices around €1,300-1,600 per square metre (sq. m.). Smaller properties cost rather more per sq. m. than larger properties.
Property rents. Apartments of 120 sq. m. cost around €500 per month to rent in Larnaca and Nicosia, and around €800 per month in Limassol.
If you are buying specifically with a view to renting out your property, Limassol appears to give you slightly higher yields.
Property returns. Cyprus has not traditionally been a great location to be a landlord, because of moderate rental returns. But while gross rental yields in Cyprus have remained steady over the years, they have fallen almost everywhere else as a result of the asset-inflationary effects of low interest rates. Result: Cyprus now looks comparatively attractive as a place where buying prices are low, so that capital gains on property are conceivable. However, it is always extremely hard to forecast which locations international buyers will seize upon as attractive.
Property buying costs. Round trip transaction costs on the purchase of old residential property in Cyprus are moderate, but VAT on new properties is high. See our Cyprus residential property Buying-Guide and Cyprus property transaction costs compared to the rest of Europe.
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