Cyprus: House Prices, Rents, and Rental Yields
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Yields in Cyprus stable
| Last Updated: Aug. 27, 2009 | |||||
| NICOSIA - Apartments | COST (€) | YIELD (p.a.) | PRICE/SQ.M. (€) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 60 sq. m. | 114,780 | 538 | 5.63% | 1,913 | 8.97 |
| 90 sq. m. | 165,600 | 629 | 4.56% | 1,840 | 6.99 |
| 120 sq. m. | 202,560 | 766 | 4.54% | 1,688 | 6.38 |
| 200 sq. m. | 297,200 | 1,116 | 4.51 | 1,486 | 5.58 |
| LIMASSOL - Apartments | |||||
| 60 sq. m. | 176,460 | 620 | 4.22% | 2,941 | 10.34 |
| 90 sq. m. | 256,680 | 771 | 3.61% | 2,852 | 8.57 |
| 120 sq. m. | 329,760 | 883 | 3.21% | 2,748 | 7.36 |
| 200 sq. m. | 520,400 | 1,798 | 4.15% | 2,602 | 8.99 |
| PAPHOS - Apartments | |||||
| 55 sq. m. | 96,470 | 368 | 4.58% | 1,754 | 6.70 |
| 80 sq. m. | 154,320 | 486 | 3.78% | 1,929 | 6.07 |
| 120 sq. m. | 199,080 | 586 | 3.53% | 1,659 | 4.88 |
| LARNACA - Apartments | |||||
| 45 sq. m. | 82,980 | 347 | 5.01% | 1,844 | 7.70 |
| 70 sq. m. | 118,790 | 475 | 4.79% | 1,697 | 6.78 |
| 90 sq. m. | 151,830 | 538 | 4.25% | 1,687 | 5.98 |
| 120 sq. m. | 195,720 | 625 | 3.83% | 1,631 | 5.21 |
| 200 sq. m. | 261,000 | 704 | 3.24% | 1,305 | 3.52 |
| Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule | |||||
Yields in Cyprus stable
Property prices in Cyprus have risen fast over the past few years - 2007 was a spectacular year. Since the beginning of 2008 the market has stalled, largely due to the withdrawal of British buyers, who have suffered from the fall of the pound sterling against the Cypriot pound, which is pegged to the euro.
However rents have risen along with buying prices over the past 4 years years. So with the exception of Paphos, which has suffered a decline in larger apartment yields, rental yields on apartments in Cyprus’ major cities have been stable.
Present yields levels mirror those of 4 years ago:
Average gross rental yields in Cyprus:
- Nicosia apartments: 4.81%
- Larnaca apartments: 4.22%
- Paphos apartments: 3.86%
- Limassol apartments: 3.79%
Readers of the Global Property Guide will know that we prefer not to buy property at this kind of yield, and would rather rent. But given Cyprus’ rather stable price/rent ratios, it doesn’t seem that Cyprus property is very risky.
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Your Comments
posted by Angela | 2007-05-19
Property Consultant, Cyprus
I live in Cyprus have done for may years, and these figures are not very good as guidance. Also Nicosia and southern Famagusta are not mentioned. Yields in Nicosia are very good at the moment, demand is strong and increasing, no over supply. Average yields in the south vary from 4 to 8% depending on location and demand. Also I just bought a new 150m2 apartment in the centre of Limassol for CYP147,000 (GBP172,000) and it is now renting for CYP600 a month (GBP 702.00). Trust me your property price and rental figures are way off.
posted by Nigel Howarth | 2008-01-16
Independent Property Advisor, Cyprus
The figures are no doubt depressed by the unrented/unrentable jet-to-let holiday properties in the tourist areas. This will depress the numbers considerably. Good property in a good location will produce higher yields than indicated.
posted by Leonidas | 2008-01-21
Agent, Pafos, Cyprus
I live and work in Cyprus for all my life!! In my opinion, the numbers shoulb be taken from a valid source like a government department. A standard three bedroom villa for rent in Coral Bay, Pafos would cost around €240 per day; 1680 euro per week!!!
posted by Nigel Howarth | 2008-01-23
Independent Property Advisor, Erimi, Cyprus
But Leonides, how many weeks/year would you expect to rent a holiday home in a tourist area? 14, 15 or 16 if you're lucky. A more sensible investment strategy is to buy property in a residential area in the suburbs of Nicosia or Limassol where there's always a steady demand for long-term (one year and more) rentals from businessmen/women and their families. Although the weekly rate you achieve will be lower, this will be more than offset by the longer rental periods you'll achieve.Looking at the Paphos area, some developers seem to be getting desperate - I've seen one offering guaranteed rental returns of 15% per annum for the first two years and another is giving away a new car to house buyers. (Needless to say the cost of these 'incentives' will have been factored into the selling price).
posted by Nigel Howarth | 2008-05-14
Independent Property Advisor, Erimi, Cyprus
Interesting news in the local media today:Cyprus Mail: "Property sales down in 2008" - http://www.cyprus-mail.com/news/main.php?id=39178
posted by our Editor: Matthew Pollock | 2008-05-14
Thank you Nigel