Cyprus: House Prices, Rents, and Rental Yields
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Last Updated: Dec 22, 2006
Gross yields are low to moderate in Cyprus
| Last Updated: Dec. 22, 2006 | |||||
| LIMASSOL | COST (€) | YIELD (p.a.) | PRICE/SQ.M. (€) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 50 sq. m. | 102,000 | 470 | 5.53% | 2,040 | 9.40 |
| 80 sq. m. | 165,000 | 750 | 5.45% | 2,063 | 9.38 |
| 120 sq. m. | 260,000 | 950 | 4.38% | 2,167 | 7.92 |
| 150 sq. m. | 320,000 | 1,150 | 4.31% | 2,133 | 7.67 |
| 250 sq. m. | 523,000 | 2,150 | 4.93% | 2,092 | 8.60 |
| LARNACA | |||||
| 50 sq. m. | 105,000 | 400 | 4.57% | 2,100 | 8.00 |
| 80 sq. m. | 173,000 | 605 | 4.20% | 2,163 | 7.56 |
| 120 sq. m. | 284,000 | 900 | 3.80% | 2,367 | 7.50 |
| 150 sq. m. | 338,000 | 1,350 | 4.79% | 2,253 | 9.00 |
| 250 sq. m. | 600,000 | 2,200 | 4.40% | 2,400 | 8.80 |
| PAPHOS | |||||
| 50 sq. m. | 145,600 | 600 | 4.95% | 2,912 | 12.00 |
| 80 sq. m. | 254,700 | 955 | 4.50% | 3,184 | 11.94 |
| 120 sq. m. | 348,000 | 1,480 | 5.10% | 2,900 | 12.33 |
| 150 sq. m. | 415,000 | 1,900 | 5.49% | 2,767 | 12.67 |
| Source: Global Property Guide | |||||
Cyprus is a renters’ market. Many foreigners buy in Cyprus, and there is an oversupply of property. Rents and yields are low, and (from the owners’ perspective) taxes on renting are quite high.
Yields on rental property in Cyprus were on average 4.7% in 2006, according to Global Property Guide estimates.
Yields on properties in the district of Limassol range from 4.3% to 5.5%.
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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).