Paphos
The ancient city of Paphos, with calm seas and stunning sunsets
has proved popular with tourists and developers alike, and a
plethora of resorts and off-plan developments have sprung up around
the area. Its popularity has pushed up house prices, making it the
most expensive area of Cyprus. A new luxury development by
developers, Pafilia, will be selling apartments from £223,000
($440,600). Other developers offer a studio apartment from £119,000
($235,100) going up to £224,000 ($442,600) for a two bedroom
apartment.
Limassol
Cyprus' second biggest city, Limassol, is also highly popular,
with beaches, a huge variety of nightlife and a dash of ancient
culture provided by a castle and mosque amongst crumbling, old
fashioned artisan streets. It is relatively commercialised and has
a year round tourist season which is good for the rental market.
Available property is mostly off-plan, with luxury apartments
starting from £205,000 ($404,800), more reasonable villas available
at around £123,530 ($240,000) and central urban apartments costing
from £79,590 ($157,000).
Larnaca
The quieter and less-developed town of Larnaca offers a more
relaxed lifestyle and property often 20% cheaper than that in the
most expensive regions. It is said to be the only area in Cyprus to
have seen steady increases of property prices by 8% - 10% a year.
The nearby airport makes for reduced travelling time and ease of
access. Apartments on developments can start from £105,000
($207,340).
Nicosia
The capital, Nicosia, sits further inland on the dividing line
across the island. With a year round tourist industry, Nicosia
boasts high returns and increasing prices as land becomes scarce.
Again, most property is off-plan and much is sold within the early
stages of development. One and two bedroom apartments in the outer
regions of the city can be bought with prices starting from £75,000
($148,000), whilst a two bedroom apartment in the centre can be
bought for £115, 600 ($228,270).
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