Over the last 5 years, Cyprus has experienced growth rates between
In 2024, Cyprus’s real estate market is continuing to thrive, with house prices rising by 2.5% in the second quarter of 2024. The luxury sector is booming, with over 2,400 high-end properties sold in the first quarter of 2024.
Investors are drawn to Cyprus due to its stable economy, low taxes, and high quality of life. The country’s permanent residency program allows non-EU nationals to obtain residency by investing in real estate, starting at €300,000, making it an attractive destination for global investors.
1. Profitability. Owners can rent out their properties for an average annual yield of 4.5%. Property reselling will also be profitable, as the Cypriot real estate market has been growing for the last 8.5 years.
2. Multi-entry visa. Cyprus property owners become eligible for a multi-entry visa for 1 to 5 years. The visa allows them to spend 90 days within every 6 months in the country.
3. European Union permanent residence. Foreign investors can obtain a life-long Cyprus permanent residence if a property is worth at least €300,000.
As permanent residents of Cyprus, investors are entitled to live in the country indefinitely without the need for visa renewals. This offers stability for families and businesses looking to establish a base in Europe.
Permanent residents of Cyprus also have access to the EU's excellent healthcare system and education.
In 8 years, investors can apply for Cypriot citizenship if desired.
The average residential property prices per 1 m² in Cyprus per district are the following:
The country's average residential property price is €2,518 per 1 m², making it one of Europe's most affordable. For comparison, the average price in Paris, France is €9,430 per 1 m², in Milan, Italy €5,328 per 1 m², and in Portugal €1,596 per 1 m².
Apartments, villas, and townhouses are highly sought after in Cyprus. The average apartment costs around €250,000, while villas average €450,000. However, the cost of buying properties in Cyprus coastal areas, such as seaside villas, is higher. Depending on location and features, they range from €700,000 to 900,000.
| Real estate | Average price |
| Apartments | €250,000 |
| Houses | €316,000 |
| Villas | €450,000 |
| Coastal property | €700,000—900,000 |
Under the new "Housing Subsidy Scheme”, individuals and families under 41 years old can be granted €20,000 to 50,000 for home ownership.
The grants are allocated to 400 beneficiaries on a first-come, first-served basis via the online platform. The grant amounts differ based on family status: €20,000 for single individuals, €45,000 for couples without children, and €50,000 for families with children, including single-parent households.
To qualify, applicants must be Cyprus or EU citizens with legal residency in Cyprus for at least five years, or returning Cypriots with a minimum of two years of residency. The properties must be no larger than 100 square metres and located within municipal areas.
To be eligible, applicants must meet specific income requirements, with annual limits set at €25,000 for individuals, €45,000 for couples or single-parent families, €50,000 for households of three, and €55,000 for families of four.
Over the past five years, Cyprus property prices have grown between 5 and 8% annually. This rise is driven by strong demand from international buyers, especially in coastal and tourist-heavy areas.
In Cyprus, the House Price Index captures price changes of all kinds of residential property purchased by households. According to the Index, the first quarter of 2024 showed a 1.4% quarterly increase and a 2.5% annual increase of real estate.
By comparison, the annual increase in 2023 was a more robust 7.7%, highlighting a moderation in property price growth this year. In Q4 2023, the Residential Property Price Index increased by 8.3% year-on-year, with apartments rising by 12.7% and houses by 5.7%.
Residential property prices grew the most, with apartment prices specifically increasing for the seventh quarter in a row. One of the reasons is the new country policy, which requires Cyprus-operating foreign companies to relocate their headquarters to the island.
As a result, company owners, managers, and other staff members move to the large economic regions of Cyprus and start house hunting. As of August 2023, foreigners and expats from outside the European Union made one-third of all sales there.
Limassol boasts one of the highest real estate price dynamics in Cyprus. Apartment prices grew by 10.7% annually between 2023 and 2024, while house prices grew by 5.7%. Overall residential real estate price growth in the district was 8.2% over the year.
Larnaca has apartment prices that grew by an impressive 11% annually. House prices increased by 5.8%, and the overall residential real estate price increase was 8.4% over the year.
Paphos experienced one of Cyprus's highest annual apartment price increases at 8.3%. House prices also showed a solid 5.7% growth. Residential property prices, in general, grew by 6.8% over the year.
Nicosia, the country's capital district, saw apartment prices grow by 5.1% annually, while house prices grew by 4.3%. Overall annual residential property growth was 4.6%.
Non-EU citizens can invest €300,000 or more in Cyprus real estate and obtain permanent residence in return. Both residential and commercial properties are eligible.
Residential property can only be bought on the primary market. Investors can buy one or two properties for a total price of at least €300,000. They usually choose apartments, stand-alone houses, condominiums, villas, or penthouses.
Commercial property can be bought on both primary and secondary markets. Investors again can purchase one or two properties for a total price of at least €300,000. The most popular types are hotels, offices, and commercial properties such as shops.
Investors must keep ownership for at least 5 years, and they are allowed to rent it out. After that period, they can resell their investment property.
Other Cyprus Permanent Residence program options include investing €300,000 or more in company shares or investment fund units. In both cases, investors must buy or rent housing in Cyprus for any price and on any market.
Buying property in Cyprus as a foreigner is a straightforward process, with clear steps to guide investors from selecting their property to obtaining the title deed. Immigrant Invest experts are available to navigate each stage.
Here’s a quick guide on how to buy property in Cyprus in six easy steps.
Buyers can do this remotely using the database of more than 200 Cypriot properties from trusted developers.
A foreign buyer needs a government permit to acquire real estate in Cyprus. Lawyers at Immigrant Invest do this on the buyer’s behalf.
Our lawyers also assist the buyer in future stages of the deal, including preparing and translating the documents, filling out forms, and supervising the purchase and sale agreement.
A Cypriot bank account is required for the transaction process. Foreign buyers can open their account remotely but must visit the bank later to make the account viable.
The buyer and the seller sign a preliminary agreement to reserve the title and make it unavailable to other buyers for two months. The buyer makes a down payment of 10—30% of the property’s price.
The buyer signs the purchase and sale agreement and pays the remaining amount.
The new owner applies to the Department of Lands and Surveys of Cyprus and receives the title deed.
Cyprus's real estate taxes are divided into VAT, property transfer tax, and stamp duty.
VAT is only imposed on new real estate; its standard rate is 19%. The VAT rate may be reduced to 5% if the property is the investor's first in Cyprus and they plan to live there. The property's buildable area must not exceed 190 m², and the total transaction cost must not exceed €475,000.
Transfer tax is only paid on resale real estate and not on properties with VAT. It’s a fee that depends on the property cost:
Stamp duty is paid for both new and resale real estate and is 0—0.2% of the transaction cost. Properties worth between €5,000 and 171,000 are taxed at 0.15%, and properties over €171,000 are taxed at 0.2%.
Additionally, property sellers in Cyprus pay a capital gains tax of 20% on the purchase and the sale price difference. Owners who rent their property out pay a 0—35% tax on the income.
An average utility bill in Cyprus ranges between €100 and 500 a month for a 90 m2 apartment. Electricity and water are the main expenses; there is no central heating due to the country’s Mediterranean climate with mild winters.
Electricity in Cyprus is around 30 cents per 1 kW. The price depends on which tariff a property owner pays: home, commercial, or industrial. Payments are made according to the electricity metre, and the bills are paid every two months.
Water in Cyprus is paid monthly using a fixed €22 plus 64 cents per 1 m3. If water consumption exceeds 120 m3, the rate increases to 9 cents per 1 m3.
Municipal fee for house maintenance, such as sweeping, outdoor electricity, and repairs, is also levied annually. It ranges between €55 and 185.
In 2024, Cyprus's rental market saw significant growth, with apartment rents increasing by 10.57% and house rents by 9.55%.
In Nicosia, one-bedroom flats rent for around €600 per month, while two-bedroom options average €875, and three-bedroom units go for about €1,000.
In Limassol, rental prices are higher, with one-bedroom apartments costing an average of €950 monthly, two-bedroom units at €1,217, and three-bedroom properties at €1,525.
In Paphos, rents are more affordable, averaging €412 for one-bedroom, €625 for two-bedroom, and €712 for three-bedroom units.
In Larnaca, average rents stand at €575 for one-bedroom, €738 for two-bedroom, and €900 for three-bedroom flats.
Under a new initiative, "Renovate-Rent," property owners can secure up to €35,000 in funding for renovations. This scheme, with a budget of €25 million, aims to bring 1,000 vacant residential units into the affordable rental market over the next two years.
Both individuals and legal entities can apply for subsidies to renovate vacant properties that have been unoccupied for at least 12 months before October 2023.
To be eligible, properties must be at least 15 years old and consume less than 200 kWh annually, as confirmed by electricity bills.
The subsidy amounts are capped at €15,000 for one-bedroom units, €25,000 for two-bedroom properties, and €35,000 for three-bedroom homes.
Applications can be submitted until December 31, 2025.
No, they have been on the rise for the past decade. The latest annual increase was 2.5%. Apartment prices in Cyprus show the most intensive growth.
On average, 1 m² of housing in Cyprus is €2,518. An average house costs around €300,000. Coastal properties are more expensive and can exceed €1.5 million.
Cyprus has competitive property prices compared to the rest of the European Union. However, they have been on the rise due to the increased demand from foreign investors. Right now, the average price of housing in Cyprus is €2,518 per 1 m².
Yes, you can get a Cyprus permanent residence by investing in one or two properties for €300,000+. You can choose residential or commercial titles. The program requires investors to keep property ownership for at least 5 years, but they are allowed to rent it out.
You can choose a title in Cyprus remotely and reserve it for two months by making a down payment. A local bank account is required, as well as a purchase permit from the government and the services of a Cyprus-based notary. Lawyers with a power of attorney can carry out most of the tasks on your behalf.
Yes, foreigners can buy property in Cyprus and obtain permanent residence if the real estate price is at least €300,000. Buyers should consider additional costs like VAT which is 19% on new properties, transfer fees, stamp duty, and legal fees.
