Finding affordable property in Cyprus

Cyprus is a coveted destination for international property buyers for a number of reasons. Its year-round sun, central location between Europe and the East, friendly people, beautiful sandy beaches and generally enticing Mediterranean ambience are endlessly appealing. But it can be challenging to find affordable property in Cyprus at lower budgets.

There are ways to buy in Cyprus on a budget. This page outlines ways you can save money by buying under market value and focusing on regions which offer better value for money.

How to find affordable property in Cyprus

The simple trick to bagging a bargain in Cyprus is to focus on properties that don’t appeal to most people. That might be down to location, condition or simply lacking kerb appeal.

Fixer-uppers

A fixer-upper is a property that requires renovation. The strategy to “buy the worst house in the best street” still holds good. A property can be improved, while an area cannot – at least not by one person.

Not everyone has the vision for a renovation project. Many buyers overlook a cheap property that could be transformed with a modicum of investment and effort, opting for one that doesn’t require any work and meets their expectations immediately.

However, it’s crucial to account for renovation costs in your budget. A seemingly affordable fixer-upper can end up costing more than a property in good condition. It’s always smart to engage a qualified surveyor to assess potential renovation costs. Also, a lawyer can help determine if your renovation plans align with local planning laws.

Off-plan developments

Most people prefer a ready-to-move-into property. But if you can wait a year or two and afford to pay about 30% of the price upfront, you can end up with a brand-new property at a lower price.

Purchasing a property before it’s built often allows for a lower purchase price. Developers are eager to secure sales early and may offer appealing discounts to early buyers.

However, buying off-plan carries some risks, including construction delays and the potential for the finished property not meeting your expectations. Always research the developer’s history and ensure your payments are protected by a bank guarantee.

Timing your purchase

Like any market, the Cypriot property market has its ups and downs. The off-season, in winter, is often the best time to buy property. Think about if from the vendor’s point of view. After the tourists leave in November, holiday homeowners may not want to pay for maintenance all winter. The estate agent may be looking for a quick sale too before the winter sets in.

You can also get creative. A surprisingly good tactic is simply to put a note in the door of properties you like the look of and asking if they fancy selling? It’s especially worthwhile for properties that look neglected or abandoned

Negotiating effectively

While haggling over the price might be uncomfortable, it can save you thousands of euros. When inquiring about the market, consider seeking advice from property professionals such as surveyors and property lawyers, not just estate agents.

Searching for prices of similar properties – even recently sold prices – is easy with property portals. Armed with this knowledge, a buyer can more easily determine if a price is fair or if a vendor is overpricing.

Budget-friendly areas

As with most islands, inland properties typically have lower starting prices than coastal properties.

Away from the hustle and bustle of the tourism industry they tend to be more affordable. Here are a few villages to consider:

Frenaros

Frenaros is a charming village in Famagusta, four miles west of Paralimni and nine miles northeast of Ayia Napa. Residents there enjoy a traditionally Cypriot lifestyle and the location offers a peaceful environment with beautiful countryside views, while being just a short drive from the beach. The average property price for a three-bedroom villa in Frenaros is €200,000.

Sotira

Not too far from Frenaros is Sotira, a village famous for its agricultural produce, namely watermelons and pomegranates! Sotira is a lively place with a vibrant centre where you’ll find all essential amenities including traditional Cypriot tavernas. It’s close to Ayia Thekla beach and the new marina in Ayia Napa. Homes there typically sell for around €190,000 for a two-bedroom apartment.

Deryneia

Deryneia is a large village on the east side of Cyprus renowned for its strawberry production. The village has a rich cultural heritage, with a number of archaeological sites and monuments. It offers a mix of modern amenities and traditional charm. Plus, it’s not far from the lovely beaches at Protaras. Homes here are relatively affordable and a two-bedroom apartment would cost around €155,000.

Peyia

Peyia (or Pegeia) is a lively village in the Paphos district known for its breathtaking sea views and diverse community. Key attractions include the renowned Coral Bay beach and the Church of Agios Georgios. Due to its location, Peyia attracts active buyers who can appreciate the various outdoor activities available nearby, including hiking and water sports. A three-bedroom villa in Peyia would cost around €250,000.

Polis

Just round the corner from Peyia lies Polis, a tranquil town on the western coast. Polis would make a fine home for those seeking a relaxed lifestyle as it’s close to sleepy beaches and Akamas Peninsula National Park. Apartments are popular in Polis and a two bedroom would cost around €200,000.

Tersefanou

Tersefanou is a small village near Larnaca, offering a quiet and laidback lifestyle. It is known for its agricultural produce and traditional Cypriot architecture. Tersefanou would be ideal for those looking to be close to the beach but with a smaller property budget. You can easily find two-bedroom apartments here for as little as €85,000.

How to negotiate – Learn tips from the experts on getting the most for your money