Buying a property in Limassol

Thinking of buying a property in Limassol? Gain insight into the benefits of buying property in the city and wider district, the current property market, top locations for foreign buyers and steps to securing your own home there.

Why buy property in Limassol?

Located on the shores of Akrotiri Bay, on the southern coast of Cyprus, Limassol is the island’s second-largest urban area. Find out why buyers choose Limassol…

A glorious combination of ancient and modern

Limassol offers residents the best of both worlds: a historic core and contemporary buzz. The winding cobbled streets of the central old town ooze charm and character, with modern amenities dotted here and there. The Old Fisherman’s Harbour serves as a reminder of what the city once looked like.

Tourist hub

Limassol’s state-of-the-art marina attracts tourists to the city every year. The modern, luxury marina has 650 berths and is surrounded by designer boutiques, spas, leisure clubs and luxury residences.  Plus, cruise ships dock here, bringing countless tourists each week.

Modern amenities

Many properties in Limassol, particularly new developments, come with modern amenities, such as swimming pools, gyms and shared gardens. These features enhance convenience for overseas buyers.

Affordable homes

There are lots of apartments in Limassol which can be picked up for as little as €115,000. These often include shared amenities. Such properties are typically more expensive the closer to the coast they are. However, they’re typically more affordable than in Paphos and Nicosia.

Blue Flag beaches

The coastal city is home to 15 Blue Flag beaches, an accolade awarded to only the very best beaches with high ratings for accessibility, sustainability and cleanliness. What’s more, the promenade spans a total distance of about 13 kilometres and is lined with a range of shops, restaurants and bars.

Understanding the property market

Limassol has something to offer to those with varied budgets and tastes.

The average apartment price in 2023 was €390,000 and the average home price was €423,000. While these figures seem quite high, this is likely influenced by the rising number of high-end properties for sale in Limassol. So rest assured you can buy much more affordably than that. A whopping 74% of luxury property sales took place in Limassol, followed by Paphos (15%).

You’ll have a better choice of apartments in Limassol than in Larnaca. Although there are some high-rise apartments with prices over €3 million, a budget of €100,000 will be enough for a two-bedroom apartment in Pissouri, for example.

Where to buy property in Limassol

Limassol Old Town

If it’s traditional charm you’re after, Limassol Old Town could be the place for you. There you’ll find an array of smaller homes and apartments in the centre and slightly larger homes on the outskirts.

You can buy a detached two-bedroom villa-type house on the outskirts for about €150,000-200,000, a two-bedroom apartment for €230,000-240,000 or a bungalow with a swimming pool for €220,000-240,000. If you buy a villa with a pool, it will be more expensive. Bungalows seem to be very popular across Cyprus.

Limassol marina & town centre

The state-of-the-art marina attracts thousands of visitors each year, making it an attractive investment for residential buyers. The area is fast becoming known as the “Dubai of Cyprus”, thanks to its ever-growing high-end, high-rise skyline.

While some parts of the island are desperate to cling to their traditional roots, Limassol is proudly embracing a more contemporary approach. Consequently, there’s no shortage of luxury apartments around the marina. And if one tower block gets snapped up by eager buyers, it seems like another is already under construction to meet the demand, with plenty more giant structures in the pipeline.

A two-bedroom apartment located in the tallest seafront residential tower in Europe, with an expansive veranda, panoramic sea views and access to a pool, bar, spa, games room and wine cellar could be yours for a mere €3 million.

Agios Athanasios

Agios Athanasios is a highly desirable residential area in Limassol, known for its upscale properties and family-friendly environment. The area offers excellent amenities including schools, supermarkets and green spaces, making it ideal for families and professionals seeking a balanced lifestyle.

Foreign buyers favour Agios Athanasios for its proximity to Limassol city centre. The property market features a mix of modern apartments, luxurious villas and penthouses, often with fantastic sea views. One-bedroom apartments start around €200,000 and prices increase the more bedrooms you add and the higher the property.

Mouttagiaka

Mouttagiaka is renowned for its luxurious living and prime coastal location. Residents enjoy a serene lifestyle with easy access to the beach, upscale restaurants and recreational facilities. Mouttagiaka’s blend of tranquillity and convenience makes it a top choice for those seeking a luxurious life by the sea.

The Mouttagiaka property market area is rather affluent with a range of high-end apartments, spacious villas and grand mansions, many of which offer breathtaking views of the Mediterranean Sea. Prices for two-bedroom apartments start at €330,000 and penthouses in high-rise apartments start from €1,200,000.

Is the property in Limassol a good investment?

Property in Limassol can be a solid investment due to the city’s ever-growing popularity, economic stability and the attractive lifestyle buyers can enjoy there.

The real estate market has shown significant growth in recent years, including the development of a state-of-the-art marina which has increased the city’s appeal.

For investors, rental yields in Limassol are quite favourable. Apartments have an average rental yield of 6% whereas more expensive areas, like Mouttagiaka, offer even higher yields, reaching up to 12% in some areas. This suggests that you could get a higher return for luxury properties.

10 steps to buying a property in Limmasol

Buying a property in Limmasol is not difficult if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.

1. Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
2. Research and planning: Download guides, go on trips, and sign up for events and exhibitions to gather all the information you may need about buying a property in Limmasol. Try to narrow down the location you want to buy a property in.
3. Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
4. Make essential connections: Connect with a local estate agent. The easiest way to do that is to enquire a property in Limmasol. Also, contact an independent property lawyer and maybe a tax specialist too.  
5. Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
6. Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
7. Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually 20-30%).
8. Plan for utility connections: The wait begins, this can often take up to nine weeks. It’s wise to look into getting your utilities connected during this time.
9. Sign the final contract: When ready, you’ll be asked to sign the final contract and pay the outstanding amount on the property. Then, you’ll get the keys to your very own home in Limmasol.
10. Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.