Buying a property in Nicosia
Nicosia, known locally as Lefkosia, is both a city and a district situated in the heart of Cyprus.
Indeed, it is the capital city of the Republic of Cyprus and as such is a favoured destination for international property buyers who appreciate its bustling urban life, rich historical heritage and strategic inland location.
If you’re buying a property in Nicosia, this page will provide insights into the local property market, highlight popular neighbourhoods and help you understand what you can get for your money in Nicosia.
Why buy property in Nicosia?
Dynamic city life
As the capital city of Cyprus, Nicosia offers a bustling urban lifestyle. With a variety of shopping malls, restaurants, cafes and entertainment venues, there’s always something happening in the city. Nicosia offers a blend of modern and ancient experiences with numerous cultural events held throughout the year that celebrate Cypriot festivals and traditions.
Rich cultural heritage
Nicosia is renowned for its rich history and cultural heritage. The old city, surrounded by Venetian walls, is full of historical landmarks, churches, museums and art galleries. It would particularly interest those interested in architecture as the UNESCO-listed old city is renowned for its unique design.
Excellent infrastructure
Nicosia boasts an impressive infrastructure, with a network of highways connecting it to all other major cities in Cyprus. Public transport is limited to buses and taxis, but it is easy to navigate around the city and beyond.
Strategic location
Nicosia’s central location means it’s within easy reach of the coast, mountains and other cities. The city’s location makes it an ideal base for exploring the rest of the island, from the beautiful beaches of the south to the rugged mountains of the west. While the beach isn’t on your doorstep in Nicosia, Mackenzie Beach in Larnaca is less than an hour’s drive away.
Thriving business hub
As the financial and business centre of Cyprus, Nicosia attracts a large number of professionals and entrepreneurs. The city’s thriving economy, coupled with a favourable business environment, makes it an attractive place to live and work.
Nicosia is Cyprus’ bustling capital and popular for people looking for career opportunities.
Understanding the property market
As the capital city, Nicosia is immensely popular and there is robust demand, particularly from foreign buyers. The market is stabilising after a period of strong growth, influenced by high mortgage rates and significant foreign investment.
Nicosia is the political and administrative heart of the Republic and home to the Presidential Palace, the House of Representatives and various ministries. The city hosts numerous embassies and consulates, making it a diplomatic hub for both national governance and international diplomacy in Cyprus. This attracts wealthy families and buyers from around the world.
In terms of properties, the most luxurious homes are typically found in the city centre, where prices are higher due to their prime location. There are a growing number of high-end developments in the city, that offer modern amenities and luxury living.
The property styles in Nicosia vary from apartments to houses and villas. A one-bedroom apartment in the city centre can cost around €115,000, a typical two-storey home can cost around €325,000 and luxury villas, often with private pools and extensive gardens in upscale neighbourhoods sell for as much as €3,250,000.
Where to buy property in Nicosia
Nicosia offers a wide array of popular locations for property buyers, each with its unique allure and amenities. Here are some of the most sought-after areas:
Strovolos
Strovolos is the largest municipality of Nicosia, boasts a great quality of life and provides residents with a balanced lifestyle due to the mix of residential, commercial and green spaces. The lifestyle in Strovolos is distinctly urban yet maintains a family-friendly appeal, which attracts expatriates with children. It has a plethora of shops, cafes, restaurants, and recreational facilities, ensuring residents have everything they need within their reach.
Strovolos also hosts several cultural events throughout the year, including music concerts and theatre performances, adding to the vibrant lifestyle of the area. The municipality is renowned for its active community, with various local clubs and societies contributing to the lively social scene.
Property prices in Strovolos can range from €200,000 for a modern apartment to over €1 million for a luxury villa.
Engomi
Engomi is one of the most upscale and sought-after residential areas in Nicosia. It’s popular for luxury homes, excellent schools, high-end shopping outlets and strategic location that’s close to the city centre and universities. Engomi’s community is quite diverse, with a healthy mix of local Cypriots, expats and international students. This multicultural environment adds to the area’s appeal, making it a welcoming place for people from all walks of life.
Property in Engomi is primarily made up of luxury homes, from modern apartments to spacious villas. These properties often come with high-end amenities such as private pools, landscaped gardens, and state-of-the-art appliances. Property prices in Engomi can start from around €180,000 for an apartment and go up to over €1 million for a spacious villa.
Aglantzia
Aglantzia, located on the eastern edge of the city, is known for its green spaces and family-friendly environment. It offers a mix of traditional and modern homes, with prices starting from around €150,000 for an apartment and €300,000 for a house.
Lakatamia
Lakatamia is a growing suburban area offering affordable property options and a convenient location. The area maintains a tranquil, community-driven atmosphere, with plenty of green spaces and parks for outdoor activities. The area has a strong community spirit, with local events and festivals often organised to bring residents together.
Properties in Lakatamia range from modern apartments to semi-detached and detached houses, many of which come with their own gardens. These properties are generally more affordable than those in the city centre, making Lakatamia a popular choice for first-time buyers or those looking for budget-friendly options. It’s a good choice for families and first-time buyers, with prices for apartments starting from around €120,000 and houses from €250,000.
Nicosia Old City
The Old City of Nicosia offers a blend of history, culture and contemporary living, making it a truly unique place to call home. Life in the Old City is steeped in history and culture. The narrow streets, lined with traditional houses and dotted with historic landmarks, offer a journey back in time. Yet, alongside the history, the area is very much alive and vibrant, with a host of modern amenities, restaurants, cafes and shops available.
Despite the city’s historic charm, it doesn’t lack modern comforts, The area has been progressively renovated and now houses a variety of modern apartments within its historic buildings. These renovated properties often combine traditional architecture with modern design, creating unique and attractive living spaces.
Properties here range from renovated traditional homes to modern apartments, with prices varying widely based on the property’s size and location. However, the unique charm and central location of the Old City often command higher prices than other areas of Nicosia.
Is buying a property in Nicosia a good investment?
Nicosia, as the capital city, is a prime location for real estate investments. Its robust economy, strategic location and vibrant lifestyle make it appealing to a range of investors.
For residential property investors, Nicosia offers a diverse range of properties, from modern city apartments to traditional houses in quiet suburbs, suitable for different tenant needs. The city’s mix of locals, expats and students provides a broad tenant base.
For commercial property investors, Nicosia’s status as a business hub means there’s a steady demand for office spaces, retail units, and other commercial properties.
The city’s strong tourism sector also offers potential for short-term rental investments, particularly in areas of cultural or historical significance like the Old City.
With continued development and growth, the city’s real estate market is expected to offer promising returns for investors in the coming years. However, it’s important to consider factors like property taxes, management costs and market volatility which can impact the return on your investment.
10 steps to buying a property in Nicosia
Buying a property in Nicosia 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.
- 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.
- 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 Nicosia. Try to narrow down the location you want to buy a property in.
- 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.
- Make essential connections: Connect with a local estate agent. The easiest way to do that is to enquire a property in Nicosia. Also, contact an independent property lawyer and maybe a tax specialist too.
- 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.
- 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.
- 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%).
- 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.
- 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 Nicosia.
- 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.
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