So, you’re looking to buy a property in Cyprus? Great choice! The balmy Mediterranean climate ensures warm summers and mild winters, plus, the main cities have homes to suit all tastes and budgets.
One of the first decisions to make as a potential buyer is to choose your location. Paphos is a favourite among international buyers, but two easterly locations that people find struggle to compare are Limassol and Larnaca.
In this article, we’ll compare the two locations and take a closer look at what each location has to offer for potential buyers.
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Limassol vs Larnaca
If you’re unfamiliar with either Limassol or Larnaca, here’s a brief introduction to each city.
Limassol lies on the southern coast of Cyprus, on the shores of Akrotiri Bay. The city is the island’s second-largest urban area and is adored by locals and expatriates for its melange of old and new, modern amenities, affordable homes and, of course, its beautiful beaches.
Larnaca lies a little further north than Limassol and is renowned for being a beautifully compact city. Larnaca is a great place for those seeking an active lifestyle, as there are endless opportunities for keen hikers, cyclists, runners and water sports enthusiasts.
Now you’ve been introduced, let’s take a deep dive into a range of topics where we compare the cities in detail…
Property prices and market trends
According to PwC analysis from the Cyprus Department of Lands and Surveys, Limassol was the more popular destination for real estate in 2023, seeing a total of 7,150 transactions across apartments, houses, land fields and land plots. Larnaca, on the other hand, saw 5,240 transactions, which represented a 20% increase from the previous year, suggesting that popularity in the area has significantly improved[i].
When it comes to the average property price, 2023 data shows that the average apartment in Limassol costs €390,000 and the average house costs €423,000. This data could be swayed by the significant upswing in upmarket buyers in the district. Last year, two significant residential transactions totalled over €23 million, suggesting the new marina is bringing in more wealthy buyers.
Over in Larnaca, the average apartment unit price in 2023 was significantly more affordable, coming in at €156,000, while the average house costs €257,000. It’s worth noting that transactions increased for all property and land styles in Larnaca last year, suggesting increased popularity and hinting prices could continue to rise this year.
Comparing the property market in the two locations, it’s clear that Larnaca is the more affordable of the two, which could impact your decision as to where to buy. While the average price is just a figure, there are still affordable properties to be found in Limassol. For example, we have over 500 properties under €200,000 for sale in Limassol, ranging from studio apartments to three-bedroom houses.
Apartments remain the most popular property type in Cyprus, regardless of where you’re buying. They often come at a lower price than houses and can come with shared amenities such as a swimming pool, gym, laundrette and more.
The Boardwalk in Limassol, Cyprus | Roman Evgenev | Shutterstock
Rental yields
If you’re thinking of renting out your property in Cyprus, both Larnaca and Limassol are popular tourist locations and while tourism figures are not always specified, Cyprus as a whole sees around four million visitors annually.
Across Cyprus, rental yields for apartments in 2024 was 5.43%, compared to 4% for houses, 5.77% for holiday apartments and 2.78% for holiday homes[ii].
Foreign investors should consider the property type they’re looking to buy and speak to an expert in the local area for insight into where could attract the most attention and income.
Please note: There are specific regulations for short-term rentals in Cyprus. They include:
- Registration for short-term rentals (like Airbnb) in the Register of Self-Service Accommodation Establishments and obtain a special serial number
- Tax compliance: Owners must be registered with the tax department and have valid home insurance. There are also registration fees for each housing unit owned.
- Non-resident restrictions: Non-residents are not permitted to let homes on a short-term basis to holidaymakers. They can, however, let residents.
For guidance on renting out a property in Cyprus, speak to our recommended property lawyers at Polycarpos Philippou.
Infrastructure and amenities
As previously mentioned, Larnaca International Airport is the main gateway to Cyprus for international residents. The airport is surrounded by a reliable road network that has undergone recent improvements, making the ride from the airport smoother. Six buses head to the city centre from the airport, the fastest being the 417 and 429, and tickets are €1.50 each way[iii].
Limassol lies between Larnaca and Paphos International Airports and it is strategically located with easy access to the island’s major highways that connect the city to Nicosia, Paphos and Larnaca.
From Larnaca airport, there is an hourly shuttle bus to Limassol that costs €9, and from Paphos, it’s a little more expensive, with a €15 charge for the 90-minute journey.
Healthcare
In terms of healthcare, both Larnaca and Limassol are renowned for their high standard of care, and there are several modern facilities, including private hospitals and clinics that offer comprehensive medical care to locals and expatriates. For more information on healthcare in Cyprus, click here.
Education
If you’re moving to Cyprus with children, you might favour Limassol over Larnaca[iv], which is often the preferred choice for families as there is a wide variety of international schools and institutions in Limassol. There are some international schools in Larnaca, and there are due to be more following a €22 million transformation project,[v]
Kamares Aqueduct in Larnaca, Cyprus | MarinaDa | Shutterstock
Quality of life
The Numbeo quality of life index takes into consideration several factors including cost of living, healthcare access, property price to income ratio and safety.
This index scores Larnaca and Limassol very similarly, at 148.55 and 149.89, respectively out of a total of 240. The higher the number, the better the overall quality of life.
Scoring very similarly, both Larnaca and Limassol offer a good quality of life. Both locations enjoy great weather all year round and are considered very safe, affordable places to live.
Lifestyle
Living in Larnaca offers a serene and relaxed lifestyle. The tranquil atmosphere is perfect for those who enjoy a slower pace of life. The scenic coastal areas, with their beautiful beaches and clear waters, provide a picturesque backdrop for daily activities. Plenty of parks and recreational facilities make it easy to enjoy outdoor activities and family time. The community feels close-knit, and the overall vibe is peaceful and welcoming, which is great for expats making a permanent move.
In contrast, Limassol is vibrant and bustling, offering a dynamic lifestyle. The city is a blend of historical sites and modern amenities, providing a rich cultural experience. Shopping centres and a variety of dining options cater to all tastes, while the nightlife is lively and diverse, with numerous bars and clubs. The energy in Limassol is palpable, making it an exciting place to live for those who thrive in a more fast-paced environment. The mix of old and new, along with the constant buzz of activity, makes Limassol a captivating place to call home.
Larnaca seafront
Foreign buyer interest
In 2023, both Larnaca and Limassol experienced a surge in foreign buyer real estate acquisition, with increases of 25% and 16% on 2022 property acquisitions.
However, the highest concentration of sale contracts filed by foreign buyers took place in Limassol and Paphos, which each represented 34% of 2023 sales.
Limassol is becoming a major economic hub in Cyprus, something that was reserved for Paphos and Nicosia, two of the island’s major cities. Still, the busy port and thriving real estate market continue to attract both commercial and residential investors.
[i] https://www.pwc.com.cy/en/publications/assets/real-estate-market-year-in-review-23.pdf
[ii] https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/2024-Q2-RICS-KPMG-Index-final.pdf
[iii] https://getbybus.com/en/blog/airport-bus-larnaca/
[iv] https://sunshadowinvest.com/living-in-larnaca-ultimate-guide-for-expats/
