How Much Does the Average House Cost in Cyprus?

Cyprus average house price

Are you considering purchasing a property in Cyprus? If yes, understanding the average house prices in Cyprus is crucial. This guide provides an in-depth analysis of the housing market in Cyprus, taking into account various factors such as location, types of houses, and market trends.

Cyprus, a beautiful island country in the Eastern Mediterranean, offers a unique blend of modern living and rich history. Its favorable climate, low crime rate, and high standard of living make it an attractive destination for property investors.

An Overview of Cyprus Housing Market

Over the past years, the Cypriot housing market has witnessed a significant transformation. The demand for houses is on the rise, mainly driven by foreign investors attracted by the Citizenship by Investment program.

Types of Houses in Cyprus

From traditional village homes to luxurious beachfront villies, Cyprus has a diverse range of housing options. Here are the most common types of houses you’ll find in Cyprus:

  • Villas: These are large, standalone houses usually found in upscale neighborhoods or coastal areas. Villas offer spacious living areas, private pools, gardens, and luxurious amenities. Prices for villas can range from €500,000 to several million euros, depending on the location and features.
  • Apartments: Apartment living is popular in Cyprus, especially in urban areas. Prices for apartments vary based on factors such as location, size, and amenities. In major cities, you can find apartments ranging from €100,000 to several hundred thousand euros.
  • Townhouses: Townhouses are an excellent option for those seeking a balance between space and affordability. These properties are usually part of a complex and offer communal facilities like swimming pools and gardens. Prices for townhouses can range from €200,000 to €500,000.
  • Traditional Houses: Cyprus is known for its charming traditional village homes that exude character and history. These houses are typically located in rural areas and have unique architectural features. The prices for traditional houses can vary significantly depending on factors such as renovation status and location.

Check out our page on Cyprus Real Estate Properties

Factors Influencing House Prices in Cyprus

Several factors influence the average house prices in Cyprus. These include:


Coastal areas like Limassol and Paphos command higher prices compared to inland regions due to their proximity to the sea, picturesque landscapes, and established infrastructure. However, houses for sale in North Cyprus offer a unique advantage in terms of affordability without compromising on the beauty of its coastal locations. With its stunning beaches, tranquil villages, and captivating historical sites, North Cyprus presents an appealing alternative for those seeking a more budget-friendly option without sacrificing the allure of Mediterranean living.

The Type of House

House types significantly influence prices in Cyprus, with larger options like villas generally costing more than apartments or townhouses due to their spacious layouts, additional amenities such as gardens and pools, and higher-quality construction materials. Villas are considered luxury properties and often boast superior craftsmanship and modern design elements, contributing to their elevated price tags. In contrast, apartments and townhouses offer more compact living spaces and shared amenities, resulting in lower overall prices. Quality construction also plays a crucial role, with well-built homes commanding higher prices due to their durability and perceived value in the market.

North Cyprus has become more affordable compared to other coastal areas in Cyprus due to specific market trends. These trends might include changes in demand, supply dynamics, or broader economic factors. For example, while coastal areas like Limassol and Paphos command higher prices due to their established infrastructure and demand from both locals and international buyers, North Cyprus offers a unique advantage in terms of affordability. This affordability can be attributed to various factors such as lower demand, lesser speculative investment, or government policies incentivizing development in the region. As a result, buyers can find properties in North Cyprus that offer a balance between price and desirable coastal living.

Prediction of Price Increase

Despite the current affordability, market trends indicate a potential for future price increases in North Cyprus. Several factors contribute to this prediction:

  • Increasing Demand: As areas like Limassol and Paphos become saturated or overpriced, buyers may turn to alternative locations like North Cyprus for investment or residential purposes, driving up demand.
  • Infrastructure Development: The government’s efforts to improve infrastructure, such as road networks and public transportation systems, have enhanced connectivity within different regions of Cyprus. This development has increased accessibility and attractiveness of certain areas for property buyers.
  • Tourism Growth: If North Cyprus experiences growth in tourism, particularly sustainable and high-spending tourism, it can stimulate the local economy and increase demand for properties, consequently driving up prices.
  • Foreign Investment: Favorable government policies or economic conditions may attract foreign investors to North Cyprus, leading to increased competition for properties and subsequent price appreciation.

Average House Prices by Region

Average House Prices by Region in Cyprus and North Cyprus 2024

In Cyprus, the average residential property prices per square meter vary across different regions, while North Cyprus offers a unique real estate market with its own characteristics:


  • Nicosia: The average price is €1,930 per square meter.
  • Larnaca: The average price is €1,435 per square meter.
  • Limassol: The average price is €2,420 per square meter.
  • Famagusta: Prices range from €3,000 to €4,000 per square meter.
  • Paphos: Prices range from €1,950 to €3,500 per square meter.

North Cyprus:

  • Kyrenia: A thriving coastal town with a historic heart centered on its Venetian harbor.
  • Famagusta: Known for its walled city full of interesting streets and historical sites.
  • Karpaz Peninsula: Offers unspoiled landscapes with wild donkeys and amazing flowers.
  • Nicosia: The capital of Cyprus, full of fascinating historical places and museums.
  • Guzelyurt: Home to the Guzelyurt Museum and St. Mamas Monastery with art dating back to the 16th century

The real estate market in North Cyprus is distinct from the rest of the island. It offers a quieter and more unspoiled environment compared to the south, attracting those seeking a unique Mediterranean experience. The region boasts lush landscapes, friendly locals, and a rich historical heritage that adds to its charm.

You can check how much an average house cost in our page for Properties for Sale in Cyprus

Buying Process

The process of buying a house in Cyprus involves several steps to ensure a smooth and successful transaction. Here is an overview of the key stages:

  1. Property Search: Begin by exploring the various regions and towns in Cyprus to find the perfect location for your new home. Consider factors such as proximity to amenities, transportation, and lifestyle preferences.
  2. Engage a Real Estate Agent: Hiring a reputable real estate agent who specializes in the Cypriot market can be immensely helpful. They will assist you in finding suitable properties, arranging viewings, and negotiating with sellers on your behalf.
  3. Legal Checks: It is crucial to conduct thorough legal checks before proceeding with the purchase. This includes verifying the property’s ownership, ensuring there are no outstanding debts or mortgages attached to it, and reviewing all relevant documentation.
  4. Negotiation: Once you have found a property that meets your requirements, you can enter into negotiations with the seller or their representative. Your real estate agent can provide guidance on fair market prices and assist in securing the best deal possible.
  5. Conveyancing and Contracts: Engage a lawyer specializing in Cypriot property law to oversee the conveyancing process. They will review contracts, ensure compliance with legal requirements, and handle the transfer of ownership.
  6. Transfer of Ownership: Upon completion of all legal procedures and payment of the agreed purchase price, the ownership of the property will be transferred to you. This typically involves registering the property with the Land Registry Office.

Additional Costs

In addition to the house price, there are several additional costs associated with buying a property in Cyprus:

  • Stamp Duty: The stamp duty tax is typically 0.15% – 0.2% of the property price.
  • Transfer Fees: Transfer fees range from 3% – 8% of the property price and cover the costs associated with transferring ownership.
  • Legal Fees: Legal fees are approximately 1% of the property price and cover the services provided by your lawyer during the buying process.

It is important to budget for these additional costs when considering your overall investment in a Cypriot property.

Renting vs Buying

Deciding whether to rent or buy a property in Cyprus depends on your individual circumstances and financial goals. Here are some factors to consider:

  • Flexibility: Renting offers more flexibility, allowing you to easily move or upgrade to a different property if needed.
  • Investment: Buying a property can be a long-term investment, providing potential returns and stability in the future.
  • Financial Situation: Consider your financial situation, including mortgage affordability and rental prices in your desired location.

The Cypriot housing market shows promising signs of growth in the coming years. The government’s initiatives to attract foreign investment, coupled with increasing demand for holiday homes, are expected to drive this growth. Investing in a property now could potentially yield favorable returns in the future.

Things to Consider Before Buying

Before finalizing your decision to buy a house in Cyprus, there are several factors to consider:

  • Budget: Determine your budget and ensure you have a clear understanding of all associated costs, including taxes, fees, and ongoing maintenance expenses.
  • Preferred Location: Research different regions and towns in Cyprus to find the location that aligns with your lifestyle preferences and needs.
  • Type of House: Consider whether you prefer an apartment, villa, or other types of properties depending on your preferences and requirements.
  • Future Market Trends: Stay informed about current market trends and projections to make an educated decision about the potential value appreciation of your chosen property.

By carefully considering these factors and understanding the buying process in Cyprus, you can confidently navigate the real estate market and make an informed decision that suits your needs.

Please note: The information provided here is for general guidance purposes only and does not constitute legal or financial advice. It is advisable to consult with professionals specialized in Cypriot real estate and law for personalized guidance. Contact with our real estate agents who specialize in this field: Contact Us

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