Property Prices in Cyprus | Prices on real estate by area
This article was published on Monday 25 February, 2013.
Don’t get ripped off by crooks. Have a look at the current real estate prices for property in Cyprus and make your purchase or investment based on solid facts.
Because buying a property is not a decision to be taken lightheartedly, before you commit to buy, or even before you decide to take a closer look at any of your options, it is a good idea to know roughly what the current prices of property in Cyprus really are, so that you won’t run the risk of being conned by crooks.
Lemesos (Limassol) remains the most expensive town for buying a house in, with Lefkosia (Nicosia) ranking second, while when it comes to buying an apartment (flat) the capital of Cyprus is the most expensive town. Pafos seems to be offering the cheapest prices. According to reliable data from real estate professionals and evaluators, the current prices for property units in Cyprus are summed up as follows:
The starting value of a house of a size between 180-200 m2 built in half a plot of land in the centre of Nicosia, is €360.000 compared to €432.000 that it was five years ago. The same house in Limassol is priced today at €459.000 in comparison to €540.000 five years ago. In the town of Larnaka, the price of the same house today starts at €270.000, while back in 2009 it was €342.000. Lastly, in Pafos the same house today costs €252.000 but five years ago its price was €306.000. In the suburbs of the towns the prices vary and are currently estimated to begin from approximately €200.000.
When it comes to apartments, in Nicosia the value of a 90m2 flat in the city centre begins from €180.000 in comparison to €225.000 five years ago. In Limassol the same flat costs today €153.000 while five years ago it was €189.000. The current price in Pafos is €117.000 today and €135.000 in 2009, while in Larnaka you can buy this apartment for €130.000 today, compared to the €162.000 that you had to pay five years ago.
It should also be noted that the construction cost for a house or flat varies between €500 and €2.000 per square metre. According to quantity surveyors this amount varies depending on the quality of the materials to be used, such as for example the wood to be used in the carpentry works and the bathroom tiles and fixtures. Moreover, this price does not include the cost of the land either, which also varies according to the location and the building zone in which the land is located.
Experts say that it is not easy to make forecasts about the prices of properties in the future due to the prevailing uncertainty in the global and the local market, but it could be argued with some certainty that the downward pressures will most likely continue. This means that a lot opportunities and bargains will be up for grabs in the Cyprus property market within 2013, as the market is not expected to recover before the end of the year. However, as a general comment, values are not expected to fall dramatically, because after Cyprus signs the Memorandum of Understanding for the country’s recovery financial programme and its banks manage to get some funds then the liquidity in the market is expected to improve.