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Information for Cyprus Expat on finding accommodation in Cyprus
You can find a residence to rent or purchase by searching through the local specialist press (Greek-language and English-language) and websites. Estate agents are also a good source.
There is a general upward trend in the prices of houses and apartments for purchase and rent. Rentals and purchase prices vary for many reasons, such as region, district, distance from an urban centre, building index, etc. Before choosing to buy or rent an apartment or property, it is a good idea to research prices, the area, and other factors that are relevant to your circumstances.
In recent years there has been a big demand to purchase residences by foreign investors and by Europeans who want to settle in Cyprus. Indicatively, the purchase price of an apartment ranges from €1 700 – €2 500 per square metre (m²), the cost of building a house is about €1 000 per m² and sites cost from €100 000 to €500 000. The rental for an unfurnished relatively new apartment ranges from €8 to €15 per m². Electricity, water and air-conditioning costs are not included in the rental and should be considered in any calculation.
In order to borrow money to buy a residence, contact the commercial banks to discuss loan terms. Information (and details of commercial banks) can be obtained from the website of the Central Bank of Cyprus. The usual loan period for a residence is 20 to 25 years. The loan may be for 70% or more of the real estate value.
Information about estate agents in Cyprus can be obtained from the Σύνδεσμο Κτηματομεσιτών Επιχειρηματιών Κύπρου [Cyprus Association of Estate Agent Entrepreneurs] by phoning +357 22 88 97 59 or by email from mesitwn@cytanet.com.cy and also from the Estate Agent Registration Council by phoning +357 22 889759.
Text last edited on: 01/2011 © European Union 1995 - 2011
Source European Union Reproduction is authorised
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