Cyprus property

Property price and rent in Cyprus

A. Average Sale Prices for 2005*

	Cyprus	Nicosia	Limassol	Larnaca	Famagusta	Paphos
Detached House 2bdr	£121,000	£137,000	£136,000	£104,000	£102,000	£132,000
Detached House 3 bdr	£171,000	£159,000	£179,000	£151,000	£146,000	£201,000
Detached House 4 bdr	£283,000	£301,000	£304,000	£249,000	£248,000	£324,000
Semi-detached 2 bdr	£92,000	£99,000	£89,000	£81,000	£78,000	£98,000
Semi-detached 3 bdr	£117,000	£130,000	£128,000	£112,000	£99,000	£118,000
Semi-detached 4 bdr	£157,000	£151,000	£156,000	£144,000	£185,000	£168,000
Studio	£37,000	£40,000	£37,000	£32,000	£31,000	£38,000
Apartment 1 bdr	£41,000	£44,000	£41,000	£36,000	£35,000	£43,000
Apartment 2 bdr	£69,000	£75,000	£70,000	£60,000	£59,000	£72,000
Apartment 3 bdr	£81,000	£86,000	£73,000	£69,000	£67,000	£85,000

* Based on a sample of 1,000 properties across Cyprus. Prices rounded to the nearest thousand.

B. Average Rental Prices for 2005*

	Cyprus	Nicosia	Limassol	Larnaca	Famagusta	Paphos
Studio	£200	£240	£220	£200	£170	£170
Apartment 1 bdr	£240	£300	£250	£240	£200	£210
Apartment 2 bdr	£290	£340	£310	£300	£245	£255
Apartment 3 bdr	£355	£400	£360	£350	£290	£300

* Based on a sample of 1,000 properties across Cyprus. Houses are not included since they are not recommended for "buy to let" investment - annual rental return is usually less than 4%. Prices are rounded.

C. Average Annual Rental Return for 2005*

	Cyprus	Nicosia	Limassol	Larnaca	Famagusta	Paphos
Studio	6.5%	7.2%	6.5%	6.7%	5.4%	4.7%
Apartment 1 bdr	7.0%	8.2%	6.7%	8.0%	6.5%	5.6%
Apartment 2 bdr	5.0%	5.5%	5.0%	6.0%	4.6%	4.3%
Apartment 3 bdr	5.3%	5.6%	5.9%	6.1%	5.2%	4.9%
Average	6.0%	6.7%	6.0%	6.7%	5.4%	4.9%

* Based on data from table A & B above.

The conclusion is that 1 bedroom apartments offer the best annual return - an average of 7%. As far as towns Nicosia* & Larnaca** are leading with an average of 6.7% and Paphos*** is last with 4.9%.

* Nicosia not only is the capital and the largest town in Cyprus but also has many universities and colleges that lead to an increase in demand for rental properties.

** Larnaca has good rental return due to the fact that the property prices are lower than other towns.

*** Paphos even though it has higher rental rates than Famagusta the rental return is lower due to the fact that properties in Paphos are more expensive.

For any questions and inquiries, don't hesitate to contact us now:
Marinos Kineyirou, Tel: +357-24652450, Fax +357-24658121, email: marinos@cyprus-property-info.com

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