Southern Cyprus property: Limassol prices, residency and how to avoid losing money
Buy only in the south, and only new branded residences in Limassol if the aim is profit, Oleg Svyatenko says after two weeks on the island. A seafront one-bedroom starts at EUR 1.2 million, rent returns about 3% net, and the gain comes from the price gap between a building under construction and a finished one.
Why does it matter which part of Cyprus you buy in?
Cyprus is split in two. The south is an independent state inside the European Union. The north has been the Turkish part since the conflict of 1974 and is not recognised.
Oleg's position is short: the north is not sold. Stories about a buyer who cannot resell a Cyprus property, he says, are nearly always about that part. Selling property in the north can also lead to criminal prosecution in the south.
Daily life is calmer than the map suggests. People cross freely, and southerners drive north for cheaper petrol. British, Greek and United Nations troops are stationed on the island. He does not expect the frozen conflict to flare up soon, but names it as the easiest objection to the market.
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Which city in southern Cyprus is best for property?
Limassol, in his view. It has the offices, the casino, the tourism and a long seafront with parks and a marina. He calls it the best place on the island both for a holiday and for living.
The other cities play different roles. Paphos is quiet. Larnaca is a younger, livelier place with many Europeans. Nicosia is the capital, home to the civil service and the lawyers. Drives between them take about 40 minutes.
The island has only 1.3 million people. Oleg places its purchasing power between Poland and Dubai, citing GDP per person of about USD 40,000 against 31,000 and 52,000. Around 100,000 residents speak Russian, he says, and in Limassol many of them work in IT.
How much does property cost in Limassol?
On the first line from the sea, a one-bedroom in a building with a gym and pools starts at EUR 1.2 million and reaches EUR 2 million, by Oleg's notes from the trip. Only a few such buildings stand along the seafront.
Trilogy, the best-known building, is part offices and part homes. He quotes EUR 2.2 million for a one-bedroom of about 85 square metres, resale only. Areas there are counted as usable space, not along the outer walls.
Villas at Limassol Marina, next to the historic centre, cost EUR 5 million and more and are almost all sold. Each villa has its own mooring. He names the developer, Cybarco, as one of the two strongest on the island.
These are figures quoted in the video, not offers. They describe what he saw during the trip and need rechecking before any decision.
What does EUR 300,000 buy in Cyprus?
Either the second line from the water in Limassol or the suburbs. Oleg's example is Erimi, 30-40 minutes from the centre, where that budget buys a three-bedroom townhouse or a semi-detached villa of about 120 square metres.
In the city the same money buys a one-bedroom flat. Rents show the same spread: about EUR 1,600 a month for a studio in the centre, or EUR 1,600 for that three-bedroom townhouse out of town.
Rents have risen sharply, he says, from around EUR 500 a month for a central flat to about EUR 1,600. He links the rise to capital and tenants from Israel, a 40-minute flight away, and to European traders on salaries of EUR 7,000-10,000.
Does buying property give residency or a passport in Cyprus?
Residency, yes; a passport, no longer. Cyprus closed its citizenship-by-investment programme on 1 November 2020. Before that, Oleg's clients bought for EUR 1-2 million and received a passport straight away.
The current route is a residence permit for a purchase of EUR 300,000. The property has to be bought from a developer. With a resale the programme does not work.
Citizenship then takes time. He describes seven years of living in Cyprus and a Greek exam at B1 level before a passport.
One detail matters for travel. Cyprus is in the European Union but is not yet a member of the Schengen agreement, so a different regime applies. He says the country intends to join.
How do investors make money on new buildings in Limassol?
On the gap between an unfinished and a finished building of the same class. Oleg's example: a one-bedroom in a finished branded building costs EUR 1.8 million, while one-bedrooms in the next project of the same level are sold for EUR 1.2 million.
The developer deliberately sets the price below the finished product. A buyer comes in with the developer, waits about three years for the keys and resells. He puts the profit at around 40% over the construction period.
The strategy works only in luxury and branded residences, he stresses. He looked at four projects: Trilogy, Limassol Del Mar, The Ritz-Carlton Residences and The St. Regis residences, where three towers are being built on the coast.
The new buildings stand on very large podiums, some with a tennis court on top, plus spas, indoor and outdoor pools and enormous lobbies. In ordinary resale flats and projects by unknown developers he sees nothing to earn.
Is rental income in Cyprus worth it?
Not as a strategy. Net rent is about 3%, which is considered normal locally, and Oleg says top residences now give no rental yield to speak of. Running costs eat about 1.5% of the property's value a year, by his estimate.
Owners are therefore either people who simply like living in Cyprus or buyers of branded new buildings waiting for the price gap. He names two developers he would consider for that, Marfields and Cybarco.
What does it cost to live in Limassol?
About the same as Dubai. One person spends EUR 3,000-5,000 a month and a couple EUR 5,000 or more, he says. Housing comes to around EUR 1,600 and a car to EUR 500 in the most economical version.
Utilities are the surprise. Air conditioning for a three-bedroom townhouse can reach EUR 800 a month in summer, and all utilities for a three-bedroom villa come to EUR 1,000-1,200. In Dubai his utility bill is about AED 1,000 (USD 272) a month.
Petrol is expensive: filling a compact crossover cost him EUR 80, against about EUR 25 in Dubai. Food is the opposite. French cheese, Italian wine and Greek olives are affordable and very good.
He also liked the tone of the place: polite people, good roads, large supermarkets, free parking and a lot of green space around the new buildings.
Frequently asked
Is it safe to buy property in Northern Cyprus?
Oleg Svyatenko does not work with the north at all. It is not recognised, stories of property that cannot be resold usually come from there, and selling it can lead to prosecution in the south.
How much is a one-bedroom apartment on the Limassol seafront?
From EUR 1.2 million to EUR 2 million on the first line, according to figures quoted in the video. A one-bedroom in Trilogy was quoted at EUR 2.2 million.
Can you get a Cyprus passport by buying property?
No. The citizenship-by-investment programme closed on 1 November 2020. A purchase of EUR 300,000 from a developer leads to a residence permit instead.
What rental yield does Limassol property give?
About 3% net. Oleg considers rent too low to be the reason for buying and treats the price gap in branded new buildings as the only investment case.
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