Accommodation Cyprus

Rental duration: Short-term rentals usually imply a period from a few days to several months, whereas long-term rentals are for six months or more.

Choosing a region

Urban areas: Nicosia, Limassol, Larnaca, and Paphos offer a wide range of housing, developed infrastructure, and job opportunities.

Coastal areas: Ideal for beach holiday enthusiasts, though rental costs may be higher, especially during the tourist season.

Finding housing

Online platforms

Bazaraki: Offers a wide selection of real estate for short-term and long-term rentals; includes listings from private individuals and agencies.

Airbnb: Perfect for short-term rentals, including options for several weeks or months; a wide variety of accommodations, from studios to luxury villas; allows online booking and payment.

Booking.com: Mainly used for short-term rentals, but also has options for longer stays; convenient for booking with instant confirmation.

Facebook Marketplace: A good platform for finding budget rental options; includes both private listings and agency offers; requires caution to avoid fraud.

Craigslist Cyprus: An international platform with a local section for Cyprus; suitable for searching short-term and long-term rentals.

Cyprus Classifieds: A platform with real estate, goods, and services listings; includes sections for renting and selling properties.

Real estate agencies

Many agencies have their own websites or actively post listings on such platforms.

Local property groups and communities

For example, on Facebook, there are groups like "Cyprus Rentals" or "Expats in Cyprus," where users share listings.

Local listings

Newspapers and local online forums can also be useful for finding rental options.

Registration of property ownership

Sales contract: After signing and paying at least 30% of the property's cost, the contract is lodged with the Land Committee. This confirms your ownership rights and protects against possible third-party claims.

Proof of residence

Lease agreement: Necessary for confirming your residential address when obtaining various documents, such as opening a bank account, getting a driver's license, or registering with local authorities.

Tax declarations

Rental income: Property owners renting out real estate must declare their income and pay the corresponding taxes. The lease agreement serves as the basis for calculating tax obligations.

Transfer of utilities

Lease or purchase agreement: Required for transferring electricity, water, and other utility bills to the new tenant's or owner's name.

Legal protection

Lease agreement: Defines the rights and responsibilities of the tenant and landlord, including payment terms, rental period, and responsibility for repairs, which is important for resolving potential disputes.

Proper drafting and registration of lease and purchase agreements of real estate in Cyprus are mandatory for complying with local legislation and successfully conducting administrative procedures.

Lease agreement

Written agreement: It is recommended to always sign an official lease agreement detailing the living conditions, responsibilities of the parties, rent amount, and terms.

Registration of the agreement: For long-term rentals, the agreement can be registered with the Cyprus Land Registry Department, providing additional legal protection.

Deposits

Usually, a deposit of one month's rent is required, which is returned at the end of the lease subject to the property's proper condition.

Utilities

Payment conditions for utilities (electricity, water, internet) are specified in the agreement. Sometimes they are included in the rent, but more often they are paid separately by the tenant.

Termination of the agreement

Terms and conditions for terminating the agreement should be clearly stated. Usually, a one-month notice is required, but conditions may vary.

Taxes and fees

The landlord is obliged to declare rental income and pay the relevant taxes. Tenants are advised to clarify with the owner the status of tax payments to avoid potential legal issues.

Real Estate Agency Commissions

Long-term rental: Typically, the agency charges the equivalent of one month’s rent. Usually, the tenant pays the commission, but in some cases, this responsibility may be shared between the tenant and the landlord.

Short-term rental: For short-term rentals, agencies may charge either a fixed amount or 10-15% of the total rental cost for the entire period. The agency's service fee is most often included in the final rental price paid by the tenant.

Some agencies may include additional services in the commission, such as: drafting the rental agreement; tax and utility consultations; assistance in transferring bills to the tenant’s name.

The commission may be negotiable, especially if the tenant is interested in a long-term rental or is referred by a recommendation.

Furnishing

In Cyprus, property rentals can be furnished or unfurnished, and the choice depends on the type of housing, its location, and the target renter audience.

Furnished rental

Short-term rental: Almost all properties rented for tourists or on a short-term basis are fully furnished and equipped with the necessary appliances.

Long-term rental in cities and tourist areas: In popular areas such as Limassol, Larnaca, or Paphos, most apartments are rented furnished, as it is more convenient for expat renters or families relocating for a long time.

Unfurnished rental

Long-term rental in suburbs or less touristy areas: Private houses or villas in rural areas are often offered unfurnished so that renters can use their own possessions.

Local residents: Cypriots generally prefer to rent or buy unfurnished housing to furnish it to their taste. Features: May include only a built-in kitchen, closets, and basic appliances; Rental cost is usually lower compared to furnished options.

Semi-furnished rental

Some properties are offered with minimal furniture, such as: kitchen appliances (stove, refrigerator); basic furniture items (e.g., closets or a sofa).

Property Management

Management companies: In apartment buildings and complexes, management companies are often responsible for maintaining common areas. Tenants should consider possible additional maintenance costs.

Legal Assistance

Consultation: It is recommended to consult a lawyer before signing a contract to ensure the legality and fairness of the rental terms.

In Cyprus, there are differences in the property purchase process for residents and non-residents, especially for third-country nationals (non-European Union citizens).

Cyprus residents (EU citizens and residency permit holders): Residents can freely acquire any property, including apartments, houses, commercial properties, and land; no additional government permission is required; VAT on real estate may apply at a reduced rate of 5% on the first purchase of primary housing under certain conditions, while other properties are subject to VAT at the standard rate (19%).

Non-residents of Cyprus (third-country nationals): Non-residents have the right to acquire only one piece of real estate (apartment, house, or land plot up to 4,014 m²); exception: foreigners participating in investment programs or purchasing property for business. Non-residents must obtain permission from the Council of Ministers of Cyprus. Permission is usually granted within 3-6 months, but the purchase may be completed before obtaining the permission. Tax rates for non-residents are similar to those for residents, but tax differences may arise upon the sale of the property.

Features for participants in the investment program

"Golden Visa" Program: Foreign citizens who have invested €300,000+ in real estate can apply for permanent residency. To do this, they must buy new property (primary housing), not secondary.

Property Search

Real estate agencies: Contact licensed agents who will help you find options according to your requirements.

Online Platforms

In Cyprus, there are numerous online platforms offering properties for purchase. These sites range from large international portals to local specialized agencies. Here is a list of the most popular ones:

International Platforms: Rightmove, Zoopla, Kyero,

Local Platforms: Bazaraki, BuySell Cyprus, Cyprus Property Finder.

Specialized Sites: Cyprus Resales, Property in Cyprus.

Social Networks and Communities: Facebook Marketplace; Facebook groups "Cyprus Property for Sale", "Real Estate Cyprus".

Tips for Using Websites

Always check the reputation of the seller or agency.

Use an independent lawyer to verify the legal status of the property.

Compare listings on multiple platforms to find the best deal.

In Cyprus, property insurance is not legally mandatory for private homeowners. However, in certain situations, it becomes necessary or is strongly recommended.

Mortgage Lending: When purchasing property with a mortgage, banks usually require a property insurance policy.

Condos and Apartment Buildings: For apartment buildings and condominiums, Cypriot law requires management committees to insure communal parts of the building against risks such as fire, lightning, and earthquake.

Insurance by Tenants: Tenants are not required to insure the rented property, but it is recommended they get personal property and liability insurance to protect themselves against potential losses.

Main Utilities

Electricity: Supplied by the Electricity Authority of Cyprus. Bills are issued every two months and include charges for consumed electricity, VAT, and fixed fees.

Water Supply: Services are provided by local water departments. Rates are progressive: the cost per cubic meter increases with higher consumption. Bills are usually issued quarterly.

Payment Methods

Online Payments: Most service providers offer the option of internet banking payments or their own web portals.

Automatic Debits: You can set up automatic bank account debits for regular utility payments.

ATMs: Some banks allow bill payments through ATMs.

Physical Offices: Payment in cash or by card is possible at service provider offices or bank branches.

Tips for New Residents

Service Registration: Upon moving in, you must register utilities in your name by contacting the respective providers with supporting documents.

Monitoring Consumption: Regularly check your consumption to avoid unexpected charges. Many providers offer online monitoring services.

Living in apartment buildings in Cyprus is governed both by legislation and the internal rules of each building.

Management Committee

Each apartment building has a management committee responsible for:

Maintaining communal areas: staircases, elevators, corridors, and other common zones.

Collecting utility fees: allocating building maintenance expenses among residents.

Ensuring rule compliance: monitoring adherence to established living standards.

General Living Rules

Utility Payments: Each owner or tenant must promptly pay their share of the costs for maintaining communal areas and services.

Noise Compliance: It is advised to avoid noise during late hours, typically from 10:00 PM to 7:00 AM, to not disturb neighbors.

Use of Communal Areas: It is prohibited to clutter or use common zones for personal purposes without management committee consent.

Pets: Pet ownership is allowed provided they do not disturb the peace and safety of other residents.

Renovation Works: Noisy works should be carried out during daytime after notifying neighbors.

Consequences of Violations

Breaching established rules can lead to:

A warning: oral or written notice from the management committee.

Fines: In case of systematic violations, monetary penalties may be imposed.

Legal measures: In particularly serious cases, legal proceedings may be possible.

Adhering to these rules and recommendations ensures comfortable and safe living in apartment buildings in Cyprus.

The real estate market of the Republic of Cyprus in 2024 shows steady growth and development, reflecting the diversity of offerings and price categories in different regions. Let's explore the key features of this market:

Volume of new construction

There is active development in the construction sector in Cyprus. Data from the Land Registry Department indicates market stability amid global economic instability.

Comfort of housing offered for rent and sale

The real estate market offers a range of options from standard apartments to luxury villas with modern amenities. In cities like Limassol and Nicosia, there is a growing demand for high-quality housing with modern facilities, encouraging developers to offer more comfortable and contemporary options.

Prices by region

Limassol: The average cost of new apartments is about €558.2k, making it the most expensive region for purchasing housing.

Paphos: The average price of new apartments is about €332.6k, houses - €615.6k.

Nicosia: The average cost of new apartments is €198.4k, houses - €309.3k.

Larnaca: New apartments on average cost €195.8k, houses - €336.6k.

Famagusta: The average price of new apartments - €162.8k, houses - €331.4k.

Types of residential real estate

The market offers a variety of properties:

Apartments: From studios to multi-room apartments.

Townhouses: Two- or three-story houses with a separate entrance.

Villas: Detached houses with private plots, often with swimming pools.

Penthouses: Luxury apartments on upper floors with panoramic views.

Matching supply and demand

Despite active construction, some regions, especially in Limassol, are experiencing a shortage of affordable housing, leading to price increases. High demand, particularly from foreign investors, contributes to rising real estate costs and reduced availability for local buyers.

Thus, the real estate market in Cyprus is characterized by active construction, a variety of offerings, and significant regional price differences. High demand, especially in coastal areas, leads to price increases, requiring buyers to carefully analyze and plan when choosing real estate.

The cost of living in Cyprus depends on many factors, including the city of residence, lifestyle, and individual preferences.

Housing

Rent: In Limassol, one of the most expensive cities, renting a one-bedroom apartment in the city center can cost about €1,400 per month. In Nicosia, renting a similar apartment will be cheaper, approximately €625 per month.

Purchase: The cost of apartments on the seafront in Limassol starts from €4,000 per square meter, in central areas - from €2,000 per square meter.

Food

Supermarkets: Food prices vary depending on the origin of the product. Local products, such as vegetables and fruits, are usually cheaper than imported ones.

Restaurants: A dinner in an inexpensive restaurant can cost around €15 per person. Prices are significantly higher in more prestigious establishments.

Utilities

Monthly utility costs for an 85 sq.m apartment are about €150, including electricity, heating, water, and garbage disposal.

Transport

Public transport: The cost of a monthly pass is about €40.

Car: Gasoline prices are higher than the European average, increasing personal transport expenses.

Education

Preschool and school education: Private kindergartens and schools charge a fee, which can vary depending on the institution.

Higher education: The average cost of university tuition is €7,000–€10,000 per year.

Healthcare

The public healthcare system provides basic medical services, but many prefer private medical care, which increases expenses.

Overall expense assessment

For one person: As of November 2024, monthly expenses excluding rent are around €831.

For a family of four: Monthly expenses excluding rent are estimated at €2,915.

Comparison with other countries

The cost of living in Cyprus is lower than in countries like France and Germany but higher than in Greece and Spain.

Factors affecting the cost of living

City of residence: Limassol and Nicosia are considered more expensive cities, while Larnaca and Paphos offer more affordable prices.

Lifestyle: Dining out, using a personal car, and choosing private educational institutions significantly increase monthly expenses.

Considering this data, it can be concluded that Cyprus offers diverse living options with varying levels of expenses, allowing for budget adaptation according to individual needs and preferences.

Social benefits and allowances

Family and child benefits: The state provides various types of support for families with children, including maternity and paternity allowances and assistance for large families.

Scholarships for students: The Cypriot State Scholarship Foundation offers scholarships for undergraduate, master's, and doctoral students studying both in Cyprus and abroad. Applications are usually accepted from mid-March to April.

Agricultural support

Agricultural development programs: The Ministry of Agriculture implements programs aimed at supporting farmers and developing rural regions.

Education and research programs

Government scholarships: Provided to students meeting certain criteria for studying in higher education institutions in Cyprus and abroad. Applications are accepted within set periods, usually from March to April.

Water resources programs

Water resource management: The state implements programs aimed at the effective management and conservation of water resources, including projects for constructing and upgrading water infrastructure.

Forestry programs

Co-financed programs: The Department of Forestry participates in various programs co-financed by the European Union, aimed at the conservation and development of Cyprus’s forest resources.

Energy and environment programs

Recovery and resilience plan: This plan includes projects aimed at transitioning to a green economy, including measures to improve energy efficiency and develop renewable energy sources.

Tourism programs

Support for the tourism sector: The state provides various forms of support for tourism development, including subsidies and grants for improving tourist infrastructure and services.

For detailed information on each program, participation criteria, and application deadlines, it is recommended to contact the relevant state departments or the official portal of the Government of Cyprus.