Moving to Cyprus - Finding Accommodation

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, it is a good idea to research prices and to think where it is in your interest to live and about transport and other factors that are relevant to your circumstances.

In recent years there has been a big demand for residences by foreign investors and by Europeans who want to settle in Cyprus. Indicatively, the purchase price of an apartment ranges from €1,300 to €2,000 per square metre (m²), the cost of building a house is about €880 per m² and sites cost from €100,000 to €320,000. The rental for an unfurnished relatively new apartment ranges from €6 to €12 per m². Electricity, water and air-conditioning costs are not included in the rental and should be considered in any calculation.

If you need 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 Cyprus Association of Estate Agent Entrepreneurs by phoning +357 22 88 97 59 or by email. 
• And also from the Estate Agent Registration Council by phoning +357 22 66 63 77.

Text last edited on: 12/2007

Source: European Union
© European Communities, 1995-2008
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