Finding New-Build Property for Sale in Cyprus
The beautiful island of Cyprus has long been an aspirational place to live, with thousands of visitors discovering an island rich with culture and history, cuisine, coastlines, communities, and affordable living costs that compare to nowhere else.
Many buyers have two primary decisions to make: whether to purchase a holiday villa, second home, or permanent residence in the north or the south, and whether to opt for a resale property from a local agent or to purchase a brand-new or off-plan building within a development.
The property experts at Property Turkey examine the key factors you may wish to consider and some of the top places to buy on the island that offer the ultimate affordability and lifestyle you may be looking for.
Buying Modern Properties in Cyprus: North vs South
While the climate and landscapes across the island are similar, the contrast is that the southern region is officially the Republic of Cyprus, whereas the north was proclaimed the Turkish Republic of Northern Cyprus by Turkey in 1983.
The state is only recognised by Turkey, but remains safe and peaceful, with a ‘green line’ border managed by the UN between the two areas that falls across the city of Nicosia. Although there is an increased border control, there are no strict formalities for visa-holders, and EU passport holders can travel freely as they wish.
Importantly, there has been no conflict on the island since 1974, and both parts of the island remain welcoming. The bigger differences relate to living costs, Cyprus property prices and population density.
Southern Cyprus is largely seen as a tourist destination, with numerous hotels and chains, busy beaches and nightlife, and around 900,000 residents. In the north, people primarily speak Turkish rather than Greek, and the smaller population of 600,000 and quieter coastal towns and villages offer a more tranquil and relaxing pace of life.
Property Prices and Living Costs in Northern and Southern Cyprus
Costs vary considerably since the north uses the Turkish Lira rather than the Euro, meaning that prices are roughly 30% lower. Average living costs between the largest cities in the Republic of Cyprus and the north demonstrate the contrasts – excluding Nicosia, which sits between the two regions and is partially in each.
Life in Famagusta, Northern Cyprus, compared to Limassol in the Republic, is:
- 31.7% more affordable in terms of living costs, excluding accommodation.
- 44.8% cheaper when including average rental prices.
- 30.3% lower for restaurants and fine dining.
- 31.1% less in terms of buying groceries.
Buyers purchasing a home in Famagusta will also find that their monthly utilities are 33.4% less expensive, a monthly gym membership costs just under 62% less, and the price of purchasing …read more
Source:: Social Media Explorer
