Real Estate in Limassol, Cyprus
Last updated on Dec 09, 2024
Summary: The most desirable neighborhoods in Limassol, Cyprus are Agios Tychonas, Potamos Germasogeias, and Yermasoyia. On average, a nice 2 bedroom home in Limassol costs around $200,000 USD, while a nice 3 bedroom home costs around $250,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and a private garden. Foreigners are allowed to purchase property in Limassol, however, they must obtain a permit from the Ministry of Interior. When searching for a home to buy in Limassol, expats should consider their budget, desired location, and amenities. It is also important to research the local real estate market and consult with a real estate agent to ensure that they are getting the best deal.
How do I find a place to live in Limassol?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Limassol is to search online for rental listings. There are many websites that offer listings for apartments, houses, and other types of rental properties in Limassol. Additionally, you can search for rental properties on social media platforms such as Facebook and Instagram. You can also contact local real estate agents who specialize in rental properties in Limassol. Finally, you can ask friends and family who live in Limassol for recommendations," said one person in Limassol.
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What is a typical expat home or apartment like in Limassol?
"Expat homes and apartments in Limassol are typically modern and spacious, with large balconies and terraces offering stunning views of the Mediterranean Sea. Many of the apartments are located in high-rise buildings with amenities such as swimming pools, gyms, and saunas. Expat homes and apartments in Limassol are typically well-equipped with modern appliances and furniture, and often feature air conditioning and central heating. Many of the apartments also have access to private parking and storage facilities," said one person in Limassol.
What is the average cost of housing in Limassol?
If you are thinking about moving to Limassol, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Limassol is generally quite high, with the average price for a one-bedroom apartment in the city centre ranging from €600 to €1,000 per month. Prices for larger apartments and houses can be significantly higher," said one person in Limassol.
Should I buy or rent a home in Limassol?
If you have not spent a lot of time in Limassol, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Limassol can be a great investment. The city is known for its beautiful beaches, vibrant culture, and excellent infrastructure. The cost of living is relatively low compared to other cities in Europe, making it an attractive option for those looking to purchase a home. Renting a home in Limassol can also be a great option, as it allows you to enjoy the city without the commitment of a long-term purchase. Additionally, the rental market in Limassol is quite competitive, so you may be able to find a great deal on a rental property. Ultimately, the decision to buy or rent a home in Limassol will depend on your individual needs and preferences," said one expat who made the move to Limassol.
What do I need to know when buying property in Limassol?
When we asked expats what advice they would give a foreigner before buying a property in Limassol, they said:
"When buying property in Limassol, it is important to research the area and the property thoroughly. Make sure to check the zoning regulations and any restrictions that may apply to the property. It is also important to understand the local tax laws and any other fees associated with the purchase. Additionally, it is important to hire a qualified lawyer to review the contract and ensure that all legal requirements are met. Finally, it is important to be aware of the current market conditions and to ensure that the purchase price is fair," explained one expat in Limassol.
Are foreigners allowed to own property in Limassol?
When we asked expats what advice they would give a foreigner before buying a property in Limassol, they said...
"Yes, foreigners are allowed to own property in Limassol. However, there are certain restrictions and regulations that non-Cypriot citizens need to follow. Non-EU citizens are allowed to purchase one property, which can be a house, apartment, or a piece of land not exceeding 4,014 square meters. EU citizens who have resided in Cyprus for at least five years can purchase unlimited properties without restrictions. It is essential for foreign buyers to obtain permission from the Council of Ministers before purchasing a property, and they must also register their contract with the Land Registry Department. Despite these regulations, the process of buying property in Limassol is relatively straightforward and has attracted many foreign investors and retirees," said one person in Limassol.
What appliances are typically included in a rental?
We asked foreigners in Limassol what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In a rental property in Limassol, tenants can typically expect to find a refrigerator, stove, oven, washing machine, and air conditioning unit. Additionally, some properties may also include a dishwasher, microwave, and other small appliances," said one foreigner living in Limassol, Cyprus.
Additional Information about Searching for a Home in Limassol:
We asked foreigners in Limassol what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Limassol typically begin by browsing online property listings on websites such as Cyprus Property News, BuySellCyprus, and PropertyLink. They may also join local Facebook groups and online forums to seek advice and recommendations from fellow expats who have already gone through the process. Additionally, expats can visit local real estate agencies in Limassol to speak with agents who have knowledge of the local market and can help them find suitable properties. Networking with other expats and locals can also be helpful in finding potential rental or purchase opportunities that may not be advertised online. Finally, expats may choose to visit neighborhoods in Limassol to get a feel for the area and identify properties with "For Rent" or "For Sale" signs," said one in Limassol.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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