The Ultimate Guide to Buying Real Estate in Limassol

Discover everything you need to know about purchasing property in Limassol’s premier coastal city.

Limassol is the second largest city in Cyprus, situated on the southern coast of the Mediterranean island. It is a thriving city, home to a sprawling metropolis and stunning seafront promenade – a prime example of where the city meets the sea. While it is a popular tourist destination, known for its beautiful beaches, mild climate, and vibrant nightlife, in recent years, Limassol has developed into a major hub for real estate investment, providing fertile opportunities for the purchasing of high-end, luxury properties. In this guide, we will take you through all the key information you need to know about buying real estate in Limassol, including how to get started, the types of property available, and the benefits of investing in the city.

Set your objectives

The first decision you need to make before purchasing a property in Limassol is understanding what your long-term goals are. For example, are you planning on residing permanently in Cyprus or will you use your property as a holiday home? Also, will you be renting out your property, rather than living in it yourself? Your answers to these questions will dictate the location, budget, and the number of properties you wish to buy. Knowing what you aim to achieve out of your property investment is an important starting point, which will ultimately help you narrow your focus down to the most suitable luxury homes in Limassol.

Decide on a budget

When it comes to Limassol property prices, there are an array of options available to you. The price of Limassol apartments for sale varies depending on the location, size, and condition of the property. However, it is possible to find luxury properties in Limassol for a fraction of the price of similar properties in other European cities. There are several beneficial factors associated with property investment in Limassol. Firstly, the prices are highly competitive, in comparison with similar warm climate destinations. Secondly, the country has a favourable tax regime, with some of the lowest rates anywhere in the EU. Other additional benefits include a stable economy, strategic geographical location, and a high quality of life.

Select a property type

Once you have set your property goals and budget, the next step is to decide on the type of property for sale in Limassol that you wish to buy. Fortunately, the city has an excellent diversity of available housing, making it an attractive destination for investors. There really is something for everyone here – whether it’s a seafront apartment or a traditional stone house in the mountains, you will find a property to fall in love with. Some of the most popular types of luxury properties include penthouses, villas, and townhouses. Penthouses offer stunning views of the city and the Mediterranean Sea. They typically come with a number of amenities, such as private pools, gyms, and parking. On the other hand, villas offer spacious living and outdoor areas and are often located in quiet, secluded neighbourhoods. Meanwhile, townhouses offer the best of both worlds, combining the privacy of a villa with the convenience of being close to amenities.

Understand the process

The next step is understanding the rules associated with buying property in Cyprus, so you know what you need to do in order to complete the transaction legally and securely. The first factor you need to consider is the various taxes and fees applied to sales, including stamp duty, property tax, and registration fees. You will also need to make sure you meet the legal requirements for investing in property in Cyprus. You can purchase property here provided you are over 18, have a clean criminal record, and (if you are a non-EU citizen) get the necessary approval from the Council of Ministers. A real estate lawyer can assist you with the process, including the various paperwork involved, so that your property acquisition in Cyprus is a quick and smooth affair.

Attend REALTYon EXPO

You are nearly there! Now you have learned all about the ins and outs of buying property in Cyprus, you are ready to make the next move. Would you like to gain exclusive access to thousands of Cyprus-based real estate projects, with a vast catalogue of options suited to your specific investment needs?
You are in luck, as the largest ever property EXPO to be held in the Mediterranean is coming to Cyprus very soon! We hope to see you at REALTYon Cyprus 2023, taking place at the Parklane Hotel in Limassol between 28-29 June. Entrance tickets are free of charge, so don’t delay, register now!