Property in Limassol

Due to the size of Limassol, many opportunities exist in the residential and commercial property sectors, while property prices seem to be a happy medium between the higher prices of Paphos and the lower prices of Larnaca.

Situated on the southern coast, Limassol is dwarfed by the magnificent backdrop of the Troodos mountains, which spread for 10 miles along the coast.  Limassol offers beautiful beaches, nightlife, shopping, culture and historical monuments and museums, making it an excellent option for all types of holidaymakers who flock here to boost a strong rental property market in this area.  This is a very historical city where you can visit the Cyprus Medieval Museum, Limassol Castle and the Kolossi Medieval Castle.  Limassol beaches have very dark sand or pebbles while the best beach is called “The Ladies Mile”, situated close to the new harbour.  There is also a very attractive new marina in Limassol that has been equipped with every facility to please tourists and property investors alike.

The town's historic centre clusters around medieval Limassol Castle and the Old Port, with new urbanisation now stretching almost all the way along the coast to neighbouring Amathus. Most of the hotels and bars, restaurants and discos are situated along this stretch of coast. To the west of Limassol lie the British Overseas Territory of Arotiri and Dhekelia. English is widely spoken on the island.

The city is also the biggest industrial and commercial center of Cyprus. Local industries, apart from the tourism sector, include furniture-making, tailoring, leather goods manufacture, drinks, food, metal industry, and print making among others. Limossol boasts two ports, the ancient port that was already old when Byzantine ships anchored here, and the new port, with its capacity to receive ca. ten ships at a time.

Property-wise Cyprus as a whole and Limassol in particular offers buyers a wealth of different types of commercial and residential buildings. For a modest first-time dip into Cyprus' residential housing market one would have to invest at least 225,000 euros to buy a small two bedroom property somewhere further inland. Cyprus is not cheap – as a year-round holiday destination it can command higher prices some destinations in Spain. Winters are mild, summers hot and dry. Generally speaking, around 1.2 million euros will buy a spacious dream home, a three bedroom detached villa with a fair sized plot and space for a swimming pool and sun terrace.

Limassol apartments for sale abound, and there are many apartments to choose from. Investors will be interested to learn that it is possible to buy parcels of apartments off plan, in a prime location like Pyrgos for example, where views over sea and beach are stunning from all 11 floors of a new tower currently being constructed.

Limassol plots of land for sale with ready plans for development of luxury signature villas on the hill of Pissouri are also still available, and buyers interested in commercial, rather than residential property, can choose from a wide range of business premises, although the typical price for shops in a great Limassol location, such as Kalogiri, Potamos, Germasogias, near beach, restaurants and bars, supermarkets and hotels, won't be less than two million euros.

For buyers with discerning tastes Limassol has plenty of choice. For around two million euros, there are exclusive waterfront developments in Limassol Marina that were designed by a world-renown team of architects. Combining elegance with state-of-the-art technology and overlooking the stunning marina complex, these town houses and apartments offer a maritime lifestyle that is both relaxing and thrilling at the same time.

Investment Property in Limassol

A major driver for the Limassol property market was the Russian multinational off-shore companies that emerged in the 1990s. Limassol has since been the centre for hundreds of off-shore companies and this has been the reason for the thousands of Russians who have immigrated to the Island. The Russian community mainly consists of wealthy people who play an integral role in the commercial and residential property market. The demand for Limassol’s holiday villas is shaped mostly by Russians, with a significant contribution also from the English and Arab markets.

Commercial and residential property prices are about 10% lower than those in Nicosia and prices for holiday properties range from about 5% to 10% lower than Paphos and about 10% to 15% higher than Protaras and Larnaca.  Limassol offers year-long rental contracts for commercial and residential properties in the city and weekly contracts for holiday property during prime summer months.

Investor activity does not seem to be that strong since Nicosia is preferred for higher returns on investment and better short-term expectations for commercial and residential rental contracts.

Holiday property investors seem to prefer Protaras and some areas in Larnaca due to better facilities as holiday destinations and a greater demand for privately owned holiday villas. In addition, prices for properties in Protaras and Larnaca are lower than comparable properties in Limassol.