A. Average Sale Prices for 08/2004*
| |
Cyprus |
Nicosia |
Limassol |
Larnaca |
Famagusta |
Paphos |
|
Detached House 2bdr |
£121,000 |
£137,000 |
£136,000 |
£104,000 |
£102,000 |
£132,000 |
|
Detached House 3 bdr |
£171,000 |
£159,000 |
£179,000 |
£151,000 |
£146,000 |
£201,000 |
|
Detached House 4 bdr |
£283,000 |
£301,000 |
£304,000 |
£249,000 |
£248,000 |
£324,000 |
|
Semi-detached 2 bdr |
£92,000 |
£99,000 |
£89,000 |
£81,000 |
£78,000 |
£98,000 |
|
Semi-detached 3 bdr |
£117,000 |
£130,000 |
£128,000 |
£112,000 |
£99,000 |
£118,000 |
|
Semi-detached 4 bdr |
£157,000 |
£151,000 |
£156,000 |
£144,000 |
£185,000 |
£168,000 |
| Studio |
£37,000 |
£40,000 |
£37,000 |
£32,000 |
£31,000 |
£38,000 |
|
Apartment 1 bdr |
£41,000 |
£44,000 |
£41,000 |
£36,000 |
£35,000 |
£43,000 |
|
Apartment 2 bdr |
£69,000 |
£75,000 |
£70,000 |
£61,000 |
£59,000 |
£72,000 |
|
Apartment 3 bdr |
£81,000 |
£86,000 |
£73,000 |
£69,000 |
£67,000 |
£85,000 |
* Based on a
sample of 10,000 properties across Cyprus. Prices rounded to the nearest
thousand.
B. Average Rental Prices for
08/2004*
| |
Cyprus |
Nicosia |
Limassol |
Larnaca |
Famagusta |
Paphos |
| Studio |
£190 |
£240 |
£190 |
£120 |
£140 |
£150 |
|
Apartment 1 bdr |
£240 |
£310 |
£230 |
£170 |
£190 |
£200 |
|
Apartment 2 bdr |
£280 |
£380 |
£290 |
£215 |
£225 |
£225 |
|
Apartment 3 bdr |
£350 |
£420 |
£360 |
£275 |
£290 |
£290 |
* Based on a
sample of 5,000 properties across Cyprus. Houses are not included since
they are not recommended for "buy to let" investment. Prices are rounded.
C. Average Annual Rental Return for
08/2004*
| |
Cyprus |
Nicosia |
Limassol |
Larnaca |
Famagusta |
Paphos |
| Studio |
6.2% |
6.6% |
6.2% |
4.5% |
5.4% |
4.7% |
|
Apartment 1 bdr |
7% |
8.5% |
6.7% |
5.7% |
6.5% |
5.6% |
|
Apartment 2 bdr |
4.9% |
6.1% |
5% |
4.2% |
4.6% |
3.8% |
|
Apartment 3 bdr |
5.2% |
5.9% |
5.9% |
4.8% |
5.2% |
4.1% |
| Average |
5.8% |
6.8% |
6% |
4.8% |
5.4% |
4.6% |
* Based on data
from table A & B above.
The conclusion is that 1
bedroom apartments offer the best annual return - an average of 7%. As far
as towns Nicosia* is leading with an average of 6.8% and Paphos** is
last with 4.6%.
*
Nicosia not only is the
capital and the largest town in Cyprus but also has many universities and
colleges that lead to an increase in demand for rental properties.
** Paphos even though it
has higher rental rates than Larnaca and Famagusta the rental return is
lower due to the fact that properties in Paphos are more expensive.
Tel: +357-7777-7067, +357-22-760051 / Mob: +357-99-686618 / Fax:
+357-22-376004 / E-mail :
info@cyprus4properties.com
2004 ®
Cyprus
4 Properties
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