Invest in Nicosia real estate to lift the potential of the district’s high local demand for residential and commercial rental properties.
The real estate specialists at Property Experts Cyprus take you on a guided tour through Nicosia’s neighborhoods and point you to the most popular areas in the district to buy property.
So, let’s get started.
Introduction to Nicosia District
To begin with, Nicosia with around 300,000 residents is one of six districts in Cyprus. Nicosia is also the largest city in Cyprus and capital of the island. In addition, it is the last divided capital in the world: Turkish in the North, and Greek in the South.
Nicosia offers a quality of living, excellent business opportunities, and strategic location, which attracts locals and foreigners alike.
Real Estate in Nicosia District
These are the key takeaways you need to know about the property market in Nicosia:
- Highest number of property transactions in Nicosia (besides Limassol)
- Property transfer values in Nicosia have recovered in 2021 with a strong increase
- Price points for apartments are rising disproportionately in Nicosia (for houses slowly)
Overall, property price indices in Nicosia are still less expensive compared to other districts in Cyprus. In particular, real estate in Cyprus is relatively undervalued compared to other countries where prices have risen everywhere over the last decade.
So, now you may be wondering where to best invest in Nicosia real estate. Let’s take a look.
Best Places to Invest in Nicosia Real Estate (City)
There are many profitable investing possibilities in Nicosia city, with real estate being one of the most common and popular ones. So, let’s take a closer look at some of the finest places to invest in properties for sale in Nicosia.
According to the vacation rental data on AirDNA (Q4/2022), Strovolos, Aglantzia, and Engomi have the most active rentals with the highest average daily rental rates, average occupancy rate, and average monthly revenue.
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The most popular municipalities for buying apartments and houses for sale in Nicosia in terms of transaction numbers and volume are:
So, let’s take a closer look at these first and then explore further interesting municipalities and neighborhoods for real estate investment in Nicosia.
With a population of nearly 70,000, Strovolos is the largest municipality in Nicosia and the second-largest in Cyprus. Rich in history, culture, and arts, Strovolos hosts many grand events, i.a. in its Municipal Theater and the Music Hall. Moreover, national sports events are regularly held in this district. Strovolos has several elementary schools and a gymnasium as well as two private schools.
With a population of around 40,000, this suburb of Nicosia is the third-largest municipality in Nicosia district and the fifth-largest municipality in Cyprus. Lakatamia is a relaxed residential area with affordable housing and excellent living conditions. Furthermore, the district is home to the Lakatamia Airfield and a national football club.
According to AirDNA, Lakatamia as a suburb a little further from the center, is less expensive overall. Likely, lower-middle income families live here (rental and purchase properties) and commute to work to Nicosia center/Strovolos.
Also known as Makedonitissa, Engomi is a rich and developed part of Nicosia full of upscale villas and other properties. As many embassies are located in this district, their employees and families often live in high-end and safe homes nearby. Besides, the European University Cyprus as well as the University of Nicosia are located in Engomi. The district is comparatively small with around 20,000 inhabitants.
4. Nicosia Center (Downtown Nicosia, Old Nicosia)
The center of Nicosia is home to around 55,000 inhabitants, making it the second-largest municipality in Nicosia. It is also home to the famous Acropolis area of luxury, parks, museums, and upscale restaurants and entertainment. Furthermore, the old city center with lots of art, culture, and architecture, museum, shops, bars and restaurants is a tourist magnet. The old town is surrounded by Venetian Walls from the year 1567 and spreads through a labyrinth of old churches and medieval buildings.
Likewise, the Athena Medical Centre development project in Nicosia as a high-quality medical facility shall attract locals and foreigners through medical tourism alike.
Finally, there is a pedestrian crossing point (the only one in Cyprus) at Ledra Street to get to the Turkish part of Nicosia in the North. Besides, Ledra Street is the main shopping area of Nicosia.
As Downtown Nicosia is a relatively large and popular municipality, we are also taking a look at its four main neighborhoods.
Known as Pallouriotissa today, this calm and peaceful residential neighborhood and part of Nicosia Downtown has a population of around 13,000. The historic environment is home to countless historic sites and landmarks like churches and monasteries.
With a population of around 12,000, Kaimakli as part of Nicosia Center is a place where many locals still relax outside their houses at night. The environment is best described as old-fashioned with a modern twist. Many young creatives call Kaimakli their home, and more and more coffee shops and hip eateries are emerging. The Countryside Park, Flea Theater, and so-called Riverside area are located in Kaimakli district.
Also known as Tophane, Agios Andreas is a smaller neighborhood and part of Downtown Nicosia with around 6,000 people living there. It is home to famous landmarks like the Paphos Gate, the Kastelliotissa Medieval Hall, the Maronite church, the Tophane Mesjid mosque, the municipal gardens, the Cyprus Museum, many schools, and more.
As part of Nicosia Center, Agioi Omologites is a small central neighborhood with a population of around 11,000. Famous churches and the Presidential Palace as well as the English Cemetery of Nicosia are located in this district.
Located just near the buffer zone between North and South Cyprus, Aglandija is one of the more significant suburbs of Nicosia. Home to around 20,000 people, Aglandija is also called the “big lung” of Nicosia with its many parks and forests. Moreover, Aglandija is also home to the University of Cyprus and Frederick University.
With around 17,000 inhabitants, Latsia is one of the bigger suburbs of Nicosia. It has a rich culture and excellent infrastructure. For example, the Nicosia General Hospital, the Mall of Cyprus as well as the Open University of Cyprus are located in Latsia.
7. Agios Dometios
This Western suburb of Nicosia has around 13,000 inhabitants. It is the island’s most important checkpoint between North and South Cyprus, allowing pedestrian and vehicle crossing. One of its major parishes is Agios Pavlos, where the famous Saint Paul church, and the Agios Dometios junior high school are located. Moreover, Agios Dometios is home to many other churches, parks, businesses, and The Cyprus Institute of Neurology and Genetics.
8. Geri (Yeri)
Geri is a small neighborhood in the south of Nicosia with a population of around 8,000. The Agonos Museum, Athanasis park, and a Sporting Club are located there.
This brings us to the end of this article on the top areas to invest in Nicosia real estate.
Invest in Nicosia Real Estate – The Takeaway
Whether you are an EU or non-EU citizen, investing in Cyprus and Nicosia real estate has a large variety of benefits and investment opportunities.
Non-EU citizens can invest in Nicosia real estate to obtain residency in Cyprus (Golden Visa), starting from 300,000€ property investment. Likewise, locals and EU-citizens can invest in Cyprus real estate to lift the potential of the prosperous Cypriot real estate market. And if you need a mortgage in Cyprus, the island’s largest banks have excellent conditions for locals and expats.
With its high quality of living, ample business opportunities, and excellent location on the island, Nicosia is a beloved home to locals and foreigners alike.
Nicosia as the capital city of Cyprus shows a strong residential and commercial segment (local rental market) and therefore contributes to Cyprus’ real estate sector growth in terms of transaction volume (domestic residential demand).
Are you ready to lift this potential by buying and renting out an apartment, house, or commercial/office space in Nicosia. Property Experts Cyprus has the best offers on the island. If you would like further information or to discuss your personal investment strategy, the real estate specialists at Property Experts Cyprus are here to help.
Disclaimer: The information in this article on investing in Nicosia real estate has been researched to the best of our knowledge and is dated Q4/2022. Investment tactics depend on your personal situation, knowledge, and risk willingness, which is why this article may NOT be construed as investment advice.