Buying Property in Cyprus as an Expat: Interview with Christakis Christodoulou
With its Mediterranean charm, sunny skies, and welcoming tax environment, Cyprus has long been a dream destination for expats. But for many, buying a property in a foreign country can often feel overwhelming. To provide clarity and insight into the exciting journey of finding your perfect home, we sat down with Christakis Christodoulou, Inland Sales Manager and property expert at Aristo Developers.
Aristo Developers is one of Cyprus's oldest and most respected property developers. As the island's largest landowner, Aristo has earned numerous national and international awards, including the prestigious Award for the Best Cypriot Company, presented by the President of the Republic of Cyprus.
Today, we're not simply talking about numbers and transactions. We're here to explore what it truly means to find a home in Cyprus, with practical advice and real stories along the way. So, grab a coffee ☕, imagine you're with us in a sunlit 🌞🏖️ seaside café, and let's get started!
Table of Content
- Meet Christakis: Your Guide to Cyprus Real Estate
- Cyprus Property Market Overview: Trends, Prices, and Demand Drivers
- Practical Advice for Foreign Property Buyers & Investors in Cyprus
- Living in Cyprus: Lifestyle, Community, and Practical Relocation Advice
- Final Thoughts for Buying Property in Cyprus as an Expat
- Top 5 Takeaways from Our Interview with Christakis Christodoulou
Meet Christakis: Your Guide to Cyprus Real Estate
💬 Before we get into the nitty-gritty of buying property in Cyprus, let’s get to know Christakis. After all, when you’re making such an important decision, you want to work with someone who truly understands both the market and the people they’re helping.
Q: Christakis, tell us a bit about yourself! How did you get into real estate, and what do you love most about working in the Cyprus property market?
First, thank you for allowing me to share insights into the Cyprus real estate market. It's always exciting to help expats considering property investment or relocation to our beautiful island.
My professional background is in hospitality. I studied Hotel Management in Cyprus and Switzerland and worked across various establishments both locally and internationally. Yet real estate has always fascinated me. It's closely tied to fulfilling one of the most fundamental human needs: having your own home.
What makes real estate particularly exciting is its creative nature. It begins with identifying the perfect plot in an ideal location, moves through thoughtful design, and culminates in transforming an empty plot into a beautiful living space where people can build their lives and create lasting memories. It's a uniquely satisfying process that you must experience to fully appreciate.
I joined Aristo Developers in 2000 and have cherished every day since. It's an inspiring and dynamic place to work! Initially, I started as an area manager for Polis and Latchi. Over the years, I've served the company in various roles within Sales and Marketing, ultimately reaching my current position as Inland Sales Manager.
In this role, I oversee business development and manage our network of associates across several countries in Europe, the Middle East, and the local Cypriot market. Beyond daily operations, I also contribute to strategic planning, budgeting, and establishing company policies. Moreover, I handle recruitment, training, and team-building, ensuring our people deliver the highest standards. I can honestly say there’s never a dull moment, and I wouldn’t trade it for anything. 😊
Q: You’ve worked with many expats and investors—what’s the most rewarding part of helping people find a home in Cyprus?
A home is more than just a building. It's where people build their dreams, plan their futures, and share special moments with loved ones. It becomes part of their identity.
Over the years, I've met clients who moved to Cyprus long ago after buying their homes with us. Even now, after many years, they often tell me how happy they are about their decision. These aren't just recent buyers feeling excited; they are families who have lived here for ten or twenty years, enjoying their lives and making lasting memories.
Nothing compares to hearing this genuine appreciation from people we've helped settle here. Seeing their happiness years later is the most rewarding part of my job.
Q: What's a memorable story from a client who relocated to Cyprus? Are there any interesting or surprising experiences?
I've collected some incredible stories after many years in this exciting business. Sometimes, when chatting with friends about work, I joke that if I wrote a book about these experiences, it would easily become a bestseller. I promise my friends they'll get a free, signed copy, and we laugh. 😊
One story I'll never forget involves a British gentleman who visited my office in Latchi, near Polis. He was excited about a property he'd found and believed it was a fantastic deal. Thankfully, a friend of his who had bought from us years earlier advised him to speak with me first.
As he described the property, his excitement was contagious. But as I listened carefully, I realised something troubling. The "amazing deal" he was excited about was part of a project offered to our company only weeks earlier. We had already looked into it and decided to turn it down because of serious issues.
For instance, the apartment complex was built with four floors, though local zoning laws only allowed three. Worse yet, technical tests we conducted showed the building was poorly constructed and unsafe, particularly in case of an earthquake. And as if these issues weren't enough, the project was also heavily mortgaged, meaning any buyer wouldn't even obtain a clear title deed without first paying off a significant bank debt.
When I explained these issues to the gentleman, he quickly realised his "great bargain" was too good to be true. He felt genuinely relieved and bought a property from us that he still owns and enjoys.
To show his gratitude, he organised a big dinner party at a local tavern for his friend (the client who advised him to speak with us) and me. He told everyone that day was one of the best life lessons he'd ever learned.
Stories like this remind me why I love my work. And trust me, I've got a treasure chest full of them!
Cyprus Property Market Overview: Trends, Prices, and Demand Drivers
💬 Now that we know more about Christakis, let's discuss the bigger picture. The Cyprus real estate market has been evolving. Knowing what's happening on the ground is essential for anyone considering buying. Is now a good time to invest? What areas are booming? Let's find out!
Q: How would you describe the current state of the Cyprus real estate market? Are there any trends that buyers should be aware of?
Cyprus is an excellent destination for residency and real estate investment. The many expats who have already purchased the property and now live or invest here confirm this popularity. People buy property for different reasons, and Cyprus offers advantages that appeal to many international buyers.
One of the key factors that make Cyprus one of the most attractive countries in the world for property investors is the excellent Mediterranean climate - especially for clients from central and northern Europe. The Permanent Residency Programme of Cyprus is another reason many non-EU residents choose the island to buy property. The country's high safety level and the warm welcome from locals also play a significant role in choosing Cyprus. Finally, foreign real estate investors find Cyprus's tax system very appealing, as it's among the most favourable in the EU. These are the facts that make Cyprus very popular for foreign buyers.
However, it's important to remember that Cyprus is a small island, so available properties are limited. Demand often exceeds supply, causing property prices to rise steadily. High demand from international buyers also affects land prices. When land becomes more expensive, this cost passes directly onto property prices.
Recent geopolitical tensions have further increased demand for properties in Cyprus. People from regions experiencing conflict, such as the Middle East, Russia, and Ukraine, see Cyprus as a safe and stable place to live.
That's why if you're considering buying property in Cyprus, whether for relocation or investment, it's wise to act sooner rather than later. Prices are likely to continue rising in the near future.
Q: What's driving demand in Paphos and Limassol? Are there any areas or types of properties that are particularly sought after right now?
Limassol and Paphos are the two districts of Cyprus that have always attracted the most foreign property buyers. These two areas have their own characteristics, pros and cons, and people choose them for different reasons.
Limassol is a bigger city that is more vibrant and has a cosmopolitan ambiance and character. Many foreigners work and live there, mainly Russians who purchase high-end properties. When the Cyprus Investment Programme (citizenship scheme) was in effect, many Russians chose Limassol to invest in real estate and acquire their Cypriot passport. This was when most towers/high-rise buildings were erected in Limassol, targeting non-EU residents interested in Cypriot (European) citizenship. The large number of wealthy foreigners who chose Limassol to live had an impact on real estate prices in the area, including rental rates, which (real estate prices) escalated a lot. However, it seems that property prices in Limassol have reached a peak point, and it's unlikely to increase more soon.
On the other hand, Paphos is a smaller, quieter, picturesque, peaceful, and more authentic Cypriot city than Limassol, with a more pleasant climate. Paphos would appeal to someone looking to live in a calmer, more relaxed, traditional Cypriot environment. However, Paphos has all the necessary amenities and modern facilities for comfortable living today.
Although Paphos is also attracting many foreign property buyers, it has remained true to its authentic Cypriot character, and property prices have remained reasonable without being inflated. Therefore, Paphos is a great destination not only for expats looking to relocate but also for investors seeking high returns, either through property rental yields or capital growth via property value appreciation.
In Paphos, we see a massive demand for apartments, especially those in a compound or condominium. These apartments are mainly purchased for investment purposes (long or short-term letting and reselling). The returns on investment are truly impressive, and this trend will likely continue.
Q: What mistakes do foreign buyers often make when looking for property in Cyprus?
Today, real estate and property development are very popular in Cyprus, and people see it as a lucrative business with quick money. However, things are not so simple. Property development is a complex, complicated, challenging, and high-risk activity requiring high capital investment (land purchase and construction). Suppose you don't make careful and good planning from the very beginning when acquiring the plot and designing and constructing the project. In that case, you may be exposed to a difficult financial situation where you won't be able to complete the project and recover your costs and expenses.
Unfortunately, in Cyprus, there are numerous cases of people who signed contracts to acquire real estate and never received what they had been promised, even though they paid the agreed price in full.
I'm not trying to scare anyone off from buying property in Cyprus. It's the opposite. I encourage people to invest here because Cyprus's real estate can be rewarding and profitable. It's essential to do proper research before buying and choose a reputable, reliable company.
A home is an expensive purchase. Many people spend their entire lives saving money to fulfil their dream of buying a home in Cyprus. If they buy from the wrong company, they could end up facing serious difficulties for many years. Choosing a trustworthy developer will ensure peace of mind and protect your life's investment.
Practical Advice for Foreign Property Buyers & Investors in Cyprus
💬 Buying property isn't just about picking a lovely house—it's about understanding the process, knowing when to start looking, and planning a budget wisely. Many expats are concerned about the timeline and hidden costs, so let's get expert advice from Christakis.
Q: When should someone planning to relocate to Cyprus start looking for a property, and what's a realistic timeline from search to move-in?
People who intend to relocate to Cyprus should bear in mind that due to the high demand for properties, it's unlikely to find many options of completed (key-ready) properties to choose from. Most of the projects get sold before construction completion. In some cases, especially the low-end properties and properties developed in sought-after locations, they are sold out even before construction commencement.
Let's consider that most of the projects need between 18 and 24 months to be completed. That means someone who wishes to relocate here should start searching at least one year before his/her relocation. The earlier that person starts searching, the more options will be available to choose from.
A complete and comprehensive search will take 2-3 weeks. Once a property is chosen and the price and terms have been agreed, the buyer will pay a reservation deposit to secure the property and take it off the market. The Contract of Sale could be drafted as soon as the reservation deposit is paid.
Buyers are advised to appoint an independent lawyer with good knowledge and experience in property matters and contracting to give them the necessary legal advice and protect their rights and interests if something goes wrong. The buyer will go through and peruse the Contract of Sale with his/her lawyer, and once the Contract Terms are agreed upon, he/she will proceed with signing.
Contract preparation and signing should take no longer than 2-3 days. As soon as 40% of the agreed purchase price is paid, the purchaser's lawyer will stamp (stamp duty) and register (Specific Performance) the contract at the respective District Land Registry Office. The remaining balance will be paid in stages as construction progresses until the property is completed and ready for key delivery (possession taking). The last instalment will be paid upon construction completion.
Q: How should an expat budget be used to buy property in Cyprus? Are there any hidden costs they should be aware of?
Compared with other European countries, especially those that attract foreign buyers for relocation (e.g., Spain, Portugal, France, Italy, etc.), Cyprus has a very attractive tax system, especially regarding property. The additional expenses (hidden costs) are also low. As I mentioned earlier during our discussion, the favourable tax system of Cyprus is one of the key factors foreign investors choose to invest in real estate.
The only tax people purchasing real estate in Cyprus must pay is 19% VAT. Property purchasers who intend to use the property they buy as their residence and do not rent it out are entitled to pay the reduced 5% VAT rate. The reduced 5% VAT rate applies only to one property per family at any given time.
Legal fees are approximately 1-2% of the Contract price, depending on the services the purchaser may need from his/her lawyer.
Municipal or village council rates and utility bills in Cyprus are low, except for the power (electricity) consumption bills. Unfortunately, we still use oil for power generation in Cyprus.
People who buy property in condominiums or compounds must also pay a fee to the management company that maintains the development's communal areas. However, these fees are pretty low and are usually paid twice a year.
Q: For those considering investing rather than relocating, what are some of the most promising investment opportunities right now?
There are some excellent property investment opportunities in Cyprus, especially in Paphos. As I explained earlier, there is a huge demand for apartments in Paphos today, especially those in a compound or condominium. Also, properties in central locations of Paphos town and close to the sea (coastal properties) offer very high investment returns.
These properties are available for both long-term rentals and short-term holiday lets and tend to deliver strong rental returns.
Q: Can you share any insights into rental yields and property appreciation trends for investors?
Rental rates in Cyprus have reached record-high levels, especially in popular areas like Paphos and key tourist locations. Both short-term holiday lets and long-term monthly rentals offer excellent returns for property owners right now, and there's no indication that these high rental rates will drop soon.
On average, investors can expect a return (ROI) of about 6%. Properties used for short-term rentals, like Airbnb units in popular tourist areas, often perform even better, with returns of 7% to 8% or more. So, a 6% return is a conservative estimate for short- and long-term rentals.
However, rental income isn't the only reason to invest in Cyprus property. Many properties are also increasing significantly in value, especially apartments and smaller homes in condominium complexes or residential compounds near beaches or city centres.
A popular strategy is buying properties off-plan before the construction is completed. When these properties are finished (typically within two years), their value has often risen by at least 30%, allowing investors to sell at a much higher price.
We've even seen cases with much higher appreciation. For example, one of our clients bought a two-bedroom apartment four years ago and recently sold it for twice the original price. That's a 100% increase in value in just four years! And this isn't unusual; we've had many similar success stories.
Living in Cyprus: Lifestyle, Community, and Practical Relocation Advice
💬 Buying property is one thing, but making Cyprus your home is another. What's life really like here? Are there any surprises for newcomers? And if you're still a year away from relocating, what's the best approach? Let's wrap up with some real-life insights.
Q: What's something about living in Cyprus that surprises most newcomers?
Although Cyprus is a small island, it offers so much. It has a rich culture, fascinating history, and beautiful nature with stunning countryside and beaches. The island is a paradise for those who love outdoor activities. At the same time, Cyprus offers lively, cosmopolitan towns full of great restaurants, shopping malls, and amenities for those who prefer city life.
Cyprus is also very safe. According to Eurostat, it has the lowest crime rate in the European Union. Families who move here, especially those with children, highly value this security and peace of mind.
As I've mentioned, Cyprus also has an attractive tax system for foreign property buyers. It's among the most favourable in the EU. In addition, the island has excellent infrastructure, telecommunications, education, and healthcare. These services easily match those of the world's most advanced countries.
Yet, what surprises newcomers most is the warmth and friendliness of Cypriots themselves. Expats often tell me Cyprus's greatest asset is its people. New residents quickly feel welcomed and part of the local community. Many expats living in countryside villages even find fresh eggs, fruit, or vegetables left at their doorstep by friendly Cypriot neighbours. It's gestures like these that truly make Cyprus feel like home.
Q: If someone is still unsure about moving to Cyprus, what would you say to convince them?
Anyone unsure about relocating to Cyprus won't need much more convincing after everything we've discussed today! 😊
My advice to those considering Cyprus is not to wait too long. Property prices continue to rise quickly, and a home that costs a certain amount today will almost certainly be more expensive tomorrow.
Another important tip is to buy a property right away instead of renting first. Rental rates are currently very high, and property prices keep climbing. If you start by renting, you'll spend significant money each month without gaining ownership. When you're ready to buy, properties will likely be much more expensive than when you first arrived. Buying property earlier helps you secure the best possible price and protects your finances in the long run.
Q: If you had to describe the Cyprus lifestyle in three words, what would they be?
Live, Invest, Escape!
Final Thoughts for Buying Property in Cyprus as an Expat
💬 We've covered much today, from market trends to budgeting, but one thing stands out. Buying property in Cyprus can be a smooth and enjoyable experience, especially with the proper guidance.
Q: Christakis, any final thoughts for those considering making Cyprus their home?
If you're considering making Cyprus your home, you're already on an exciting journey! But it's important to act sooner rather than later. Still, don't rush into buying the first property you see.
Take your time to do thorough research. Explore various options carefully, and compare the pros and cons of each property that fits your needs. Most importantly, determine who owns, sells, or develops the property. Checking this carefully can uncover hidden legal, financial, or technical issues that aren't immediately visible.
A property might seem perfect at first glance, but a deeper investigation could reveal serious complications. Resolving these hidden issues can cost extra time, money, and effort. Some issues are difficult to resolve, and others may not have a solution. This is why choosing a reliable, experienced developer matters so much. It ensures a smooth purchase and protects your investment and peace of mind.
💬 Thank you, Christakis, for sharing your time, experience, and valuable insights. Your honest advice and deep knowledge of the Cyprus property market will no doubt help many expats feel more confident and informed as they plan their next steps.
And to our readers—if you’ve been dreaming of life under the Mediterranean sun, we hope this conversation brought you closer to making it a reality. The journey to Cyprus starts with a single step… maybe even the one you just took by reading this. ☀️🏡
Top 5 Takeaways from Our Interview with Christakis Christodoulou
Rising Property Prices: Why Timing Matters
Cyprus property prices continue to climb due to high demand and limited supply. Waiting too long could mean paying significantly more for the same home or investment.
Paphos Offers Strong Investment Potential
Compared to Limassol, Paphos offers a more authentic Cypriot lifestyle, more affordable property prices, and strong rental returns, particularly for apartments in residential compounds.
Rental Returns Are at Record Highs
Current rental yields in both short- and long-term markets are among the best Cyprus has seen. 6–8% ROIs are realistic, with some properties appreciating over 30% in just two years.
Choose Your Developer Carefully
A property's condition isn't always what it seems. Hidden legal or structural issues can cause significant trouble. The safest investment is one backed by a reputable, transparent developer.
There’s a Reason Cyprus Feels Like Home
Beyond tax perks and great weather, Cyprus stands out for its safety, strong infrastructure, and warm, welcoming people. Many expats say the island's biggest asset is its community.
Buying property in a new country can feel overwhelming. Still, with the proper guidance, it can be an exciting and rewarding experience. Whether you're looking for a home, an investment, or a rental opportunity, working with a trusted developer like Aristo Developers ensures a smoother journey.
Are you thinking about making Cyprus your home? Start early, get our advice including sharing juicy partner discounts, and enjoy the process of finding your perfect place in the sun!
