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Locations - Nicosia

Capital city

Nicosia is the capital city of Cyprus, and its combination of a historic old town, popular with tourists, and a modern and cosmopolitan new area means that property in Nicosia has a wide appeal among investors. Located in the centre of the island, it is Cyprus’s largest city.

Local demand

Nicosia is not especially popular as a tourist destination, but has a strong local rental market – it is the Republic’s administrative centre and seat of government, and also hosts regular trade fairs and exhibitions. Its 250,000-strong population is rising as job opportunities attract workers from elsewhere on the island and from abroad, all contributing to the rising demand for property in Nicosia.

Property market

There has been a recent surge of property investment in the city and a lot of new construction is taking place, with demand currently outstripping supply. Cyprus’s accession to the EU was the catalyst for an unprecedented level of foreign and local investment. Nicosia attracts high returns on commercial property, while prices for all types of real estate in the city are climbing as land for development becomes harder to find. Most property here is bought off plan, and with a year-round rental market rather than a seasonal one, Nicosia’s buy-to-let property market differs from that of the island’s tourist centres.

Old town

The city dates back to the Bronze Age, and its walled old town is the most popular area for tourists with its narrow streets, various monuments, museums and medieval buildings, as well as numerous cafés, tavernas and shops.

Modern district

However, the bulk of the available property in Nicosia is found in the residential areas of the modern part of the city, which has developed around the old walled section. It is considered to be the shopping centre of Cyprus and its residents can also enjoy a buzzing nightlife with many restaurants, bars and clubs.

‘Green line’

Nicosia is known for its ‘Green Line’, which divides the city into two: the Greek Cypriot region under government control along with the south half of the island, and the Turkish Cypriot controlled north. However, this has clearly not deterred foreign investors, as in recent years Nicosia has attracted plentiful investment from overseas, and many large international companies have established bases here alongside Cypriot employers.

Related items

Documents and Reports

	Cyprus property investment report (373Kb)
	Cyprus country guide (766Kb)
	Cyprus property buying guide (979Kb)
Documents and Reports

Other related pages

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