Nicosia. Overview of the real estate market of the capital of Cyprus

The city with a rich past and an extraordinary present is located on a plain between mountain ranges 50 km from Larnaca, the nearest resort on the southern coast and 25 km from Kyrenia, a major center on the northern coast, which today belongs to the unrecognized Turkish Republic of Northern Cyprus.

How did it happen? Historical background

There have been many steep turns in the history of Nicosia. Founded by the ancient Greeks in these places, the polis of Ledra by the 4th century BC is in decline, but after a few centuries it regains its importance and at a new, Byzantine, round of development becomes the residence of the governor and receives metropolitan status. It can be preserved even during the period when the Frankish dynasty of the de Lusignans dominates in Cyprus. It was at this time that the city gets its current generally accepted name of Nicosia. (It is noteworthy that the Greeks still prefer to use the old name of their capital Lefkosia, and the Turks prefer Lefkosha). A special trace in the architectural appearance of the city was left by the Venetians who replaced the de Lusignans. They prudently decide to strengthen the defense and build a powerful citadel with several bastions, but this does not help. In 1560, the Turks stormed the fortress and settled here for several centuries. After the weakening of the Ottoman Empire, Cyprus falls under the protectorate of the British. In 1960, the island gained independence and the history of the Republic of Cyprus began.     

Initially, the two main ethnic groups - Greek Cypriots (approximately 80% of the population) and Turkish Cypriots (approximately 20%) - maintained parity (although not without difficulty), exercising joint leadership of the country (Greek president, Turkish Prime Minister, plus quotas in different authorities from each community). However, in 1973, as a result of a military coup, Greek nationalists who advocated unification with Greece came to power for a short time, which provoked a conflict on national grounds. Turkey responded by sending troops who managed to take control of the territories in the north of the country. For several days, the Greeks living in Kyrenia, Famagusta, Guzelyurt, on the Karpas Peninsula, hastily left their homes, leaving their property, and moved to the southern side. Turkish Cypriots who lived in the territories remaining under the jurisdiction of the Greeks moved to the north. A buffer zone was formed between the Greek and Turkish parts of Cyprus, which has since been guarded by a contingent of UN troops. It is noteworthy that the demarcation line runs right through Nicosia, dividing the city into two parts, one of which is the capital of the Republic of Cyprus, and the second is the unrecognized Turkish Republic of Northern Cyprus, formed in 1983 under the protectorate of Turkey.

In the half-century history since the beginning of this confrontation, there have been several attempts to unite the two parts of the island, but so far they have not been crowned with success due to insurmountable contradictions between the parties. The Republic of Cyprus is developing in a global context, is a member of the European Union and a popular tourist and investment destination. The TRNC lives apart with the full support of Turkey and manages to take advantage of its position. By the way, there are also enough foreigners here.

Today, when quite a few years have passed after the hot stage of the conflict, a kind of status quo has been achieved, and the situation is perceived less acutely, although there is no official resolution of it. Residents of the Greek side go shopping across the border (prices in the TRNC are slightly lower, although everything has become more expensive lately) or to refuel (gasoline is 3 times cheaper). Tourists walking along the pedestrian Ledra Street in Nicosia can cross the checkpoint by presenting their passport and continue sightseeing from the Turkish side. (Note that travelers who arrived in Northern Cyprus not from the Republic of Cyprus, that is, through Turkey, should refrain from visiting the Greek side, even if they have a visa, since Greek Cypriots do not consider such a way of arrival to the island legal).

One of the main agreements that has been reached concerns the rights of former owners of real estate to abandoned property. Back in the early fifties, there were precedents when the original owners made claims on their homes. However, according to the ECHR's decision on such cases, property in Northern Cyprus is not subject to return, and Greek Cypriots must apply to the Real Estate Commission established in 2006 by Turkey. Claims from people who have lost their shelter are considered, and compensation is paid to them.

Infrastructure

Nicosia is the administrative, business and cultural center of the Republic of Cyprus. Here is the residence of the president of the country and the magnificent Archbishop's Palace with a monument to Makarios III (the head of the church and the first president of the independent republic), the House of Representatives, the Supreme Court, ministries, embassies of foreign states, periodically arranging holidays for everyone.

Tourists come to the capital of Cyprus to look at the preserved fragments of the same Venetian fortress in the shape of a snowflake, ancient temples with rich decoration, walk through the narrow colorful streets of the old city, visit the famous archaeological museum, built not so long ago right at the fortress walls of Freedom Square designed by Zaha Hadid.

Locals enjoy spending time in large, beautiful parks, for example, Grammico or Atalassa Forest Park. Thanks to them, Nicosia is considered one of the greenest cities in Cyprus.

The capital is convenient for living, as all the institutions and institutions necessary for urban comfort are nearby: schools, including international colleges (including the Russian school at the Embassy of the Russian Federation), kindergartens and language courses, an adult and children's hospital, banks, large chain hypermarkets such as IKEA and Leroy Merlin », small shops, grocery supermarkets like Lidl and countless shops of small merchants, a variety of cafes and restaurants, fitness centers, theater.    

The capital is a student city. It is home to the University of Nicosia, the European University of Cyprus, the University of Cyprus, Frederick University.

Infrastructure is the factor due to which many people choose to live in Nicosia. If we add to this a lower cost of living than in the resort of Limassol or Larnaca, then the distance from the coast no longer seems to be such a fundamental point.

Yes, living in Nicosia, you don't have to enjoy the sea every day, but spending weekends on the beach is easy –the road will take about 50 minutes (from remote areas – 1.5-2 hours, taking into account traffic jams).

It is impossible not to mention the mountains. The Olympus peak, sung in ancient Greek myths, is located 80 km from the capital. In winter there is a ski center, and in other seasons trekking and cycling are popular. 

Climate

The climate in Nicosia is hotter in summer and cooler in winter compared to the cities by the sea. Moreover, the difference is sometimes very significant, despite the short distances it can reach up to 10 °s. Often in the summer months there is a sweltering heat in the city, it is not for nothing that multicolored triangular canopies are made over the central streets, protecting tired pedestrians. 

Another nuisance that sometimes happens in these places is sandstorms. They are brought here from Africa and from the Arabian Peninsula.   

The best seasons in Nicosia are spring and autumn, when the weather is mild.

Transport

Nicosia Airport is closed, UN troops are stationed on its territory. The nearest air gates to the capital are located in Larnaca, at a distance of about 50 km.

There are no direct flights from Russia to Cyprus now, only with connections, which is quite expensive and inconvenient.

In TRNC, near Nicosia, there is Ercan Airport. After the opening of the new terminal, it began to accept wide-body aircraft. The lion's share of flights, of course, from Turkey.

There are several bus stations in Nicosia. The main one is located on Solomos Square in the city center. From here you can go to different parts of the country.

There are also city bus routes in the capital, but locals mostly travel by car. 

Buildings and districts

Nicosia is built up mainly with low-rise houses and medium-rise houses. There are a lot of old and frankly decayed housing stock in the city that requires reconstruction. However, along with this, the construction of modern, pretty buildings to the highest standards is extremely active. On empty fields on the outskirts and on freenew complexes are growing in areas closer to the center.

In recent years, iconic high-rise buildings-candles - have begun to appear in Nicosia after Limassol. For example, the tower «360», «Tower-25».

Old Town

The old center of Nicosia inside the preserved fortress walls is not valued as a place to live and is considered a haven for migrants. Many of the houses here are battered, with old communications. The usual practice regarding real estate in such locations to reconstruct and rent to tourists has not yet been realized, perhaps because of the deplorable state of the housing stock as a whole or because of the established image of the area, a more systematic approach, generalization is needed.

There are some interesting options in the center, but they are rather an exception. 

Agios-Homologites

A small area located near the center of Nicosia, near the Grammiko and Dimitrios parks, has all the conditions for a busy city life for the whole family. There is a school, kindergarten, shops, cafes, restaurants. It is easy to get to any part of the city by car or public transport from here.

Agios Dometios

This area also lies close to the center. Residents have access to all necessary infrastructure. One of the magnets of the place is the University of Nicosia, which is adjacent to the buffer zone.

Strovolos

South of Agios Omologites is a large area of Strovolos. This is a developed place, which is considered one of the most successful for the purchase of real estate. There is excellent infrastructure for families with children and pets, business people, outdoor enthusiasts. 

The area is ideal for students of the European University of Cyprus.

Aglandzha and Pay

In the southeastern part of Nicosia are the districts of Aglandzha and Plati, adjacent to the giant Atalassa Forest Park. In terms of infrastructure, they are somewhat inferior to Strovolos, but the proximity to the green zone is an undeniable plus. In addition, they are loved for a more relaxed atmosphere.

Aglandzha is an excellent choice for families with children and for students. The University of Cyprus is located nearby.

Dasoupolis

A small area near the center of Nicosia, where families, business people who go to the office every day, and students live comfortably. The infrastructure is very well developed. 

Engomi

Engomi is considered one of the most prestigious areas of Nicosia due to its good location. It is located very close to the center and borders on Strovolos, but at the same time slightly to the side, which allows you to maintain a quiet and peaceful atmosphere with the proximity of developed infrastructure. There is everything for a comfortable life for families.

Relatively close to Engomi, in Agios Dometios, near the border with the TRNC, there is the University of Nicosia, and to the south, towards Strovolos, the European University. For this reason, students also often choose this area. 

Makedonitissa

This area south of Engomi and west of Strovolos is convenient for living and boasts a rich infrastructure. From here it is quite close to the European University of Cyprus and the University of Nicosia. 

Lacatamia

The area is remote from the center, but at the same time it borders with Strovolos and has a fairly developed infrastructure. If there is a request for permanent residence, it makes sense to look at this quiet place.

Latcha (Latsia)

The area is very similar to Lakatamiya. It is also remote from the center, has its own infrastructure and fairly convenient access to the rest of the city.It is not difficult to find both apartments and a private house in Latcha, and in a closed new complex. This option is not bad for permanent residence. 

Kaymakli

In the northeast, not far from the center of Nicosia, there is a nice quiet area with excellent infrastructure of Kaymakli. It attracts students by its proximity to Frederick University.

Nicosia Real Estate Market

The Cyprus real estate market continues to rise. Housing sales are also growing to local residents, but the main driving force is foreigners, and it is from countries outside the European Union. In the first eight months of 2023, transactions with citizens with EU passports decreased by 22%, and with immigrants from other countries (not from the EU), on the contrary, increased by a gigantic 76% compared to the same period in 2022. Mostly Russians, Ukrainians, and Israelis buy. 

As official statistics show, every third property in August 2023 was purchased by a foreigner from outside the EU.

However, the situation in the region we are considering is somewhat contrary to the general trend. The share of housing sales to foreigners in Nicosia is only 11%. For comparison, in Limassol it is 31%, in Paphos 57%, in Famagusta 56%, in Larnaca 34%.

Thus, the figures show that the capital is interesting primarily to the Cypriots themselves. Nicosia occupies the second position in terms of the number of transactions in the domestic market after Limassol, although it is an outsider in terms of sales to non-residents. Foreigners are focused more on coastal cities.

The undeniable advantage of Nicosia, in addition to the capital status and excellent infrastructure, is real estate prices. They are 20-30% lower than on the coast. Rental housing here will also cost 15-20% cheaper.

A small ready-made apartment in a non-residential building with a good finish at a distance from the center can be bought at a price of 90 0000. About the same amount is requested by sellers for old unrepaired housing in the center.

Prices for 1-bedroom apartments in good new buildings in comfortable areas start from 100,000 euros.

1-bedroom apartment in a newly built house in the Kaymakli district near Frederick University for sale for only 105,900 euros (plus VAT).