Limassol can be described as the most diverse property market in Cyprus. As the second largest city, it has developed its own residential and commercial property market and as a coastal resort it has developed a thriving holiday property market.
A major driver for the Limassol property market was the Russian multinational off-shore companies that emerged in the 1990s. Limassol has since been the centre for hundreds of off-shore companies and this has been the reason for the thousands of Russians who have immigrated to the Island. The Russian community mainly consists of wealthy people who play an integral role in the commercial and residential property market. The demand for Limassol’s holiday villas is shaped mostly by Russians, with a significant contribution also from the English and Arab markets.
Commercial and residential property prices are about 10% lower than those in Nicosia and prices for holiday properties range from about 5% to 10% lower than Paphos and about 10% to 15% higher than Protaras and Larnaca. Limassol offers year-long rental contracts for commercial and residential properties in the city and weekly contracts for holiday property during prime summer months.
Investor activity does not seem to be that strong since Nicosia is preferred for higher returns on investment and better short-term expectations for commercial and residential rental contracts.
Holiday property investors seem to prefer Protaras and some areas in Larnaca due to better facilities as holiday destinations and a greater demand for privately owned holiday villas. In addition, prices for properties in Protaras and Larnaca are lower than comparable properties in Limassol.
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