Property in Famagusta
Real estate in Famagusta, the largest coastal city in Northern Cyprus, which is great for relocating and holidaying, is a promising option for investing in property in Cyprus.
The city’s history dates back over 2,000 years. Nowadays, it is a thriving tourist hub known for its rich cultural heritage. Famagusta welcomes thousands of people from all over the world every year. This is well deserved, because no trip to Northern Cyprus can be complete without visiting this city. Travellers come here to see the sights, swim in the crystal-clear waters of the Mediterranean Sea, relax in comfort and bask in the sun on snow-white beaches, visit ancient public baths, caravanserais, and fascinating museums, and get acquainted with the architecture of the Gothic Cathedral of Saint Nicholas.
Famagusta, known for its picturesque beaches and manicured coastline, is located on the eastern side of Cyprus. The city’s exciting nightlife, authentic fishing harbours, mediaeval churches, and charming traditional neighbourhoods bring out the distinctive character of this place. The small port town of ancient Famagusta (formerly known as Arsinoe) was founded in the third century BC by Egyptian king Ptolemy II. Today, this resort boasts many fantastic beaches with every amenity and activity imaginable, including sun loungers, sea cruises, and scuba-diving. It offers lovely walks through busy neighbourhoods with market stalls and winding streets.
Housing here is really in demand, because no matter in which part of the city you buy property in Famagusta, the sea will be just a few minutes away. It does not matter if you want to personally reside in the island, holiday in your own house from time to time, or rent out apartments in Cyprus, Famagusta is the best place for families or individuals wishing to enjoy a resort lifestyle with the most magnificent beaches of Cyprus at hand.
Properties prices in Famagusta
The average price of an apartment for sale in the city is €177,333, while houses average at €451,667. Below is the average property cost in Famagusta, depending on the type of unit and its configuration.
Apartments:
| Number of Bedrooms | Price |
|---|---|
| Studio | €112,912 |
| Two bedrooms | €178,167 |
| Three bedrooms | €207,600 |
| Four bedrooms | €265,000 |
Houses:
| Number of Bedrooms | Price |
|---|---|
| Four bedrooms | €532.667 |
| Five bedrooms | €1.48 million |
| Six bedrooms | €1.65 million |
You can buy a unit in an apartment complex for an average of €2,369 per 1 m². Over the past 12 months, the price of this type of property has increased by 13%. Houses cost an average of €2,855 per 1 m². Over the year, the cost has dropped by 6%.
It is important to note that the cost of properties in Famagusta, Cyprus depends on the type of unit, its area, and location. Another significant factor is the age of the house. You can find prices in euros and dollars for a specific property option in the catalogue or request them directly from a specialist on the website.
Investment property
One of the key factors driving the growth of the real estate market in Famagusta has been the increasing demand for resale properties and holiday homes. The city’s climate is Mediterranean, with warm, sunny summers and mild winters, which makes it an attractive destination for those looking to escape the lingering cold of Northern Europe. Well-maintained beaches, historical landmarks, and vibrant cultural life also make Famagusta a popular spot for tourists and wealthy migrants.
Many overseas buyers, especially from countries such as the UK, Russia, and Turkey, are drawn to the sunny weather and lower cost of living compared to other European countries. Equally important criteria are relatively low property prices in Famagusta and high potential rental income.
Investment property in Famagusta will be a reliable asset for foreign nationals planning to use it as a source of passive income. During the beach season, many holidaymakers flock to the city, while in winter, it is a beloved destination for digital nomads. Therefore, investing in real estate in Famagusta is promising due to the well-developed tourism industry and high rental returns. In the city centre, the average annual yield is 10.91%, and in other areas, 14.69%. If you live abroad and plan to buy villas in Cyprus for rent, Turk.Estate specialists will advise you how to do it profitably and safely.
Buying property in Famagusta
Interested in property in Famagusta for investments and living? The Turk.Estate website features many options at competitive prices. We offer only the best residential units from reputable developers, trusted agencies, and individuals. Our experts are always in touch and will be happy to select the property that fits your unique tastes and goals. Upon request, you can get detailed advice from a specialist who will help you choose and buy real estate in Famagusta safely.