Famagusta Disctrict

Famagusta District is in eastern Cyprus, less than an hour’s drive from Larnaca airport, well known for its white sandy beaches and turquoise waters. The area is particularly popular among Scandinavians, but as property prices in Paphos have risen in recent years, Famagusta District has become an alternative for retirees and second home owners.

Famagusta town

Famagusta town is located in the Turkish Republic of Northern Cyprus (TRNC) and was the administrative centre of the district before 1974. It was also the tourist “jewel of the Eastern Mediterranean” with long sandy beaches, restaurants and hotels and was the major tourist area on the island of Cyprus. As a result of the division of the island, it is now a “ghost town” and will form a major part of any negotiation on future reunification. Indeed, many investors have been attracted to this area because of its proximity to Famagusta town and the benefits that can be attained after reunification and the massive multiplier effects which will undoubtedly follow any reconstruction, including the opening up of the port and the regeneration of the tourist industry.

Paralimni

Paralimni is now the administrative centre of Famagusta District and provides a town with all the key industries and services that one would expect in a thriving regional hub. It has a growing international community and many British-run businesses are springing up in property management and lettings, bars, restaurants, car hire and other tourist, property and service industries. The tourist area of Paralimni on the coast is often referred to as Protaras, covering 10 kilometres from Kapparis in the north to Konnos Bay in the south, and including the lively, family-friendly resort of Protaras itself. New build apartments in Paralimni with communal swimming pool start at €95,000 for 1 bedroom rising to €119,000 plus for a 2 bedroom apartment depending on location. Rental returns are €300 to €550 a week respectively in the peak season which runs from June to October, although April, May and November are also popular short-term letting months. In the winter months your market is the longer term renters escaping the UK and North European cold and rain.

Kapparis

Kapparis is very popular with second home owners and is quickly establishing itself as a Jet-to-Let investment area, due to its proximity to clean, sandy beaches, new restaurants and bars and the short distances to Paralimni, Protaras and Ayia Napa. It is a fast growing area, with property prices reflecting the demand, particularly from Cypriots living in Nicosia looking for a weekend retreat near the beach and Europeans looking for a quieter, more relaxed existence. A quality 3 bedroom villa in Kapparis would cost from €380,000 or more and let in the peak season for €1400 a week, while a good 2 bedroom apartment with communal pool and walking distance to the beach would cost from €140,000 and would let for €450 – €500 a week in the peak season.

Protaras

The property market in Protaras and the rest of Famagusta District is flourishing as a clear substitution effect with Paphos is evident. In effect these areas are playing catch up with their more prosperous counterpart, as the east of the island has remained relatively undiscovered in terms of retirement and second home ownership until recently. Protaras has some of the best beaches on the island, a family orientated approach to tourism and an appeal which has led to a growing demand for property from both Cypriots and foreigners.