Authored by the expert who managed and guided the team behind the Cyprus Property Pack
Yes, the analysis of Nicosia's property market is included in our pack
Buying an apartment in Nicosia as a foreigner can feel overwhelming when you don't know what to actually budget for.
This guide breaks down real apartment prices, closing costs, and ongoing expenses so you can plan with confidence.
We constantly update this blog post to reflect the latest market data and regulatory changes in Cyprus.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Nicosia.
Insights
- Stamp duty was abolished in Cyprus as of January 1, 2026, which means foreign buyers purchasing apartments in Nicosia no longer pay this fee on newly signed contracts.
- Resale apartments in Nicosia cost around 25% to 35% less than new-build apartments, but new-build purchases often include VAT while resale purchases involve transfer fees instead.
- The Central Bank of Cyprus reports Nicosia apartment prices grew by only 2.6% year-over-year in Q3 2025, making it one of the more stable districts in Cyprus for buyers.
- Foreign buyers in Nicosia typically need a 30% to 40% down payment because Cyprus banks apply stricter lending rules to non-residents compared to locals who may qualify for 80% financing.
- If you qualify for the 5% reduced VAT rate on a new-build apartment in Nicosia, your all-in costs drop significantly compared to the standard 19% VAT rate.
- Monthly HOA fees in Nicosia apartment buildings range from around 30 euros for basic buildings to 150 euros for buildings with elevators and better amenities.
- Electricity is the biggest utility expense for Nicosia apartments, with monthly bills typically running between 90 and 160 euros depending on air conditioning use and building insulation.
- Municipal property taxes in Nicosia are relatively low, with a rate around 0.035% of assessed value, translating to roughly 50 euros per year for a typical apartment.
How much do apartments really cost in Nicosia in 2026?
What's the average and median apartment price in Nicosia in 2026?
As of January 2026, the average apartment price in Nicosia is around 150,000 euros (approximately 163,500 USD) for resale units, while the median sits closer to 135,000 euros (around 147,000 USD).
When you look at price per square meter, Nicosia apartments average around 1,950 euros per square meter (about 2,125 USD or roughly 181 euros per square foot), with the median at approximately 1,850 euros per square meter.
Most standard apartments in Nicosia fall within a price range of 90,000 to 280,000 euros (98,000 to 305,000 USD), which covers everything from older one-bedroom units to newer three-bedroom family apartments.
How much is a studio apartment in Nicosia in 2026?
As of January 2026, a typical studio apartment in Nicosia costs between 65,000 and 85,000 euros (71,000 to 93,000 USD) for resale units, or 80,000 to 105,000 euros (87,000 to 114,500 USD) for new-build studios.
Entry-level to mid-range studio apartments in Nicosia start around 55,000 euros (60,000 USD), while high-end or luxury studios in prime locations like Engomi can reach 120,000 euros (131,000 USD) or more.
Studio apartments in Nicosia typically measure between 30 and 40 square meters, which is fairly standard for the Cyprus market and suitable for single occupants or investment properties.
How much is a one-bedroom apartment in Nicosia in 2026?
As of January 2026, a typical one-bedroom apartment in Nicosia costs around 90,000 to 130,000 euros (98,000 to 142,000 USD) for resale, or 115,000 to 160,000 euros (125,000 to 174,500 USD) for new-build units.
Entry-level to mid-range one-bedroom apartments in Nicosia start around 80,000 euros (87,000 USD), while high-end or luxury one-bedroom apartments in sought-after areas like Strovolos prime corridors can reach 180,000 euros (196,000 USD).
One-bedroom apartments in Nicosia typically measure between 45 and 60 square meters, offering enough space for a comfortable living area, separate bedroom, and often a balcony.
How much is a two-bedroom apartment in Nicosia in 2026?
As of January 2026, a typical two-bedroom apartment in Nicosia costs around 130,000 to 190,000 euros (142,000 to 207,000 USD) for resale, or 165,000 to 240,000 euros (180,000 to 262,000 USD) for new-build units.
Entry-level to mid-range two-bedroom apartments in Nicosia start around 115,000 euros (125,000 USD) in areas like Lakatamia, while high-end or luxury two-bedroom apartments in Engomi or central Strovolos can reach 280,000 euros (305,000 USD) or more.
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Nicosia.
How much is a three-bedroom apartment in Nicosia in 2026?
As of January 2026, a typical three-bedroom apartment in Nicosia costs around 190,000 to 280,000 euros (207,000 to 305,000 USD) for resale, or 240,000 to 360,000 euros (262,000 to 392,000 USD) for new-build units.
Entry-level to mid-range three-bedroom apartments in Nicosia start around 170,000 euros (185,000 USD), while high-end or luxury three-bedroom apartments with modern finishes and parking can exceed 400,000 euros (436,000 USD) in prime locations.
Three-bedroom apartments in Nicosia typically measure between 100 and 125 square meters, providing enough room for families with dedicated living spaces, multiple bathrooms, and storage areas.
What's the price gap between new and resale apartments in Nicosia in 2026?
As of January 2026, new-build apartments in Nicosia typically cost 25% to 35% more than comparable resale apartments on the headline price, though the gap narrows to around 15% to 25% when measured on a price per square meter basis.
The average price per square meter for new-build apartments in Nicosia is approximately 2,350 euros (2,560 USD), with a median around 2,200 euros (2,400 USD) per square meter.
For resale apartments in Nicosia, the average price per square meter sits around 1,950 euros (2,125 USD), with a median closer to 1,850 euros (2,020 USD) per square meter.
Make a profitable investment in Nicosia
Better information leads to better decisions. Save time and money. Download our guide.
Can I afford to buy in Nicosia in 2026?
What's the typical total budget (all-in) to buy an apartment in Nicosia in 2026?
As of January 2026, the typical all-in budget to buy a standard resale apartment in Nicosia is around 158,000 to 162,000 euros (172,000 to 177,000 USD) for a property with a 150,000 euro purchase price, or 210,000 to 240,000 euros (229,000 to 262,000 USD) for a 200,000 euro new-build depending on VAT eligibility.
Beyond the purchase price in Nicosia, your all-in budget includes transfer fees (for resale) or VAT (for new-build), legal and conveyancing fees of around 1% to 1.5%, survey or valuation costs of 400 to 900 euros, and various administrative charges.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Nicosia property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Nicosia.
What down payment is typical to buy in Nicosia in 2026?
As of January 2026, a typical down payment to buy an apartment in Nicosia ranges from 20% for eligible local buyers (30,000 euros or 33,000 USD on a 150,000 euro purchase) to 30% to 40% for most foreign or non-resident buyers (45,000 to 60,000 euros or 49,000 to 65,000 USD).
The minimum down payment that most Cyprus banks require is 20% for well-qualified borrowers with local income and residency, as shown by Bank of Cyprus offering financing up to 80% loan-to-value for first-time homebuyers.
However, to secure favorable mortgage terms in Nicosia as a foreign buyer, a recommended down payment of 30% to 40% gives you better negotiating power and access to more lenders who prefer lower-risk profiles.
You can also read our latest update about mortgage and interest rates in Cyprus.
We made this infographic to show you how property prices in Cyprus compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Nicosia in 2026?
How much does the price per m² for apartments vary by neighborhood in Nicosia in 2026?
As of January 2026, the price per square meter for apartments in Nicosia ranges from around 1,600 euros (1,745 USD) in the most affordable areas to 3,300 euros (3,600 USD) in prime neighborhoods.
In the most affordable neighborhoods of Nicosia like Lakatamia, outer Strovolos, and non-prime streets in Agios Dometios, you can find apartments priced at around 1,600 to 2,000 euros per square meter (1,745 to 2,180 USD).
In the most expensive neighborhoods of Nicosia like Engomi, prime Strovolos corridors, and newer developments in Aglantzia near the university, prices reach 2,600 to 3,300 euros per square meter (2,835 to 3,600 USD).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Nicosia.
What neighborhoods are best for first-time buyers on a budget in Nicosia in 2026?
As of January 2026, the top three neighborhoods best suited for first-time buyers on a budget in Nicosia are Lakatamia, outer sections of Strovolos, and older resale stock areas in Aglantzia.
In these budget-friendly Nicosia neighborhoods, apartment prices typically range from 80,000 to 140,000 euros (87,000 to 153,000 USD), making homeownership accessible for buyers who cannot afford prime areas.
These neighborhoods offer first-time buyers good everyday amenities including supermarkets, public bus routes, schools, and medical facilities without the premium pricing of central locations.
The main trade-off of buying in these budget-friendly Nicosia neighborhoods is that buildings tend to be older, which may mean higher maintenance costs and less energy-efficient construction compared to newer developments.
Which neighborhoods have the fastest-rising apartment prices in Nicosia in 2026?
As of January 2026, the top three neighborhoods with the fastest-rising apartment prices in Nicosia are Engomi, prime Strovolos corridors, and Aglantzia near the university area.
These fast-appreciating Nicosia neighborhoods have seen estimated year-over-year price increases of around 3% to 5%, outperforming the city-wide average of approximately 2.6% recorded by the Central Bank of Cyprus.
The main driver behind the rapid price growth in these Nicosia neighborhoods is strong demand from professionals, diplomats near embassies in Engomi, and students and faculty seeking proximity to the University of Cyprus in Aglantzia.
You can also read our latest update about property price forecasts in Nicosia.
Don't lose money on your property in Nicosia
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What extra costs will I pay on top of the apartment price in Nicosia in 2026?
What are all the buyer closing costs when you buy an apartment in Nicosia?
The estimated total buyer closing costs for a typical apartment purchase in Nicosia range from around 6,000 to 12,000 euros (6,500 to 13,000 USD) for a 150,000 euro resale property, or significantly more for new-builds subject to VAT.
The main categories of closing costs buyers must pay in Nicosia include transfer fees (for resale properties), VAT (for new-build properties), legal and conveyancing fees, bank valuation fees if financing, and survey or inspection costs.
The largest closing cost expense for buyers in Nicosia is typically either transfer fees at around 2% of the purchase price for resale apartments after the 50% reduction, or VAT at 5% to 19% for new-build apartments depending on eligibility.
Legal fees in Nicosia are somewhat negotiable and can vary between 1% and 1.5% of the purchase price depending on transaction complexity and the lawyer you choose.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Nicosia?
Buyers in Nicosia should budget approximately 4% to 6% of the purchase price for closing costs on a resale apartment, or 6% to over 20% on a new-build apartment depending on whether the 5% or 19% VAT rate applies.
The realistic low-to-high percentage range that covers most standard transactions in Nicosia is 4% for straightforward resale purchases with minimal legal complexity, up to 22% or more for new-build purchases subject to the full 19% VAT rate.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Nicosia.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Cyprus versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the ongoing monthly and yearly costs of an apartment in Nicosia in 2026?
What are typical HOA fees in Nicosia right now?
HOA fees (called common expenses in Cyprus) are standard for apartment buildings in Nicosia, with typical monthly charges ranging from 30 to 70 euros (33 to 76 USD) for basic buildings, up to 70 to 150 euros (76 to 164 USD) for buildings with elevators, gyms, or better finishes.
At the lower end in Nicosia, older buildings without elevators charge around 30 to 50 euros monthly for basic cleaning, stairwell lighting, and building insurance, while luxury buildings with amenities like pools or concierge services can charge 150 euros or more per month.
What utilities should I budget monthly in Nicosia right now?
The estimated total monthly utility cost for a typical apartment in Nicosia is around 130 to 220 euros (142 to 240 USD), covering electricity, water, and sewerage charges.
The realistic range of monthly utility costs in Nicosia varies from around 100 euros for a small, well-insulated apartment with careful usage, up to 250 euros or more for larger units with heavy air conditioning use during summer months.
Utilities included in the typical monthly budget in Nicosia are electricity (the largest component), water supply, and sewerage fees, with internet and phone usually billed separately.
Electricity is by far the most expensive utility for apartment owners in Nicosia, typically running 90 to 160 euros per month depending on air conditioning use and building insulation quality.
How much is property tax on apartments in Nicosia?
The estimated typical annual property tax for an apartment in Nicosia is around 50 to 100 euros (55 to 109 USD), as the old nationwide immovable property tax has been abolished but municipal property taxes still apply.
Municipal property tax in Nicosia is calculated based on the assessed value of your property, with reporting indicating a rate around 0.035% applied to official valuations used for municipal billing purposes.
The realistic range of annual property tax in Nicosia runs from approximately 35 euros for a lower-value apartment to 150 euros or more for higher-value properties, plus any additional municipal service fees that may appear on bills.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Nicosia.
What's the yearly building maintenance cost in Nicosia?
The estimated typical yearly building maintenance cost for apartment owners in Nicosia is around 800 to 2,000 euros (870 to 2,180 USD) when averaged over time, though actual expenses can vary significantly year to year.
The realistic range of yearly maintenance costs in Nicosia runs from around 500 euros for newer buildings with minimal immediate repair needs, up to 3,000 euros or more for older buildings requiring major works like roof waterproofing or elevator replacement.
Building maintenance expenses in Nicosia typically include your share of repainting common areas, roof repairs, waterproofing, elevator servicing, plumbing fixes, and reserve fund contributions for future major works.
In most Nicosia apartment buildings, building maintenance costs are collected through HOA fees, though major repairs may require additional special assessments approved by the owners' general assembly.
How much does home insurance cost in Nicosia?
The estimated typical annual home insurance cost for an apartment in Nicosia is around 120 to 300 euros (131 to 327 USD) for basic building cover, with contents insurance adding extra if desired.
The realistic range of annual home insurance costs in Nicosia varies from around 100 euros for minimal coverage on a lower-value apartment, up to 400 euros or more for comprehensive coverage on higher-value properties including earthquake protection and extended contents.
Home insurance is not legally mandatory for apartment owners in Nicosia, but it becomes effectively required if you have a mortgage, as banks insist on building insurance to protect their collateral.
Get fresh and reliable information about the market in Nicosia
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Nicosia, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Central Bank of Cyprus RPPI Q3 2025 | Official central bank housing price index built from bank valuation data. | We used it to track how fast Nicosia apartment prices were rising. We also extracted the district-level annual growth rate of 2.6% for Nicosia apartments. |
| CBC RPPI Methodology | Documents the official statistical method behind the central bank's price indices. | We used it to understand how the index is constructed using hedonic methods. We applied this knowledge to justify our January 2026 extrapolations. |
| Government of Cyprus Transfer Fee Calculator | Official Republic of Cyprus e-government service describing transfer fee rules. | We used it to explain buyer transfer fee logic including VAT exemptions. We calculated practical all-in cost examples using the 50% reduction rule. |
| Cyprus Tax Department Stamp Duty Circular | Reproduces the Tax Department's official notice with the January 2026 effective date. | We used it to confirm stamp duty was abolished for documents signed after January 1, 2026. We also noted edge cases for documents signed in late 2025. |
| Landbank Analytics New Apartments Q1 2025 | Cites Landbank Analytics processing of sale contracts filed with the Department of Lands. | We used the 191,000 euro average for new Nicosia apartments as our baseline. We then adjusted forward to January 2026 using CBC growth rates. |
| Landbank Analytics Resale Apartments H1 2025 | Reports resale prices from an analytics platform based on recorded sale activity. | We used the 143,118 euro average for Nicosia resale apartments as our baseline. We applied CBC growth rates to estimate early 2026 levels. |
| PwC Cyprus VAT Guidance | Major audit and tax firm guidance tied to the Tax Commissioner's VAT circular. | We used it to explain when buyers qualify for 5% VAT versus 19%. We framed all-in price scenarios for foreigners buying to live in Nicosia. |
| NDLGO Nicosia Water Fees | Official local government body responsible for water supply in Nicosia district. | We used the published tariff blocks to estimate water bills. We highlighted deposits and consumption thresholds that affect monthly costs. |
| NDLGO Nicosia Sewer Fees | Responsible local authority describing how sewerage fees are set and collected. | We used it to describe what sewerage fees are and how they are determined. We provided a practical budget range clearly labeled as an estimate. |
| Electricity Authority of Cyprus Domestic Tariffs | Official tariff document for regulated domestic electricity supply in Cyprus. | We used it to show how electricity bills are structured with energy, network, and fuel charges. We translated this into a simple monthly budget for apartments. |
| Bank of Cyprus First Home Loans | Cyprus's largest bank publishing indicative financing terms for home loans. | We used the up to 80% LTV example for eligible borrowers as our baseline. We explained why foreigners typically face stricter down payment requirements. |
| Cyprus Mail Property Tax Reporting | Major national newspaper reporting specific municipal rates and context. | We used it to anchor our municipal property tax assumptions for Nicosia. We translated the reported rate into practical euro amounts for typical apartments. |
| Numbeo Nicosia Property Prices | Transparent crowdsourced database useful for sanity-checking price ranges. | We used it only as a cross-check for city-centre versus outside-centre prices. We did not rely on it as a primary source for final numbers. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Cyprus. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Related blog posts