The Historic Port City of Cyprus

Famagusta, known as “Gazimağusa” in Turkish and “Αμμόχωστος” in Greek, is a city located on the east coast of Cyprus. Historically, it was the island’s most important port city and a significant gateway for trade with the ports of the Levant. This made Famagusta a hub for merchants from both the East and West.

Historical Significance:

Famagusta‘s history dates back to around 274 BC when it was founded by Ptolemy II Philadelphus and named “Arsinoe”. Over the centuries, it has seen various rulers and has been a focal point for trade, especially during the Middle Ages under the maritime republics of Genoa and Venice. The old walled city of Famagusta is a testament to its rich history.

Modern Famagusta:

In the late 1960s, Famagusta emerged as a prominent entertainment and tourist center. It contributed significantly to Cyprus’s economic activity, with its port handling a substantial portion of Cypriot exports and imports. The city’s population grew, and by 1974, Famagusta was a modern port city extending beyond its historic walls.

Lifestyle in Famagusta:

  1. Cultural Events: Famagusta is known for its cultural events, including the renowned İskele Festival, which celebrates the town’s heritage.
  2. Tourism: With its historic sites, beautiful beaches, and modern amenities, Famagusta attracts tourists from all over the world.
  3. Economic Activities: The city has a diverse economy, with sectors ranging from tourism and trade to agriculture and light industry.
  4. Varosha: Once a thriving tourist area, Varosha is now a fenced-off region. However, recent developments have seen some parts of Varosha being reopened to visitors.
  5. Local Cuisine: Famagusta offers a blend of traditional Cypriot dishes and international cuisines, reflecting its multicultural heritage.

Real Estate in Famagusta 2023:

(Note: The following statistics are based on general knowledge and estimations as specific real estate data for Famagusta in 2023 was not available.)

  1. Average Property Prices:

    • Apartments: Estimated at around €1,500 to €3,000 per square meter.
    • Houses: Estimated at around €2,500 to €4,500 per square meter.
    • Villas: Estimated at around €3,500 to €6,000 per square meter.
  2. Rental Prices:

    • Apartments: Estimated monthly rent ranges between €600 and €1,200.
    • Houses: Estimated monthly rent is between €1,000 to €2,500.
    • Villas: Estimated monthly rent ranges from €2,000 to €4,500.
  3. Market Trends:

    • Famagusta’s real estate market has been growing, especially with the development of new residential and commercial projects.
    • The city’s historical significance and modern amenities make it an attractive destination for both local and foreign investors.


Famagusta, with its blend of history and modernity, offers a unique living experience. Its strategic location, coupled with its vibrant culture and economy, makes it a prime destination for real estate investments. Whether you’re looking for a property with historical significance or a modern apartment with all amenities, Famagusta has something to offer.

Investment Opportunities in Famagusta

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