NICOSIA
The Heart of Cyprus

Nicosia, known as Λευκωσία in Greek and Lefkoşa in Turkish, stands as the capital and largest city of Cyprus. Located near the center of the Mesaoria plain, on the banks of the River Pedieos, Nicosia is the southeasternmost of all EU member states’ capitals. With a history spanning over 4,500 years, Nicosia has been the capital of Cyprus since the 10th century.

Historical Significance:

Nicosia has been continuously inhabited since the Bronze Age, around 2500 years BC. It became a city-state known as Ledra or Ledrae and was one of the twelve kingdoms of ancient Cyprus. The city has seen various rulers, from the Byzantines to the Lusignans and the Venetians, before coming under Ottoman rule in the 16th century.

Modern Nicosia:

Today, Nicosia is not only the administrative and political center of Cyprus but also its financial capital and main international business hub. In 2018, Nicosia was ranked the 32nd richest city in the world in terms of relative purchasing power.

Real Estate in Nicosia 2023:

  1. Average Property Prices:

    • Apartments: €1,500 to €2,500 per square meter.
    • Houses: €2,000 to €3,500 per square meter.
    • Villas: €3,000 to €5,000 per square meter.
  2. Rental Prices:

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

    • Nicosia has seen steady growth in its real estate market over recent years, especially in the city center.
    • There’s a significant increase in foreign investments, particularly from non-EU countries, leading to a surge in luxury property developments.
    • The rental market is thriving, with a high demand from expats and students.
  4. Factors Influencing the Market:

    • Economic Growth: Cyprus’s economic growth positively impacts the real estate market.
    • Tourism: The tourism sector boosts the demand for rental properties.
    • Foreign Investments: The rise in foreign investments, especially in luxury properties, drives the market.
  5. Future Predictions:

    • The real estate market in Nicosia is expected to continue its growth trajectory in the coming years.
    • The city’s increasing popularity among foreign buyers and the government’s initiatives to attract foreign investments will further bolster the market.

Conclusion: Nicosia, with its rich history and modern amenities, offers a blend of cultural heritage and contemporary living. Its strategic location, coupled with its status as the financial capital of Cyprus, makes it a prime destination for real estate investments. Whether you’re looking for residential properties or commercial spaces, Nicosia provides a plethora of options to cater to diverse needs.

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