The most obvious example of the city's past can be seen in the well-preserved Venetian fortifications that were built in the 16th century – the walls still encircle the medieval part of the city to this day, ensuring that Nicosia is an important tourism destination in its own right.
However Nicosia, or Lefkosia as it is known locally, is more strategically important because of its role as the seat of government in Cyprus, for the fact that it's also the business and financial capital, it's home to Cyprus' main university campus, and is a retail and manufacturing hub. Naturally all of these facts ensure that Nicosia is the most bustling and populous city on the island, and that it has a thriving international population making it an ideal centre to target for buy to let property investment.
Accommodation options in Nicosia are mainly modern and sophisticated, because despite its historical heart, modern day Nicosia is a cosmopolitan, chic and sophisticated city whose apartment and office architecture reflects this very fact. What's more, Nicosia's community is young, it's made up of students, young professionals and families who all enjoy the high standard of living, the great and varied nightlife and the modern shopping malls and amenities, many of which have only been completed in recent years. These people demand high-grade, stylish accommodation, and naturally their demands and tastes have driven forward the housing market in the city.
The property market and subsequent investment opportunities in Nicosia differ to those across the rest of the island. There are year round buy to let opportunities at all levels of the marketplace, making it ideal as a centre for all investors to consider, no matter what their budget. What's more, the demand is based on solid fundamentals such as the fact that there is a growing student base at the university, there is constant demand from embassy staff and governmental staff as well a steady and stable requirement for accommodation from international businesspersons.
From the Engomi region of the city where you have high-end real estate catering to the many international embassy staff who reside in Nicosia, to the city centre and its immediate suburbs where demand for apartments and penthouses is intense, there are opportunities for all investors. According to Martin Pearce, UK Sales Manager of Aristo Developers, Nicosia currently presents the perfect opportunity for investors:
"Those seeking strong and consistent rental yields as well as capital appreciation potential should take a closer look at Nicosia. There is year round demand in the city for quality accommodation, and tenants are prepared and able to pay well for the right property type. What's more, an investor can rest assured in the knowledge that demand is very broad in Nicosia, and it's consistently strong because the city is developing and advancing its international reputation as a financial and business hub, and as a centre of learning. This means increased numbers of tenants come to the market each year pushing up demand and squeezing supply. Naturally this upside pressure on the availability of accommodation units creates the perfect climate for rising property prices and increased monthly rental rates."
