Cyprus's real estate market has demonstrated remarkable resilience and growth, making it an appealing destination for Canadian retirees seeking a vibrant lifestyle and sound investment opportunities.

Record-Breaking Transactions

In 2025, the total value of properties transacted in Cyprus reached EUR 6.5 billion, marking an 8% increase from the previous year. The number of transactions also rose by 4%, totaling 25,600. Limassol led the market, accounting for 41% of the total transaction value.

Residential Properties in Demand

Residential real estate remained the market's driving force, with transactions valued at EUR 4.5 billion, representing 69% of the total market value.

Price Trends and Regional Variations

The average price for an apartment in Cyprus was approximately EUR 248,000 in 2025, up from EUR 240,000 in 2024. Houses had an average price of EUR 356,000. Per square metre, residential properties averaged EUR 2,600. Prices varied across regions, with Limassol, Nicosia, and Paphos experiencing significant growth.

Favourable Climate

Cyprus boasts a Mediterranean climate with over 300 days of sunshine annually, offering warm, dry summers and mild, wet winters. This climate is conducive to an active outdoor lifestyle, appealing to retirees seeking pleasant weather year-round.

Tax Incentives and Residency

Cyprus offers attractive tax incentives for retirees, including exemptions on foreign pension income and low property taxes. The Non-Domiciled (Non-Dom) tax regime provides significant tax benefits for new residents. Additionally, Cyprus's Permanent Residency Program allows non-EU citizens to obtain residency through property investment, facilitating long-term stays for retirees.

Healthcare Access

Cyprus provides a high standard of healthcare, with both public and private facilities available. The public healthcare system is accessible to residents, while private healthcare offers shorter waiting times and a wider range of services. Many private hospitals and clinics accept international health insurance, ensuring comprehensive coverage for retirees.

Comparing to Canada

In contrast, Canadian retirees face higher property prices, especially in major cities. For instance, the average house price in Toronto was approximately CAD 1.1 million in 2025. Additionally, Canadian retirees are subject to higher income taxes on pensions and other retirement income. Cyprus's favourable tax regime and lower property costs present a compelling case for Canadian retirees considering relocation.

Conclusion

Cyprus's thriving real estate market, combined with its favourable tax incentives, pleasant climate, and high-quality healthcare, makes it an attractive destination for Canadian retirees seeking a fulfilling and financially advantageous retirement.

Sources: PwC Cyprus, Cyprus Mail, Cyprus Non-Dom, DOM LiVE, Cyprus Sotheby's International Realty