17 Best Real Estate Developers in Cyprus

Cyprus is a captivating island known for its stunning beaches, rich history, and vibrant culture. With a booming real estate market, it has become an attractive destination for investors and homebuyers alike. However, navigating this diverse market can be challenging, especially for first-time buyers.

One of the main challenges in the Cypriot real estate market is identifying reliable developers who deliver high-quality properties. With numerous options available, buyers often struggle to discern which developers offer the best value and assurance of quality. This uncertainty can lead to poor investment decisions and missed opportunities, making it crucial to conduct thorough research before committing to a purchase.

In this blog, we will present you with the top 17 real estate developers in Cyprus. Whether you’re looking for luxury villas, modern apartments, or commercial properties, our curated list will help you make informed choices in the Cypriot real estate market.  

1. Pafilia Constructions

Established in 1977, Pafilia Constructions is a 47-year-old real estate agency that has been operating in Cyprus and has received over 60 international awards during that time. They have offices in Cyprus, China, Southeast Asia, and Russia, and representatives across the globe. The company offers services of property management and rentals, re-sales, legal and financial, leisure and lifestyle, and finance.

Pafilia has a property portfolio value of €3 billion, €300 million of construction in the next three years and 250+ landmark developments in Cyprus and Greece. Their residential space and property are spread over 1,25 million m2. Most of their projects are situated in Limassol and Paphos in Cyprus and Greece.

Google review: 4.7

Value of transactions: €5.8 million (2022)

Number of projects in total: 250+

LinkedIn: Pafilia Constructions

Some of their projects:

• Beachside Villas

• Minthis

• ONE

• Pafilia Plaza

• Olea Residences

• Enscape

• Lana Vilas

• Ava Plaza

• Konia Green

• Coral Vista

• The Grove

2. Quality Group

Established in 1991, Quality Group is one of the largest organizations in Cyprus operating in the development and construction of residential and commercial buildings. Their vision is to sustain first-class leadership in the field of innovation and design of property development and to continue to fulfill their clients’ expectations. They have 35 projects that are under development, 2000 employees, and 8 offices worldwide, ranging from €150k to more than €1 million. 

Google review: 4.4

Number of projects in total: 225+

LinkedIn: Quality Group

Some of their projects:

• Blue Sky Villas

• Q Park View

• Kition by Radisson Collection

• Q Napa Hotel

• Q Hill View

• Azure Resort

• Heliopolis

• Habitat Residences

• Q Intercity

• Qabana Residences

• Q Venetian Vista

• Central Link

• Q Kamares Heights

• Q Easy Living II

• Q Trio Residences

• Best Western Zenon

• Ithaki

• QCC 2

3. Giovani Homes

Since 1986, Giovani Homes has been operating in the competitive property market across Cyprus. Their diverse portfolio includes construction and refurbishment projects of luxury properties and have completed hundreds of projects over the decades. They hold a 14.4% market share, with their nearest competitors trailing behind. 

In 1996 they set high standards for themselves and the whole market by securing prestigious ISO (International Organization for Standardization) certificates. Giovani Homes became the first company in Cyprus to obtain certificates in the following areas as ISO 9001 for Quality, ISO 14001 for Environment, OHSAS 18001 for Health and Safety.

Google review: 4.3

Number of projects in total: 110+

LinkedIn: Giovani Homes

Some of their projects:

• Blue View

• Orelia City Apartments

• Angelico Lifestyle Apartments

• Ayia Marina

• Apanema Villas

• Chloe Downtown Villas

• Alma Villas

• Saint Nicholas

• Semeli Holiday Villas

4. Aristo Developers

Aristo Developers is a real estate company that has been in the business for over 40 years, building trust and gaining valuable market experience. Aristo Developers has delivered infrastructure in Cyprus and Greece and is leading the real estate of golf resorts, educational institutions, theme parks, and commercial developments. They offer rental services, after-sales customer services, and resale services. 

Google review: 4.4

Number of projects in total: 265+

LinkedIn: Aristo Developers

Some of their projects:

• Eagle Pine Golf Resort

• Magioko Beachfront Residences

• Atlantis Park

• Eagle Pine Park

5. Limassol Greens

Limassol Greens is an eye-catching developer because of its resort complex of golf courses and luxury properties. The area of the project is 1.400.000 m2, while the total covered area of the constructed buildings surpasses 150.000 m2. It holds a total of 495 villas and 233 apartments, 18 gold holes, a 1700 m2 golf club, fitness centers, indoor and outdoor pools, SPA, tennis courts, and a lot of restaurants and bars. Before it became a residential area, it was a family-owned citrus farm that had existed since the 1930s. 

Google review: 5.0

Number of projects in total: 728+

LinkedIn: Limassol Greens

Some of their projects:

• Limassol Resort

6. Ajami Group

Ajami Group is a real estate developer company that has been working in Cyprus for over 30 years. They entered the real estate market in 2002 by working in close collaboration with AAArchitects and to this day have built over 300 properties, and developed and delivered over 40 properties. It is a privately owned company that offers services that cover everything in the process of homeownership. 

Google review: 4.7

Revenue: $6.9 million

Number of projects in total: 340+

LinkedIn: Ajami Group

Some of their projects:

• Ocean Pearls

• The Nest

• Almond Homes

• Mentha Home

7. Cyprus Developers Alliance

Cyprus Developers Alliance has existed since 2009 and it represents an entity that promotes and sells the properties of the developers who are members of the CDA. There are 43 developers in the Alliance, and their portfolio counts more than 9,000 properties from Cyprus.

Once their sales volume was significant enough they launched their development projects whose purpose was to meet the needs of their clients, offer a response to an extensive set of goals an objectives, implement their thoughts and ideas in architecture, and create new products in Cyprus.

Google review: 5.0

Number of projects in total: 9000+

Contact: Cyprus Developers Alliance

Some of their projects:

• Westminster Residences

• Kensington Residences

• Old Bridge Residences

• Holland Park Residences

• Ararat Grand REsidences

• Belgravia Residences

• CDA IBC

• York Residences

• Acropolis Family Residence

8. Olias Homes

Olias Homes was established in 2002, and since then achieved a Class A construction license by building numerous commercial sites. They have evolved and moved on developing their developments, which earned them a great reputation. 

Google review: 4.7

Number of projects in total: 55+

LinkedIn: Olias Homes 

Some of their projects: 

• HighTre Residences Block C

• Berry Residences

• Gaia Homes

• Sentire Park

• Ethereal Park

• Trinity Park

• Rubia House

• Olea Residences

• Valanolia Homes

• Alegra Homes

• Olivia Homes

• Branco Residences

• Melia Residences

• Casaliva Park

9. P.L. Property Gallery Developers & Constructors Ltd.

The P.L. Property Gallery Developers & Constructors Ltd team has over 20 years of experience in the Cyprus real estate market. They have over 49 international awards and over 100 staff members. The total amount of their projects is around €800 million, and the total residential and commercial real estate area equates to 500,000 m2.

Google review: 3.9

Number of projects in total: 50+

LinkedIn: Property Gallery Developers and Constructors Ltd

Some of their projects:

• Pissouri Forest Park: Bungalow 11-D1

• Yoo Limassol Apartments G101

• Yoo Limassol Villas

• Homer Residences

• Mir Residences

• Ether Residence

• Greenwood at Platres

• Caelia Residences

• Alfa Residences

• Omega Residences

• Evergreen

• Nereus Residences

• Venera Apartments

10. Korantina Homes

Korantina Homes was founded in 1990, and since then has become Cypris’ prestigious land and real estate developer that offers services of property development and maintenance, and rental services. The focus of Korantina Homes company is designing and creating luxury residential real estate, 5-star hotels, and world-class resorts. 

Google review: 4.7

Number of projects in total: 20  

LinkedIn: Korantina Homes

Some of their projects:

• Cap St Georges Hotel&Resort

• Royal Bay Resort

• SOHO Resort

• Lara Residences

• Perivoli Villas

• Golden View Villas

• City 9 Residences

• Inner City

• City 8 Residences

• Akamas 4

• Seafront Villa

• Georgiana Residences

• Georgiana Residences 2

• Coral Residences

• City Gardens

• Meletis Project

11. AN.C Constructions 

AN.C Constructions has been in the sector of property and project development for 35 years. They have been working on both governmental and private projects, and throughout the years became one of the leading development companies in Cyprus.

Google review: /

Number of projects in total: 24+

Facebook: AN.C Constructions

Some of their projects:

• Apartments Building Mestayia 2

• Askano Tower

• Roussou Park

• Franklin Roosevelt Avenue

• Katsikidi Avenue

• Agia Fyla Roundabout

• Yermasogeia Roundabout

12. Imperio

Imperio was established in 2004, and ever since then, its goal has been the same: to design and create properties that are unique and distinctive, beneficial to society. Now, Imperio is one of Cyprus’ most respected property development and management companies.

It has been awarded the Best Residential Apartment in Cyprus for 2009 by the International Property Awards in London. A year later, in 2010, they received two awards for being the Best in Europe. 

Google review: 4.4

Number of projects in total: 50+

LinkedIn: Imperio Properties

Some of their projects:

• Sunset Gardens

• Imperio House

• The Icon

• Barbican Heights

• Levante Residences

• Sugar House

13. Prime Property Group (bbf)

Prime Property Group is a pioneer in real estate development established in Cyprus in 2003, and it offers one-stop-shop services like rental and property management, and immigration services. They have expanded their business across borders, in Greece, Portugal, and Canada.

In 2022, they started a new real estate developer brand: bbf - Build Better Future, while the name Prime Property Group should remain an international real estate broker company. So far, bbf has gotten three Luxury Lifestyle Awards 2024 in Cyprus. They are counting around 150 residential and commercial projects in Cyprus, Greece, Portugal and Canada, covering an area of 120,000 m2.

Google review: 5.0

Number of projects in total: 150+

LinkedIn: Prime Property Group (bbf:)

Some of their projects:

• Eden Roc Residence Block D

• Sky Tower

• Marco Polo

• Legacy

• Regent Court

• Evolution Tower

• Capri House

• Point

• Heart

• Allure Residence

• Rise

• Stockholm Residence

14. DTA Group

DTA Group is a real estate developer located in Limassol, Cyprus. It is an enterprising group of companies working in the property investment and luxury real estate markets, yet also upmarket dining and lifestyle experiences, and renewable energy construction. 

Google review: 5.0

Number of projects in total: 13

Facebook: DTA Group

Some of their projects:

• Level Residences

• GURU Mountain Resort

• ALTI Residences

• Liberty Residences

• Sabai Beachfront Residences

• Luma Residences

• Chill Beachfront Apartments

• iHome Highrise Apartments

• ONLY Tower

• Amathus Heights

 15. Cyfield

Cyfield Group is one of the best real estate developers currently located and active in Cyprus. It was founded in 1990 and offers services of land development, contracting of public and private infrastructure projects, production and trading of specialized building materials, and energy production. In 1996, they expanded to Greece, and in 2013 to the Middle East, Egypt.

Google review: 3.8

Number of projects in total: 400+

LinkedIn: Cyfield Group

Some of their projects:

• The Cross Point

• Metropolitan

• T-Capital

• The Loop

• Capital Gate

• Commercial Building - Tenant Bank of Cyprus

• Power station in Cyprus

16. Leptos Estates

Since 1960, Leptos Estates has become a leading property and land developer, as well as the leading real estate agent in Cyprus and Greece. They have a big network of business associates in over 75 countries. It offers residential, retirement, and holiday residences, turning more than 25,000 customers into happy homeowners. 

Google review: 4.2

Number of projects in total: 400+

LinkedIn: Leptos Estate

Some of their projects:

• Armonia Beach Villas

• Coral Seas Villas

• Limassol Blu Marine

• Limassol Del Mar

• Limassol Park

• Fournado Hills Villas

• Molos Beach Village

• Maleme Beach Gardens

• Vigilia Beach Villas

 17. D. Zavos Group

Formed in 1980, D. Zavos Group offers potential clients luxury villas, apartments, and residences available to rent or buy all across Cyprus. Additionally, the developer has a variety of commercial properties in their portfolio that can be rented out to companies for investment.

They have received numerous awards, like the European Property Awards EUROPE 2023-2024, European Property Awards EUROPE 2015 - 2016, and International Property Awards EUROPE 2012 - 2013 to name a few. 

Google review: 4.3

Number of projects in total: 130+

LinkedIn: D. Zavos Group

Some of their projects:

• Harmony Residences

• Oroklini Villas

• Sunset Court 

• Oasis Suites&Apartments

• Sea Breeze Residences

Who are The Best Real Estate Developers in Limassol?

Some of the best cities to consider when looking for a real estate developer in Cyprus are Limassol and Paphos. In this paragraph, we are going to focus on some of the best real estate developers to keep an eye on when it comes to Limassol, Cyprus. According to The Land Department, in June 2022, Limassol led the ranking in terms of the number of properties sold in Cyprus.

Here are some of the best real estate developers in Limassol:

Who are The Best Real Estate Developers in Paphos?

Since 2023, Paphos has been experiencing strong demand when it comes to the real estate market, especially in areas in the City Centre, Kato Paphos, Peyia, Tala, and along the coastline. Since Paphos real estate is expected to grow, it is a great place to invest, and buy property. Below is a list of some of the best real estate developers you can find in Paphos, Cyprus.

Some of the best real estate developers in Paphos:

Who are the Best Real Estate Developers in Nicosia?

Nicosia, the capital of Cyprus is located in the middle of the island. All government offices, universities and international organizations are concentrated in this city, making it a fertile land for developers and real estate projects to bloom.

The real estate market in Nicosia is rich, with its access to the sea, the city and orientation towards tourism, this European capital is popular for investments in both commercial and residential real estate. 

Who are the Best Real Estate Developers in Ayia Napa?

If you are considering investing in a seaside residential real estate outside of urban city areas in Cyprus, Ayia Napa is an ideal place to choose. In Ayia Napa, just like Nicosia, some of the most influential and relevant real estate developers are Quality Developments and Giovani Homes. However, there are a couple honorable mentions, like Henley & Partners and Right Home.

Who are the Best Real Estate Developers in Larnaca?

Larnaca, the third largest city in Cyprus, became well-known for its more affordable properties to purchase or invest in, and one of the most popular areas on the island for vacation, living, and investments. Due to this fact, it has been attracting both domestic and international buyers. The city’s infrastructure is well-developed, and the natural beauty of the region and tourism are one of the key factors that ensure Larnaca’s economic boom. 

Cyprus’s Real Estate Sector

The real estate market has been experiencing significant growth in recent years in Cyprus. It is believed that this is affected by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Now, the properties that are in the focus when it comes to Cyprus, are properties that offer a high quality of life, like luxury homes, beachfront properties, and modern apartments with amenities. 

Data Source: Central Bank of Cyprus

This surging growth is a consequence of the influx of tourists visiting Cyprus, and the demand for holiday homes and vacation rentals. Therefore, there has been a high demand for modern, energy-efficient properties that offer sustainable living options. The country has strong economic performance, a stable political environment, and a favorable tax regime, which makes it an intriguing and alluring destination for investment.

Since September 2024, the median price for an apartment in Cyprus is €520,000 with the median price per square meter being around €4,104. Houses, or villas are at a median price of €680,000, making the median square meter around €3,357. Limassol is the most expensive district in Cyprus (median price: €660,000) followed by Paphos (median price: €559,000), whereas Larnaca is the most affordable one (median price: €330,000). 

Should I Consider Investing in Cyprus Real Estate?

If you are still pondering on whether you should, or shouldn’t invest in Cyprus real estate, we are going to give you the answer. If you are looking for the short and straightforward one, then, it’s a yes. Now, if you want to see the reasons why, the following paragraph is going to break it down for you.

The European Commission’s Economic Forcast for Cyprus (May 15th, 2023) highlights improvement despite all the challenges. The GDP is forecasted to grow from 2.3% in 2023, to 2.7% in 2024, and the unemployment to fall from 6.9% to 6.5%. There is an expected rise in GDP in billions of USD, from 30.86 to 32.34. 

There is a plethora of reasons to invest in Cyprus properties, and some of them include:

• A price rise was recorded by the Central Bank of Cyprus for 2023 Q2 and by RICS (the Royal Institute of Chartered Surveyors) for 2023 Q3. Furthermore, there is an increased demand for apartments, especially in Nicosia, Limassol, Larnaca, Paphos and Famagusta.

• Sales to foreigners are increasing according to the Central Bank of Cyprus.

• Cyprus offers amazing quality of life: sunny climate, relaxing lifestyle, low crime, short distances…

• Cyprus is a member of the European Union which provides it with social, political, and economic stability.

• Costs are lower than in other parts of the EU.

• There is a good healthcare sector and high-quality education.

Additionally, there is an opportunity to obtain a Cyprus Golden Visa. It is a program that allows foreign investors to obtain permanent residence by purchasing real estate worth €300,000 in Cyprus and showing an annual income of €50,000. After eight years of living in Cyprus, investors are eligible to apply for Cyprus citizenship. 

What’s Next?

Choosing a good real estate developer in a foreign country is not an easy task if you do it by yourself. Everyone can go online and type in keywords in the search tab, and hope for the best results, yet, that often proves itself to be faulty. The process is undeniably difficult and frustrating because no matter how hard you try, the details of each developer get mixed up in your head before you can make an educated decision.

Kredium is here to help and present you with the information systematically and concisely. We have a mortgage calculator in case you need it to test your options more carefully. If you are interested in the best Cyprus developers in 2024, or curious about Limassol, Larnaca, Nicosia, Ayia Napa, or Paphos as ideal destinations for international investment, explore Kredium.com, the projects we have on our website, and contact us to see what we have to offer!

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