Market Situation
According to data from the Department of Land Resources and Surveys in Cyprus, from January to September 2024, the volume of real estate transactions grew by 19.2% compared to the same period last year. During this period, 5,253 deals were closed: 4,335 for apartments and 918 for houses. The trend affects all regions of the country, with the most significant sales growth seen in areas with traditionally low interest from foreign investors.
Apartments in Focus
Apartments remain the most sought-after type of housing. Over nine months, apartment sales increased by nearly 30%, while house sales declined by 9.2% compared to the same period in 2023.
Sales Distribution by Region in 2024
- Nicosia: 1,194 apartments (€236.9 million), 161 houses (€49.8 million).
- Limassol: 1,469 apartments (€820 million), 237 houses (€165 million).
- Larnaca: 1,113 apartments (€218.8 million), 191 houses (€64.3 million).
- Paphos: 416 apartments (€138.4 million), 243 houses (€149.6 million).
- Famagusta: 143 apartments (€249.1 million), 86 houses (€28.8 million).
- Total (year-over-year change): 4,335 apartments (+27.7%), €1.45 billion; 918 houses (-9.2%), €457.2 million.
Expert Quote
The head of the Cyprus Association of Property Appraisers, Polis Kourosidis, stated in an interview with Phileleftheros that housing demand is expected to remain high in 2025. “The current situation with delays in obtaining construction permits, primarily due to bureaucratic obstacles, only exacerbates the shortage of supply. This creates conditions for further price increases,” he explained. According to Kourosidis, around half of the buyers are foreigners, while Cypriots—90% of whom buy property in Nicosia—make up the remaining share.
Conclusion
Cyprus real estate prices are expected to continue rising in 2025, driven by a combination of high demand and delays in launching new projects.