Demand in the Cyprus property market remains high, housing prices are rising, and the country itself remains an attractive destination for both tourists and those wishing to buy property on the island. We have already written a market analysis for 2023; now, let's look at how things are going on the Cyprus real estate market in 2024.

Contents:

  1. The Number of Real Estate Purchase and Sale Transactions is Growing
  2. Purchase of Real Estate by Foreigners
  3. Prices in the Residential Real Estate Market
    1. Nicosia
    2. Larnaca
    3. Limassol
    4. Pathos

The Number of Real Estate Purchase and Sale Transactions is Growing

According to the Statistical Service of Cyprus (Statistical Service CYSTAT), the country has seen a steady increase in the number of real estate transactions since 2017. The exception is 2020, which was the year of the COVID-19 pandemic — then 12,708 transactions were registered, which is 17.7% less than in 2019 (15,445 transactions).

Over the past 3 quarters of 2024, 14,074 real estate purchase and sale transactions were registered in the Republic of Cyprus, which is 6.3% more than in the same period of 2023. It is worth mentioning that each quarter in 2024 showed growth compared to the same quarter last year. Thus, the number of real estate transactions in Q1 2024 compared to Q1 2023 increased by 16.5%, in Q2 2024 compared to Q2 2023 — by 1.2%, and in Q3 2024 the annual growth was 2.9%. Provided that the trend continues in Q4 2024, it is likely that by the end of the year, the number of transactions will exceed last year's figure.

Number of property sales and purchases in Cyprus

The total monetary volume in real estate purchase and sale transactions over the past 1–3 quarters of 2024 amounted to EUR 2.86 billion, which is 1.2% less than for the same period in 2023.

Monetary volume in real estate purchase and sale transactions in Cyprus, EUR billion

Most often, real estate was purchased in the areas of Nicosia and Limassol — 28% and 27%, respectively, of the total number of real estate transactions for the 1st–3rd quarters of 2024. Next in popularity are the areas of Paphos (20%), Larnaca (19%), and Famagusta (6%).

If we talk about the distribution of the monetary volume in transactions between the regions of Cyprus, the situation is as follows: Limassol is in first place (35%), Nicosia is in second place (22%), followed by Paphos (24%), Larnaca (14%), and Famagusta (5%).

Number of Real Estate Purchase and Sale Transactions by Regions of Cyprus

Purchase of Real Estate by Foreigners

In total, in 2023, foreign citizens purchased 4351 real estate properties in Cyprus, which is 5.7% more than in 2022. Most often, foreigners bought real estate in the Paphos area (34% of real estate properties), followed by Limassol (26%), Larnaca (22%), Nicosia (13%), and Famagusta (5%).

In Q1-Q3, 2024, foreign citizens managed to buy 3,324 properties. Foreigners still most often purchased properties located in the Paphos area (39%), followed by Limassol (22%), Larnaca (19%), Nicosia (13%), and Famagusta (7%).

Number of properties sold to foreigners

Prices in the Residential Real Estate Market

According to data from the Statistical Office of the European Union, Cyprus ranks third among EU countries where the residential property price index shows the smallest increase since 2015.

House Price Index (2015 = 100)

According to data from the Central Bank of Cyprus, the housing price index for the second quarter of 2024 increased by 1.2% compared to the previous quarter and by 2.5% compared to the second quarter of 2023.

The country's top bank says the price index for the first quarter of 2024 will be buying an apartment in Cyprus, which grew by 3.4% quarter-on-quarter and by 13.9% year-on-year. In turn, the house price index grew by 0.8% quarter-on-quarter and by 4.7% year-on-year.

Let's look at the current prices of apartments and houses for sale by districts of Cyprus based on Realting.com data. Currently, the platform presents about 17,000 offers for the sale of residential real estate in Cyprus.

Nicosia

The Nicosia district is the largest district of Cyprus, located in the central part of the island. The capital of the Republic of Cyprus of the same name is also located here. Nicosia is the political and administrative center of the island. The Nicosia district itself has a relatively small coastline compared to other districts.

1-bedroom Apartment

Prices for 1-bedroom apartments, depending on location and consumer qualities, range from 2002 USD/sq.m. to 4146 USD/sq.m., with an average of 3147 USD/sq.m.

2-bedroom apartment

Prices for 2-bedroom apartments range from USD 1215/sq.m. to USD 4496/sq.m., with an average of USD 2602/sq.m.

3-bedroom apartment

Prices for 3-bedroom apartments range from USD 1254/sq.m. to USD 4967/sq.m., with an average of USD 2755/sq.m.

House

The asking prices for houses, depending on the location and consumer qualities of the housing, range from 819 USD/sq.m. to 2934 USD/sq.m., with an average of 2440 USD/sq.m.

Larnaca

Larnaca District is a district on the south-eastern coast of Cyprus. The administrative center of the district is the city of Larnaca, near which there is an international airport. Larnaca is a major tourist and business center; there are many beaches, as well as various cultural and historical attractions.

1-bedroom Apartment

The asking prices for 1-bedroom apartments in Larnaca, depending on location and consumer qualities, range from 1955 USD/sq.m. to 6287 USD/sq.m., with an average of 3847 USD/sq.m.

2-bedroom apartment

The price range for 2-bedroom apartments is USD 1,551–8,568/sq.m, with an average of USD 3,754/sq.m.

3-bedroom apartment

The price range for 3-bedroom apartments is USD 1,644–6,889/sq.m., with an average of USD 3,774/sq.m.

House

The asking prices for houses, depending on the location and consumer qualities of the housing, range from 1161 USD/sq.m. to 7562 USD/sq.m., with an average of 3590 USD/sq.m.

Limassol

The Limassol district occupies a significant part of the southwestern and central parts of the island. The administrative center of the district is the city of Limassol, which is a major port. The city is also the economic and cultural center of the country. The district is famous for its beaches and resort areas. Limassol is the most expensive city in Cyprus for buying a home.

1-bedroom Apartment

The price range in sales offers is 1964–9979 USD/sq.m.; the average price is 5361 USD/sq.m.

2-bedroom apartment

The price range in sales offers is 1705–10,483 USD/sq.m.; the average price is 5047 USD/sq.m.

3-bedroom apartment

The price range in sales offers is 1802–10,377 USD/sq.m.; the average price is 5661 USD/sq.m.

House

The asking prices for houses, depending on the location and consumer qualities of the housing, range from 1,116 USD/sq.m. to 10,660 USD/sq.m., with an average of 4,696 USD/sq.m.

Pathos

The Paphos region is located in the western part of Cyprus, and its administrative center is the city of the same name. The region has many archaeological sites, and the city of Paphos is fully included in the official UNESCO World Heritage List. It is worth noting that Paphos was the capital of Cyprus in ancient times.

1-bedroom Apartment

The price range in sales offers is 2136–6010 USD/sq.m.; the average price is 4089 USD/sq.m.

2-bedroom apartment

The price range in sales offers is 1845–7193 USD/sq.m.; the average price is 3927 USD/sq.m.

3-bedroom apartment

The price range in sales offers is 1862–7545 USD/sq.m., and the average price is 3956 USD/sq.m.

House

The asking prices for houses, depending on the location and consumer qualities of the housing, range from 1116 USD/sq.m. to 9833 USD/sq.m., with an average of 4353 USD/sq.m.