Newsroom
Apartments were the standout performers in Cyprus' real estate market in 2024, taking the lead in both sales volume and overall value, according to a detailed analysis by Landbank Analytics. Based on official data from the Land Registry, apartment sales surged across most districts, while sales of new houses generally declined, a clear sign that buyers are leaning toward more compact and possibly more affordable living spaces. This shift is expected to keep rental prices high in 2025, as demand for apartments shows no signs of cooling off.
Big gains for apartments, drop for houses
According to Kathimerini's Dorita Yiannakou, in 2024, a total of 5,354 new apartments were sold, with a combined value of €1.5 billion. That’s a 22.7% increase in the number of sales and a 9% increase in value compared to 2023. On the flip side, new house sales dropped by 5.6%, totaling just 1,108 units sold at a value of €510.6 million, a 5.7% decline.
Nicosia: Steady growth in apartments
Nicosia saw strong gains, especially in the apartment market. Sales rose by 23.6%, reaching 1,587 units with a total value of over €301 million, an 18.8% jump from the previous year. Most of these sales were for properties priced up to €300,000. Meanwhile, new house sales in the capital fell by 6.9%, and their total value dropped significantly by 12.7%, settling at €63.5 million.
Limassol: Apartment volume up, value down
Limassol’s apartment sales increased slightly in volume (up 4.2%) but dipped in value by 5.6%, totaling €759 million across 1,781 sales. House sales, however, plummeted by 33.2%, with just 241 transactions. This dramatic fall pushed the total value of house sales down by 30.3%, ending at €134.2 million. Notably, mid- to high-range apartment sales (€501,000 to €1 million) fell sharply, down over 50% in 2024.
Larnaca: Surging sales and affordable options
Larnaca was one of the year’s top performers. Apartment sales jumped by 40% to 1,394 units, with a total value of €273 million, up nearly the same percentage (39.6%) from 2023. Most apartment sales were for properties under €300,000, especially in the city proper, where transactions in this price range rose by over 42%. House sales in Larnaca also edged up slightly by 2.5%, though their overall value dipped by 6.5%.
Paphos: Apartments boom, houses hold steady
Paphos experienced a dramatic upswing in apartment sales, up a staggering 67.7%, reaching 446 units sold at a value of €139.2 million. House sales also grew by 9% (333 units), and the total value of those deals climbed 13.9% to €195.5 million. Mid-priced apartments (€150,000–€300,000) doubled in sales, while higher-end units (€301,000–€500,000) also saw strong growth.
Famagusta: Strongest growth rates of all
Famagusta posted some of the strongest year-on-year gains. Apartment sales rose by 36.4% and house sales by 36.2%, while their respective values shot up by 43.8% and an even more impressive 56.7%. Buyers leaned toward more budget-friendly properties, with most apartments priced below €300,000 and houses primarily sold in the €150,000–€500,000 range.
What’s driving the trend?
The data suggests a clear shift in buyer behavior. Local buyers are gravitating toward more affordable housing, while foreign investors are increasingly bypassing Limassol, traditionally the island’s priciest market, and turning to Larnaca and Paphos for high-value deals. The trend marks a departure from past years, when Limassol dominated interest from overseas.
Looking ahead to 2025
Industry experts say that more homes are expected to hit the market in 2025, which could help stabilize sale prices. However, rental prices are likely to stay high, thanks to sustained demand. Foreign interest in high-end apartments is also expected to grow, particularly outside of Limassol.
All signs point to a real estate market still in transition, with affordability and location reshaping where and how people in Cyprus, and abroad, are choosing to invest in property.
