Paphos surpasses Limassol in luxury prices, signaling shift in Cyprus property power

Cyprus’ new-build property market closed the first 10 months of 2025 on a strong note, with Limassol once again emerging as the undisputed heavyweight in both value and activity.

According to an analysis by Landbank Analytics covering January to October 2025, total sales of newly built homes and apartments reached nearly €2 billion.

“Our analysis shows a clear shift toward apartments, Limassol’s unquestioned dominance in transaction value, and Paphos emerging as a top destination for ultra-luxury homes,” said Andreas Christoforides, CEO of Landbank Group.

Apartments dominate

Apartments continue to command the lion’s share of the market.

During the 10-month period, 5,059 new apartments were sold compared to 1,138 houses. Apartment sales nationwide totaled €1.41 billion, with an average sale price of €280,000.

Houses, while fewer in number, posted significantly higher average prices, reaching €518,000.

Limassol: The champion

Limassol confirmed its status as the most expensive and most active district.

In the first 10 months of the year, it recorded 1,800 sales worth more than €812 million, accounting for nearly 40% of the total value of new home and apartment sales across Cyprus.

The most expensive transaction nationwide was also recorded in Limassol: an apartment sold for €15.2 million.

The district’s average sale price stood at €451,000, more than double the average in Nicosia and Larnaca.

Paphos: Luxury leader

While Paphos ranked fourth in volume, with 799 new property sales, it recorded the highest average sale price nationwide at €470,000, even surpassing Limassol.

This is largely driven by the housing market. The average sale price of a house in Paphos soared to €697,000, well above Limassol (€582,000) and Famagusta (€552,000).

The data suggest Paphos is attracting high-income buyers seeking luxury villas.

Nicosia: Stable and affordable

On the other end of the spectrum, Nicosia and Larnaca remain the more affordable choices, combining strong sales volumes with lower average prices.

Nicosia recorded 1,730 new home and apartment sales, closely trailing Limassol in activity. The average apartment price in the capital stood at €191,000, making it attractive primarily to local buyers.

Larnaca: Rising investment hub

Larnaca showed strong momentum with 1,596 sales. Apartments remain relatively affordable, with an average price of €196,000, while houses averaged €394,000.

The hottest areas

A closer look at all property types reveals a market moving at different speeds.

Germasogeia takes the spotlight

Limassol district dominates the rankings, with three areas among the top performers, generating combined sales of more than €737 million.

Germasogeia led the way with sales worth €351.5 million and an average price of €583,905, attracting high-value investments. Limassol municipality followed with €274 million in sales, while the Kourion area added another €111.7 million.

Together, these three areas recorded about 1,600 transactions, underlining the district’s depth and consistent demand.

Paphos and Akamas: Premium territory

Paphos stands out as the go-to destination for premium buyers, with three areas ranking among the top nationwide.

The Akamas region, which includes Peyia, ranked seventh in total value (€88.5 million) but claimed the title of the most expensive area in Cyprus, with an average sale price exceeding €646,000, higher even than Germasogeia.

Paphos municipality ranked fifth with €124.6 million in sales, followed by Geroskipou with nearly €78 million.

All three areas posted average sale prices above €420,000, reflecting the high-end nature of the properties on offer.

Larnaca: Mass-market momentum

Larnaca district emerged as the most active market in terms of transaction volume.

Larnaca municipality recorded 927 sales, the highest number of any area, worth €207.2 million. Together with Aradippou, which ranked ninth with 394 transactions valued at €77.9 million, the district is attracting buyers seeking more affordable options, with average prices ranging between €200,000 and €220,000.

Nicosia: The stability factor

Nicosia continues to serve as a pillar of domestic demand.

Two areas ranked among the top nationwide, with total sales nearing €207 million. Nicosia municipality ranked fourth overall, recording 624 transactions worth €130 million. Lakatamia rounded out the top 10, offering the most competitive average price at €195,000.

The capital stands out for its stability, with steady turnover in mid-range properties largely driven by local housing needs.

Commenting on the findings, Christoforides said the analysis highlights the diversity of Cyprus’ property market.

“Limassol and Akamas act as magnets for high-income capital, keeping prices at record levels. At the same time, Larnaca and Nicosia demonstrate resilience through high transaction volumes, serving steady demand for more affordable housing,” he said.

“In areas such as Akamas and Germasogeia, where average prices exceed half a million euros, we are clearly talking about investment portfolios and high-value buyers. Meanwhile, the resilience of areas like Lakatamia and Aradippou, with average prices around €200,000, shows that domestic demand for affordable housing remains the backbone of the market.”