Cyprus homebuyers favor apartments

Homebuyers in Cyprus are showing a growing interest in buying apartments, according to a new report. The Real Estate Agents Registration Council's latest update reveals trends for the second quarter of 2024 in different property categories: apartments, houses, land, and fields.

The report shows that from April to June 2024, there were 489 apartment sales across Cyprus. Nicosia had the most sales, but Limassol had the highest average price for apartments at €246,919. In comparison, apartments in Nicosia averaged €134,031, in Larnaca €133,058, in Paphos €122,846, and in Famagusta €109,804.

When it comes to houses, 110 sales were recorded in various districts, except Nicosia where data was lacking. Paphos had the highest average price for houses at €398,857, followed by Limassol at €362,429. Famagusta and Larnaca reported lower average house prices at €273,028 and €205,035, respectively.

Land sales were led by Nicosia, which had 273 out of 666 transactions. Paphos and Limassol had the highest average land prices at €265,884 and €260,613. Nicosia's average was €198,737, while Larnaca and Famagusta had lower averages at €173,220 and €151,103, respectively.

Fields were most expensive in Paphos at €170,873 and cheapest in Larnaca at €96,255. Other districts had averages of €144,359 in Famagusta, €135,392 in Limassol, and €104,752 in Nicosia.

Marinos Kineyirou, head of the Real Estate Agents Registration Council, said the current market trends show that more buyers are now interested in apartments. The report covers all transactions across districts, not just city centers, providing a full picture of Cyprus's real estate market.

[With information from CNA]