Dorita Yiannakou
Cyprus’ property market is no longer a single, predictable landscape. New data from Landbank Analytics shows the island has split into distinct mini-markets, each with its own prices, buyers and momentum, from Limassol’s sky-high residential values to Famagusta’s unusual dominance of field sales.
The resilience and flexibility of the wider market, offering options across many price points, reflects a more mature phase with stable prospects for both buyers and investors. Landbank’s latest analysis confirms how dynamic and diverse the real estate scene has become, with each province now operating at its own speed.
Limassol still holds its position at the top end of the market, driven by its role as a business and investment hub. Meanwhile, Nicosia, Larnaca and Paphos see far more apartment sales, a sign of strong demand for affordable permanent housing and steady investment returns.
Landbank Group CEO Andreas Christoforides says the market’s ability to adapt, offering multiple choices at different budgets, signals “a period of maturity and stable opportunities” for the coming years.
Second-hand homes: strong demand, steady value
Resale residential properties remain the backbone of the market. Second-hand houses recorded the highest overall sales value at €190.3 million, with 552 transactions in the first half of the year.
Apartments, however, moved in far greater numbers. There were 1,162 apartment sales totaling €185 million, more than twice the number of houses sold. The high volume reflects strong demand for more affordable housing.
As with new properties, these two categories continue to attract the bulk of buyer interest, confirming the stable value of residential real estate across Cyprus.
Landbank’s data also shows big differences between provinces, with homes and apartments behaving very differently in each district.
Where buyers are shopping and what they’re paying
Nicosia:
Apartments dominate with 458 sales at an average of €143,000 — nearly triple the number of houses sold. Houses logged 163 sales at a much higher average of €284,000.
Limassol:
The island’s priciest residential market. Second-hand houses averaged €527,000 across 122 sales, the highest in Cyprus. Apartments saw 201 sales with an average of €260,000.
Larnaca:
Apartments remain the top choice, with 220 sales at €142,000 on average. Houses followed with 126 sales averaging €250,000, showing a multi-layered but balanced market.
Paphos:
Apartments again led in volume with 203 sales, the second-lowest average price island-wide at €130,000. Houses, though fewer (90 sales), averaged €387,000, second only to Limassol.
Free Famagusta:
Activity was smaller overall, but the pattern holds: 80 apartment sales at €116,000, followed by 51 house sales at €264,000.
Land market tops €360 million
Land sales also showed strong momentum, with total transactions for plots and fields reaching €360.4 million in the first half of the year. Across Cyprus, 1,130 deals were completed.
Plots changed hands more often (794 sales worth €189.9 million), but fields carried much higher average values (336 sales worth €170.5 million). Field sales averaged roughly €507,000, compared to €240,000 for plots, a gap largely due to larger land sizes or strategic locations.
Provincial differences are once again striking:
Nicosia:
- 341 plot sales, the second most popular property type after apartments
- 83 field sales, averaging €364,000, the highest value of any property category in the capital
- Plots averaged €220,000
Limassol:
- 191 plot sales
- 90 field sales averaging €688,000, more than double the plot average of €305,000
Larnaca:
- 173 plot sales, the district’s second biggest category
- 64 field sales at €416,000, the highest in Larnaca
- Plots averaged €205,000
Paphos:
- 46 field sales averaging €847,000, the highest field value in Cyprus
- Plots averaged €252,000
Free Famagusta:
Here the pattern flips:
- Fields dominate with 53 sales at an average of €241,000
- Only 12 plot sales at €135,000
- Fields in this district often serve tourism or agricultural investment.
Christoforides notes that Paphos and Limassol continue to lead high-value land sales, while Famagusta remains a category of its own, with a land market driven almost entirely by field transactions.
Commercial real estate: steady demand for offices and shops
Commercial activity also remained solid. Across Cyprus, office and retail transactions reached €29.8 million in the first half of the year — a trend boosted by foreign companies seeking modern workspace.
In total:
- 128 shop sales worth €19.2 million
- 51 office sales worth €10.6 million
Offices:
Nicosia led the market with 30 sales, followed by Limassol with 13. Paphos and Larnaca recorded just 3 and 5 sales respectively, while free Famagusta had none. Limassol posted the highest average office price at €303,000, compared with €182,000 in Nicosia, €212,000 in Paphos, and €120,000 in Larnaca.
Shops:
Retail transactions were more evenly spread:
- 53 sales in Nicosia
- 31 in Limassol
- 25 in Paphos
- 13 in Larnaca
- 6 in free Famagusta
Shop prices showed less variation, ranging from €129,000 in Larnaca to €166,000 in Limassol. Famagusta’s small sample averaged €202,000.
Christoforides says commercial property remains a steady pillar of the wider market, one that continues to evolve alongside shifting demand.
*Read Kathimerini and Kathimerini.com.cy for the full article in Greek.
