Dorita Yiannakou
Cyprus’ property market lost considerable ground in the second quarter of the year, with recorded sales of new-build apartments and houses falling by 42.2% and their total value dropping by 46.6%.
However, an analysis by Landbank Analytics obtained by Kathimerini suggests that the market did not freeze. Instead, demand shifted, with lower- and mid-priced properties gaining market share, Nicosia emerging stronger, and several areas proving more resilient than others. Activity at the luxury end of the market also remained strong.
The comparative analysis shows that a larger share of transactions involving apartments and houses under construction or sold off-plan was concentrated in properties priced at up to €300,000. At the same time, Peyia and Germasogeia recorded transactions exceeding €1 million.
The figures show 960 fewer contracts of sale, a 42.2% drop in transactions and a 46.6% decline in their total value.
Overall, the second-quarter picture points more to a redistribution of demand and a change in the types of properties being sold than to a uniform decline across the entire market.
Sales and Nicosia’s rise
The number of contracts of sale fell to 1,317 in the second quarter, down from 2,277 in the first three months of the year.
Their combined value also declined sharply, dropping to €400.1 million from €748.6 million.
According to Landbank’s analysis, the average value per contract fell by 7.6%, from €328,762 to €303,808, while the median value declined by 6.3%, from €240,000 to €224,850.
The lowest recorded sale rose from €42,000 in the first quarter to €55,000 in the second, while the highest fell from €13 million to €4.69 million.
For apartments, the average value dropped by 5.5% to €262,574, while the median fell by 7.3% to €204,000.
The decline was steeper for houses. Their average value fell by 12.7% to €501,800, while the median dropped by 10.5% to €340,000.
Properties priced below €300,000 accounted for 68.1% of all homes sold during the second quarter, an increase of 5.5 percentage points from the first quarter.
By contrast, the share of properties priced between €300,000 and €499,999 fell by four percentage points, from 27.1% to 23.1%.
The largest shift was recorded in the €150,000 to €199,999 price bracket, whose share rose from 21% to 24.8%, an increase of 3.8 percentage points.
The €200,000 to €299,999 category also gained ground, rising from 27.1% to 28.2%, while properties costing less than €150,000 recorded a marginal increase in market share.
Nicosia showed particularly strong momentum in sales of new-build apartments and houses during the quarter.
The capital’s share of all contracts rose from 26.7% to 34.5%, an increase of 7.8 percentage points. Its gain in transaction value was even greater, rising from 17.1% in the first quarter to 26.2% in the second, an increase of 9.1 percentage points.
At the same time, the average value per transaction in Nicosia rose by 9.3%, while the median remained unchanged at €185,000.
Limassol continued to lead in total sales value, although its share fell from 40.8% to 32.4%.
Larnaca’s profile remained largely unchanged, with a median value of €190,000 and a marginal increase in its share of total value.
Paphos continued to record the highest median value among the districts, at €352,500, despite a small decline in its overall market share.
The eight busiest markets
Based on the total number of deposited contracts of sale, Limassol remained the most active individual market during the second quarter, recording 129 transactions.
Aradippou followed closely with 122, confirming its strong presence in the property market. Lakatamia ranked third with 92 transactions, followed by Paphos with 79.
Strovolos and Larnaca recorded 71 transactions each, while Livadia and Latsia completed the top eight.
This ranking identifies the areas with the highest number of transactions, but it does not by itself show which markets held up best during the broader downturn, Landbank noted.
Changes in sales volume are an equally important measure when assessing the strength of each area.
From that perspective, Lakatamia stands out, with transactions falling by only 14.8%. Aradippou also performed relatively well, recording a decline of 17.6%, while Latsia limited its drop to 24%.
Those figures are particularly significant when compared with the market as a whole, where the number of recorded contracts fell by 42.2% between the first and second quarters.
These areas stand out not simply because they maintained relatively high transaction numbers, but because they retained a greater share of their activity during a period of steep market decline, a clear sign of resilience.
That resilience may be linked to price levels, the types of properties available, geographical location, and the balance between supply and demand in each area.
According to Landbank, the figures demonstrate that property-market activity is not evenly distributed. Some areas appear to retain stronger demand or offer homes that are better suited to what buyers can currently afford.
Areas that gained ground
Agios Dometios was one of the few markets to record an actual increase in transactions, Landbank said.
Sales of new-build apartments and houses in the area rose by 22.6% during the second quarter. At the same time, the median value increased by 7.7% to €154,000.
Transactions in Dali rose by 15.8%, from 19 to 22, while the median value increased by 8.1% to €194,500.
The Municipality of Nicosia recorded an almost unchanged number of contracts, with a decline of just 4.4%. However, their total value rose by 31.3%, while the average transaction value jumped by 37.4%.
Ypsonas also proved comparatively resilient, limiting the decline in transaction volume to 9.1%.
The premium market remains active
Despite the broader fall in transaction numbers, high-value sales remained particularly active in certain areas.
Germasogeia is a notable example. During the second quarter, it recorded 43 transactions worth a combined €27.6 million. The average value reached €640,970, while the median stood at €400,000.
Across the first half of the year, 132 transactions in Germasogeia reached a combined value of €89.1 million, with a median of €472,500.
Even higher values were recorded in Potamos Germasogeias, where the median transaction value reached €600,000 during the second quarter and the average climbed to €838,783, underlining the area’s distinctly premium character.
Peyia topped the ranking among areas with at least 10 transactions, recording the highest median value at €855,000. Its average transaction value exceeded €1 million.
“The true appeal of an area is determined by a combination of sales volume, resilience, median value, and the types of homes it offers,” Landbank Group CEO Andreas Christoforides said.
