Cyprus New-Build Property Market Hits €1.15 Billion in H1 2026

The Cyprus real estate sector saw strong momentum in the first half of 2026, with 3,594 off-plan apartments and houses sold, generating a total turnover of approximately €1.149 billion, as reported by Landbank Analytics. This equates to an average property price of €319,618, illustrating solid demand across the island.

District Performance: Numbers and Value Diverge

When examining regional differences, Nicosia emerged as the leader in terms of transaction volume, registering 1,063 sales worth €232.9 million. Key areas such as Lakatamia, Strovolos, and Latsia drove this activity.

Limassol closely followed in units sold with 1,050 transactions, but it stood out with the highest aggregate sales value of €435 million. This market strength was centered around Limassol municipality, Agios Athanasios, and Germasogeia.

Meanwhile, Larnaca recorded 883 sales amounting to €187.6 million, with apartments constituting about 90% of those units. Areas like Aradippou, Larnaca municipality, and Livadia were most notable for new-build activity.

Paphos may have had fewer transactions at 497, but total sales value reached an impressive €258.2 million, supported by the highest median prices in the country. The median new-build house price in Paphos peaked at €570,000, emphasizing its position in the upscale property segment.

Lastly, Famagusta had a modest 101 transactions accumulating €35 million in sales, with Paralimni being the hotspot for new developments.

Apartments Continue to Attract Buyers

New apartments dominated the market, making up 82.8% of all sales with 2,977 units sold, totaling €810.6 million. Houses comprised 17.2% of sales but contributed nearly 30% (€338.1 million) of total turnover, reflecting the higher price point of standalone homes.

The bulk of transactions—about 83%, or 2,982 properties—were priced under €400,000, signaling strong demand in the affordable and mid-market price ranges. High-end properties (valued over €1 million) were rarer, representing just 2.9% of sales.

Market Trends and Insights

According to Andreas Christoforides, CEO of the Landbank Group, the Cypriot new-build market displays distinct characteristics across its districts. In areas like Nicosia and Larnaca, affordable and mid-range apartments primarily fuel sales. Limassol leads in terms of overall sales value, while Paphos is the go-to destination for premium houses.

Christoforides highlights the significance of the majority of transactions falling below the €400,000 mark, suggesting that genuine housing demand underpins the current market alongside investment activity.

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