Cyprus Real Estate Market Rebounds to Pre-Crisis Levels: Key Highlights

According to recent data from the Central Bank of Cyprus, property valuations in Cyprus have followed an upward trajectory, echoing figures last seen in 2012. The apartment price index now stands at a record high, surpassing levels noted before the banking crisis.

The apartment index—benchmarking at 100 in the third quarter of 2024—edged up to 113 points from 112.3 in the second quarter, overtaking the former peak of 105.8 from the fourth quarter of 2008. Between the second quarter of 2010 and the first quarter of 2016, it dipped substantially to 70.7 points. Only by the end of 2021 did it rise to 85.9 points, still below the earlier peak. Nevertheless, it continued climbing—reaching 97.3 points by late 2022, then 103.9 by the third quarter of 2023, and finally hitting the current 113-point mark.

While growth has continued, recent data signals a deceleration in apartment price increases compared to house prices.

Apartment Price Developments by District

Price shifts differ from one district to another:

• Limassol: Registered 138.2 points in the third quarter of 2024 (up from 136.4), continuing a steady climb since 2019.
• Nicosia: Hovered at 95.5 points, a slight increase from 95 in the previous quarter but remains just under its 2010 value of 100. Nicosia remains a key market to watch, given its potential for further growth.
• Larnaca: Fell from 136.4 points in the second quarter to 106.5 in the third.
• Paphos: Notched its highest reading at 108.6 points, rising from 106.4.
• Famagusta: Inched up from 85 to 85.5 points, slowly but steadily.

House Price Index by District

As of the third quarter of 2024, the house price index stands at 90.8 points, slightly up from 89.7 in the previous quarter. This figure is comparable to 2012 levels, though below the 108.9 peak documented in late 2008.

• Limassol: Reached 112.7 points, the apex among all regions.
• Nicosia: At 86.1 points, trailing behind the 87.8-point level observed in 2013.
• Larnaca: Climbed to 90.6 points, yet still under its 2011 figure of 94.4.
• Paphos: Surged to 101.6, nearly aligning with its 2011 mark.
• Famagusta: Rose to 91.8 points, inching closer to its 2011 peak of 94.4.

Overall, recent numbers suggest property values have largely rebounded to levels reminiscent of Cyprus’ pre-crisis era, although momentum in price growth appears to be slowing. Prospective buyers scouting for Cheap Houses and Villas for Sale Cyprus or other property types may find current conditions indicative of a balanced marketplace.