Impressive Momentum in Cyprus’ 2024 Real Estate Market

The Cyprus property market experienced notable gains in 2024, with new home transactions surpassing €2 billion, according to recent findings by Landbank Analytics.

Drawing on contracts of sale from the Department of Lands and Surveys, the study highlights a sustained upswing in apartment sales, while new house sales slightly declined. Overall, 6,462 new residential properties were purchased in 2024, reflecting a 16.7% rise from 2023.

Robust Apartment Sales, Declining House Transactions

In total, new properties accounted for 41% of the 15,797 real estate sales recorded across Cyprus last year. Apartments led the charge with 5,354 units sold (up 22.7%), reaching a collective value of €1.5 billion. Meanwhile, new house transactions dipped by 5.6% to 1,108 units, representing a 5.7% drop in total value (€510.6 million).

Regional Highlights and Trends

• Nicosia: Apartment sales climbed 23.6% to 1,587 units (exceeding €301 million), while houses fell 6.9% to 202 units (down 12.7% in value to €63.5 million).
• Limassol: Apartment transactions edged up by 4.2% (1,781 units), though their value dropped 5.6% (€759 million). New house sales plunged 33.2% (241 units), with a 30.3% decline in overall value (€134.2 million).
• Larnaca: Surging demand lifted apartment sales by 40% (1,394 units worth €273 million). House sales inched up 2.5% (204 units), though total value declined 6.5% (€69.3 million).
• Paphos: Apartment purchases skyrocketed by 67.7% to 446 units, with a 33.6% jump in value (€139.2 million). House sales grew 9% (333 units), receiving a 13.9% value boost (€195.5 million).
• Famagusta: Though smaller, it recorded steady growth: apartment sales rose 36.4% (146 units), and house sales climbed 36.2% (128 units). Total apartment values saw a 43.8% rise, while house values soared 56.7%.

Shifting Buyer Preferences

Affordability remains a critical factor, with many local buyers opting for apartments. Foreign investors also pivoted toward less expensive hubs like Larnaca and Paphos, moving away from pricier destinations such as Limassol. If you seek wallet-friendly listings, explore Cheap Apartments for Sale Cyprus or browse Houses for Sale in Cyprus for valuable opportunities.

Overall, 2024 has proven that new apartments continue to power the Cyprus real estate market, appealing to both local and international buyers.