The Realtors Registration Board has released an analytical report on the state of the Cyprus real estate market in the second quarter of 2024. The analysis was conducted based on data from the Department of Lands and Surveys and includes four main types of properties: apartments, houses, land plots and fields. The report reflects the average value of transactions in each category and the number of contracts concluded by region. The averages presented are not limited to transactions in cities, but take into account all sales within each region.
Apartments
In Q2 2024, 489 apartment transactions were registered in Cyprus. The largest number of sales were in the Nicosia area, however, the highest average price of apartments was recorded in Limassol – €246,919. In comparison, in Nicosia the average sale price of apartments was €134,031, in Larnaca – €133,058, in Paphos – €122,846, and in the Famagusta area – €109,804.
Homes
From April to June 2024, 110 house sales were concluded, excluding Nicosia, for which data is not available. The lowest number of transactions was recorded in Larnaca. In Paphos, the average price of houses sold was €398,857, in Limassol €362,429, in Famagusta €273,028 and in Larnaca €205,035.
Land plots
The largest number of land transactions were recorded in the Nicosia area – 273 out of 666 transactions across the island. However, the highest average prices for plots were in Paphos (€265,884) and Limassol (€260,613). The average price of plots in Nicosia was €198,737, in Larnaca €173,220 and in Famagusta €151,103. Plot prices can vary significantly depending on their size and whether they are built on.
Fields
The Nicosia and Limassol areas led the way in terms of pitch transactions, accounting for 852 of the 1,501 transactions in Cyprus. The average price of pitches was highest in Paphos at €170,873 and lowest in Larnaca at €96,255. In Famagusta, the average pitch price was €144,359, in Limassol €135,392 and in Nicosia €104,752. In some cases, such land may include buildings, which increases its value.
