The luxury residential property sector in Cyprus is showing steady growth, accounting for around 10% of the market. According to the annual report of PwC Cyprus, the residential property segment valued at over €1.5 million will show moderate growth in 2024.
In 2024, 188 transactions were recorded in the luxury real estate sector with a total value of €500 million. This represents 9% of the total value of the Cyprus real estate market. Compared to 2023, the segment showed a growth of 4% year-on-year.
The majority of transactions in the luxury real estate segment were concentrated in Limassol and Paphos:
- Limassol accounts for 74% of all transactions, maintaining its leadership in the luxury real estate market.
- Paphos increased its share to 19% (compared to 14% in 2023).
The other regions are significantly inferior to them:
- Nicosia – 3% (down from 5%).
- Larnaca and Famagusta – 2% each.
The Biggest Deals of 2024
In 2024, some of the most expensive properties were sold in Limassol:
- Residential complex in the Polemidia area – 39.3 million euros.
- Office building in Ayos area Spiridonas – 24.8 million euros.
- Office complex next to the motorway and adjacent land plots used as parking spaces in Germasogeia – 28 million euros.
- Penthouse in a luxury coastal residential project in Mouttagiaq – 18.4 million euros.
These transactions highlight Limassol’s status as the luxury property hub of Cyprus.
Luxury residential property remains an attractive segment for investors. Steady growth and high activity in Limassol and Paphos make these areas prime destinations for premium purchases.
