The Cyprus property market continues to show growth in sales between January and September 2024. A detailed analysis based on Land Department data has revealed important trends that continue to impact the market.
residential properties were sold in the first nine months of 2024. Of these, 161 houses were sold for €49.8 million and 1,194 apartments, with a total value of €236.9 million. The suburb of Lakatamia recorded the highest volume of house sales, with 45 properties, with an average price of €347,000. The areas of Geri and Tseri also saw strong demand, with 22 houses sold each, where the average price ranged from €237,000 to €358,000 depending on the location of the property .
Demand for apartments was concentrated in six key areas . Strovolos led the way with 225 sales, with an average price of €202,000. Lakatamia and Aglantzia also saw strong demand for apartments, with 194 and 188 sales respectively. Overall, Nicosia saw €53.8 million worth of apartments sold , making it the area with the highest yield in terms of residential sales.
Limassol continues to be the dominant area of Cyprus in terms of sales volumes. In 2024, 237 houses were sold here for € 165 million and 1,469 apartments, with a total value of €820 million. The most popular area for buying houses was Ypsonas , where 31 properties were sold with an average price of €346,000. One of the most expensive transactions in this area was the sale of houses in Agios Tychonas , the average price of which was 818,000 euros.
As for apartments, most transactions were made in Limassol itself , where 557 sales were recorded, with an average price of €471,000. There was also considerable interest in the Germasogeia and Agios areas. Athanasios with 247 and 133 sales respectively.
In the Larnaca area , 191 houses were sold for €64.35 million and 1,113 apartments for a total of €218.8 million. The greatest interest in houses was shown by buyers in the Aradippou and Livadia areas. Livadia also recorded high demand for apartments, with 226 sales at an average price of €199,000.
In Paphos, famous for its resort areas, 243 houses were sold for €149.6 million and 416 apartments for €138.4 million in the first nine months of 2024. The highest number of house transactions were recorded in Geroskipou and Peyia , where the average property price was €543,000 and €658,000 respectively.
In the area Famagusta saw a small number of transactions, but despite this, there were also interesting trends. In this area, 86 houses were sold for €28.6 million and 143 apartments for €32.8 million. The greatest interest was shown in properties in Paralimni , where 50 houses and 105 apartments were sold, with an average price of €412,000 and €262,000 respectively.
Trends in the Cyprus Property Market
An analysis of the Cyprus property market shows important changes in buyer preferences. For example, demand for houses in the suburbs is growing, indicating a trend towards decentralization, while apartments are most popular in city centers, where the highest prices are recorded.
Suburbanisation remains a significant trend, with many buyers opting for less densely populated areas where they can find more spacious and affordable residential properties. This also reflects the trend towards less dense population in major cities such as Nicosia and Limassol .
Despite some fluctuations in demand in different areas, the Cyprus property market continues to be active and attractive to buyers. Areas such as Limassol , Nicosia and Paphos remain leaders in terms of sales volumes, confirming their popularity with both local and foreign buyers.
