The new residential property market in Cyprus has shown significant growth in the first nine months of 2024. An analysis of the prices of new residential properties showed that the most expensive homes are in Limassol, where the average price is €696.2 thousand. Less expensive homes were sold in Paphos for €615.6 thousand; Larnaca (€336.6 thousand), Famagusta (€331.4 thousand) and Nicosia (€309.3 thousand). The average price of a new home in the country was €457.8 thousand.
The most expensive apartments were also located in Limassol with an average price of €558.2 thousand, slightly cheaper apartments were in Paphos (€332.6 thousand), Nicosia (€198.4 thousand), Larnaca (€195.8 thousand) and Famagusta (€162.8 thousand). The average cost of a new apartment in Cyprus was €289.6 thousand.
These properties include both permanent residential properties and holiday homes, which tend to be smaller and more affordable. According to Eurostat data for 2023, Cyprus stands out for having the largest residential areas in the EU, with the average home size being 149.7 sq. m, significantly higher than other countries.
The growing interest in apartments in Cyprus may be due to the increase in the number of citizens using assistance for residential property under the updated support schemes. This is especially noticeable in Nicosia, where residents actively use the support to purchase residential property in mountainous, border and rural areas.
Among the measures supporting the affordable housing market, the ministry highlights land distribution programs for low- and middle-income families, financial assistance for young couples and citizens under 41, and additional benefits for residents of mountainous and border areas. The strategic programs also include initiatives for reconstruction for rent and urban development incentives.
