BuySell*, the number one Cyprus property platform, in collaboration with AXIA Chartered Surveyors**, have completed the largest survey of the Cyprus property market, covering over 121,000 properties. The analysis looked at the prices of 32,990 two-bedroom apartments for sale across the island. This is the first survey of its scale, providing professionals and buyers with the most up-to-date market information.
Prices for two-bedroom apartments in different areas of Cyprus
The study found significant differences in prices for two-bedroom apartments depending on the area:
- Limassol is the most expensive area, with an average price of €4,497 per sq m. For this report, the top 10 areas in Limassol were analysed based on listings on BuySellCyprus.com. Of the 13,878 two-bedroom apartments analysed, the top 10 areas account for 65% of all two-bedroom apartments for sale in Limassol. The eastern suburbs, including Agios Tychonas, are the most expensive, with more affordable options located in Kato Polemidia and Ypsonas.
- With an average price of €3,878 per sq.m., Paphos is traditionally the most popular area for foreign buyers. A total of 2,429 two-bedroom apartments were analysed in Paphos. The top 10 areas in Paphos account for 89% of all two-bedroom apartments for sale. Tombs of the Kings is considered the most expensive area for two-bedroom apartments, while Polis Chrysochous is more affordable. This is traditionally where foreign buyers are most in demand. Kato Paphos has a high concentration of premium apartments, while Peyia is not in the top 10 areas for apartments, probably because detached houses are more common and in demand there.
- Nicosia is the most affordable area, with an average price of €2,379 per sq.m. With the exception of central Nicosia (Nicosia Municipality), where prices reach around €500,000 per unit, in other areas prices range from €200,000 (such as Lakatamia and Latsia) to €290,000 in Acropolis. A total of 6,220 two-bedroom apartments were analyzed, with the top 10 areas accounting for 72% of all two-bedroom apartments for sale in the Nicosia area.
- Larnaca is the third most populous district and the city that has seen the biggest increase in property prices over the last five years. This is due to factors such as the relocation of oil refineries, proximity to the airport, better quality beaches compared to Limassol, and easy access to Protaras/Ayia Napa and the capital. The most expensive area is Mackenzie, where property prices are around €500,000 per unit, while Aradippou, Oroklini and Kiti are more affordable. The analysis included 9,174 two-bedroom apartments, representing 94% of the total number of two-bedroom apartments for sale in the district.
- Famagusta is the area with the largest gap between the average and median price. The average price is €5,210 per sq.m., which is due to the availability of luxury apartments in Protaras, Ayia Napa and other tourist areas. In the Famagusta area, 1,289 two-bedroom apartments were analyzed. The 10 most popular areas account for an astonishing 98% of all listings for two-bedroom apartments in the area. As expected, the tourist areas predominate: Protaras, Ayia Napa, Ayia Triada and Kapparis, followed by areas with higher local demand. It is worth noting the large number of luxury apartments in the Ayia Napa area.
Statistical features
In many areas, there is a significant difference between the average and median price. This is due to the large number of luxury properties, which significantly raise the average, but do not reflect the overall affordability of the market. This is especially evident in Famagusta and the eastern areas of Limassol. In Famagusta, the average is 5,210 euros / sq. m, and the median is half that. This is logical, given the presence of both older properties and new complexes with sea views and higher specifications. On the other hand, Nicosia has the most homogeneous property market.
The importance of the research for the market
The research provides an objective view of prices in different areas of Cyprus for the first time. For buyers and investors, this is an opportunity to assess the market more accurately, and for sellers, to better understand their competitors. In the future, BuySell and AXIA plan to publish detailed reports on other property categories, including villas and houses.
All data used in this study is taken exclusively from listings on BuySellCyprus.com. To calculate the price per square metre, covered verandas were valued at 70%, uncovered verandas at 30%, basements at 50% and covered parking spaces at 70%.
*BuySellCyprus.com is the largest property sales platform in Cyprus, with over 121,000 active listings – four times more than its nearest competitor. The site is visited by over 2 million users worldwide every month, making it a key tool for both buyers and sellers.
**AXIA Chartered Surveyors was founded in 2012 and specialises in property valuation, market analysis and investment project development. They were chosen to carry out the survey due to their analytical expertise, human resources and industry knowledge.
