In the second quarter of 2024, residential property prices in Cyprus continued to rise, albeit at a slower pace. According to the latest Residential Property Price Index (RPPI) published by the Central Bank of Cyprus, apartments and houses showed a significant increase in value, but the dynamics varied by area.
The real estate market is showing signs of slowing down due to a number of factors:
- A decrease in the number of concluded purchase and sale agreements, especially in terms of the volume and value of transactions.
- Increasing the supply of residential properties available for rent and sale.
- High mortgage rates and a slight decline in prices for building materials.
Real estate market trends vary by area:
- Limassol and Nicosia : supply is increasing to meet existing demand.
- Larnaca and Paphos : demand continues to grow while supply remains moderate.
- Famagusta : supply is limited and prices are on the rise, due, among other things, to new residential properties entering the market.
General price dynamics by districts
| Quarterly changes | Annual changes | |
| Limassol | + 1.8% | + 9.5% |
| Pathos | + 3.5% | + 12.1% |
| Larnaca | + 2% | + 9.9% |
| Nicosia | stable growth rates | + 2.4% |
| Famagusta | + 1.2% | + 10.9% |
House prices by area
| Quarterly changes | Annual changes | |
| Limassol | + 3.3% | + 7.7% |
| Pathos | + 3.7% | + 10.1% |
| Larnaca | + 2.1% | + 7% |
| Nicosia | – 0.5% | – 1.3% |
| Famagusta | + 0.8% | – 9.4% |
Apartment prices by district
| Quarterly changes | Annual changes | |
| Limassol | + 1.1% | + 13.3% |
| Pathos | + 3.4% | + 17.7% |
| Larnaca | + 3% | + 16.8% |
| Nicosia | + 0.6% | + 4.3% |
| Famagusta | + 2.6% | + 16.5% |
