An analysis of data provided by the Landbank Analytics platform shows the varied changes in residential property prices in Cyprus in the first nine months of 2024. The data is based on registered transactions at the Land Department and shows significant differences in price dynamics between regions.
Nicosia
In Nicosia, despite the increase in the number of transactions, average prices for residential properties have fallen.
- The average price of apartments decreased by 9% , amounting to €198,421 .
- House prices fell marginally, by just 56% , to €309,440 .
The Nicosia market is adapting to the financial capabilities of local residents, which is keeping prices down. The main demand is formed by local buyers, which explains the moderate changes in property prices. Despite the high transaction activity, prices remain more affordable compared to other regions.
Limassol
Limassol continues to hold its position as the most expensive region in Cyprus for purchasing residential property.
- The average price of apartments increased by 6% , reaching €558,230 .
- Houses rose in price by 1% , reaching an impressive €695,994 .
Limassol has seen a steady increase in residential property prices, driven by high demand for luxury properties. The high property prices are due to the activity of foreign investors who prefer premium properties. This trend confirms Limassol’s attractiveness as a key hub for international property investment.
Larnaca
In Larnaca, there is a dual dynamics of prices:
- The average price of apartments increased by 1% due to demand for residential property in the urban area and amounted to €196,600 .
- House prices, on the other hand, fell by 2% to €336,928 as new developments shifted to suburban areas away from the coast.
Pathos
In Paphos, there has been a decrease in apartment prices and a simultaneous increase in house prices.
- Apartments fell in price by 5% , with the average price being €332,621 .
- Houses rose in price by 15% , reaching an average price of €615,491 , driven by overseas buyers looking for spacious living spaces.
Famagusta
Famagusta is showing steady growth in average residential property prices:
- Apartments rose in price by 1% to €229,094 .
- The average price of houses increased by 9% to €332,414 .
The rise in prices is explained by investment activity in areas remote from large urban centres.
