The first nine months of 2024 have seen significant changes in the Cyprus residential property market. New build sales have shown strong growth in the apartment segment, while the new home market has shown a decline in the number of transactions. The total volume of new apartment sales reached 4,335 properties, with a total value of €1.45 billion. This is an increase of 27.7% in number and 38.1% in value compared to the same period in 2023.
At the same time, sales of new homes fell by 9.2% in volume and by 2.8% in value. In the nine months, 918 homes were sold for a total of €457.2 million.
Sales Analysis by Regions
Nicosia
In Nicosia, from January to September 2024, the volume of sales of new residential properties increased by 25.2%, while their total value increased by 20.6%.
- Apartment sales totaled 1,194 properties (+29%), with a total value of €236.9 million (+25.2%).
- Houses: 161 properties sold (+3.2%) for a total of €49.8 million (+2.6%).
Limassol
Cyprus’ second largest property market also showed strong growth in the apartment segment.
- Apartments: 1,469 properties were sold (+17%), their value increased by 41% to 820 million euros.
- Houses: House sales fell 18.5% to 237 properties, but their total value rose 6% to €165 million.
Larnaca
Larnaca has one of the highest rates of growth in property sales in Cyprus.
- Apartments: Apartment sales increased by 35.4% to 1,113 properties, while their total value increased by 39.5% to €218.8 million.
- Houses: 191 properties were sold (+14.4%) for a total of 64.3 million euros (+6.2%).
Pathos
In Paphos, the apartment market grew strongly, while house sales declined.
- Apartments: 416 properties were sold (+42%), their value increased by 31.4% to 138.4 million euros.
- Homes: Sales volume fell by 23.1% to 243 properties, with total sales value down 16.8% to €149.6 million.
Famagusta
Famagusta property market also showed a noticeable increase in sales:
- Apartments: Sales increased by 46% to 143 properties, with total value up 62.1%.
- Houses: 86 properties were sold (+6.2%), their value increased by 10.3%.
