In the second quarter of 2024, residential property prices in Cyprus continued to increase, although the rate of increase in the apartment segment slowed down. According to the Property Price Index developed by the Central Bank of Cyprus, the overall index reached 96.6 points, up 1.6% compared to the previous quarter and up 8% year-on-year.
The second quarter saw different rates of growth in house and apartment prices:
- Homes : Prices rose 2% quarter over quarter and 6.2% year over year, an acceleration from Q1 2024.
- Apartments : growth was 1.4% quarter-on-quarter (down from 3.4% in Q1) and 12% year-on-year (up from 13.9% previously). Despite the slowdown, annual price growth for apartments is almost twice that of houses.
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Real estate market and purchasing activity
According to the Land Department, the total number of registered real estate transactions in the second quarter of 2024 decreased year-on-year. The decrease in demand is particularly noticeable among foreign buyers. However, the impact of these changes on the price index is recorded with a time lag.
An increase in supply on the real estate market is expected due to the growth in the number of issued building permits. Additionally, a decrease in the cost of building materials may stimulate activity in this segment.
Property prices by area
At home
| City | In quarterly terms | In annual terms |
| Limassol | +3.3% | +7.7% |
| Larnaca | +2.1% | +7% |
| Pathos | +3.7% | +10.1% |
| Nicosia | -0.5% | -1.3% |
| Famagusta | +0.8% | -9.4% |
Apartments
| City | In quarterly terms | In annual terms |
| Limassol | +1.1% | +13.3% |
| Larnaca | +3% | +16.8% |
| Pathos | +3.4% | +17.7% |
| Nicosia | +0.6% | +4.3% |
| Famagusta | +2.6% | +16.5% |
The Cyprus property market is showing steady price growth, especially in the apartment segment, despite a slowdown in the growth rate of property sales. Houses are showing more moderate dynamics, but with an acceleration compared to the beginning of the year.
An increase in supply is expected in the coming months due to construction projects and lower material costs, which may contribute to price stabilization. However, current market activity depends on demand, especially from foreign buyers, whose participation has a significant impact on overall market performance.
