How have property prices changed in different areas of Cyprus in 2024?

The Cyprus property market in 2024 maintained its 2023 performance despite the accumulated difficulties in the industry. According to the Estate Agents Registration Board, the sector continued to make a significant contribution to the country’s economic growth .

Key indicators of the real estate market in 2024

During 2024, 19,155 property transfers worth €4.3 billion were carried out in Cyprus, with 15,797 sales deeds registered. Compared to 2023, there was a 1.5% increase in the number of registered sales and a 1.8% increase in the number of transfers, but a 2.3% decrease in their total value.

Among the main factors that influenced the market are:

• Decrease in purchasing power of the population;
• High interest rates on loans;
• Increased cost of building materials as a result of geopolitical instability;
• Maintaining high property prices.

Overview of key areas of Cyprus

Limassol

Limassol leads in the number of registered sales (5,032), but lags behind Nicosia in the number of property transfers (5,054). However, the area outpaces the capital in terms of transaction value, reaching €1.5 billion. Compared to 2023:

• The number of sales decreased by 1.2%;
• The volume of transfers of property rights decreased by 5.8%;
• The value of transactions decreased by 6.3%.

Nicosia

The Nicosia property market is showing stability. In 2024, the district recorded the highest number of property transfers (5,395), but in terms of transaction value (€950 million), it was third after Limassol and Paphos. Compared to 2023:

• Sales increased by 13.6%;
• The volume of transfers of property rights increased by 5.8%;
• The total value of transactions increased by 1.4%.

Pathos

In Paphos, sales were down 7.9% year-on-year, but the volume of property transfers rose 12% and their total value increased by 21.7%. In particular:

• The number of transfers of ownership rights amounted to 3,727;
• The total value of the transactions reached €983 million.

Larnaca

Larnaca recorded 3,775 transfers worth €637 million, reflecting a significant decline in the value of transactions compared to the previous year. However, in the area:

• Sales increased by 5.4%;
• The volume of transfers of property rights decreased by 1.7%;
• The total value of transactions decreased by 13%.

Famagusta

In Famagusta, the number of sales fell by 4.5%, but the volume of property transfers increased by 3.8%. However, in value terms, the market contracted by 19%. For 2024:

• 775 sales were recorded;
• The volume of transfers of property rights amounted to 1,204;
• The total value of transactions fell to €214 million.

Text based on materials from www.stockwatch.com.cy , photo pixabay.com