Cyprus remains one of the most attractive destinations for property purchases, especially for those seeking a home on a sunny Mediterranean island with a high standard of living. In 2024, the real estate market in Cyprus shows stable growth, and apartment prices vary depending on the region, type of property, and several other factors. For those considering buying an apartment in Cyprus, it is important to understand that the final cost may depend not only on the location but also on market conditions, infrastructure, and the features of the property itself.
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Factors Affecting Apartment Prices
Before diving into specific figures, it is worth highlighting the main factors that determine the price of an apartment in Cyprus:
- Location. As in most countries, location is one of the most influential factors. Apartments on the coast and in major cities like Limassol are significantly more expensive than properties in remote areas or smaller towns.
- Year of Construction and Condition. New buildings are usually more expensive due to modern construction technologies, energy efficiency, and updated utilities. Resale properties may be cheaper but may require additional investment in renovations.
- Type of Property. Apartments in residential complexes with additional amenities (swimming pools, gyms, security) will be more expensive compared to standalone apartments.
- Proximity to the Sea. The closer an apartment is to the sea, the higher its price. Apartments with sea views and beach access are in high demand among buyers.
Average Apartment Prices by Region
Limassol
Limassol is considered the most expensive city for real estate purchases in Cyprus. This is due to its status as a major financial and business center of the country. The average price of an apartment in Limassol in 2024 is around €390,000. Depending on the location (city center or coastal area) and class (premium, standard), prices can range from €300,000 to €600,000. Luxury apartments with sea views or in new residential complexes can cost even more.
Paphos
Paphos is a city known for its cultural significance and well-developed tourism infrastructure. It attracts both local and foreign buyers, especially those looking for vacation homes or properties for rental to tourists. The average price of an apartment in Paphos is around €179,000. It is possible to find affordable options on the secondary market for €150,000 as well as new apartments in prestigious areas exceeding €300,000.
Larnaca
Larnaca combines affordable prices and comfortable seaside living. In 2024, the average apartment price here is €156,000, making Larnaca one of the most affordable cities for property purchases among Cyprus’s major cities. Despite this, seafront apartment prices can reach €250,000 or more. It is also worth noting that there is active construction of new residential complexes in Larnaca, attracting investors.
Nicosia
Nicosia is the capital of Cyprus, located in the central part of the island. Despite lacking a coastline, apartment prices here are relatively high, though still lower than in Limassol. The average price of an apartment in Nicosia is €175,000. In the city center, prices can reach up to €250,000, while in the suburbs, properties can be found for €120,000.
Ayia Napa and Protaras
Ayia Napa and Protaras, as tourist zones in the eastern part of the island, are popular among those looking for vacation homes or investment properties for rental. The average price of an apartment in these resort towns ranges from €150,000 to €300,000, depending on proximity to the beach and the level of comfort.
Famagusta
Famagusta is a region that is gradually gaining attention due to its affordable property prices. The average cost of an apartment here is €140,000, making it attractive for those seeking homes in quieter and more affordable areas.
Forecast for 2025
Experts predict that in 2025 property prices in Cyprus will remain high. A significant increase may be seen in the luxury segment, especially in the coastal areas and new developments of residential properties and new developments, particularly in Limassol and Paphos, where demand from foreign investors remains high. Price increases are also expected in tourist regions such as Ayia Napa and Protaras, where properties are popular among those looking for seasonal rentals.
In 2024, apartment prices in Cyprus vary widely depending on location, property type, and features. For those considering purchasing an apartment in Cyprus, it is important to take into account not only the price but also factors such as access to infrastructure, potential for value appreciation, and rental opportunities.
