Analysis of the new apartments and houses market in Cyprus for the period January to September 2024, conducted by Landbank Analytics , revealed a significant increase in real estate sales. During the specified period, 5,253 transactions for the purchase of new properties were concluded, which is 19.2% more than in the same period last year. The total value of transactions exceeded €1.9 billion, demonstrating an increase of 25%. Positive dynamics were recorded in all regions of Cyprus, both in the number of transactions and in their value.
Demand for new apartments increased significantly, with 4,335 apartments sold for a total value of €1.45 billion, up 27.7% in volume and 38.1% in value compared to last year. At the same time, sales of new homes declined, with the number of units down 9.2%, reaching €457.2 million, down 2.8% from 2023 levels.
Overview by Regions
Nicosia recorded a 25.2% increase in new property sales in terms of quantity and 20.6% in terms of value, with 1,194 apartments sold for €236.9 million and 161 houses for €49.8 million.
Limassol also recorded a 17% increase in apartment sales, with the total value of transactions reaching €820 million, up 41% year-on-year. However, house sales there fell by 18.5%, with the total value amounting to €165 million, up 6% compared to the same period in 2023.
In Larnaca, 1,113 apartments were sold for €218.8 million and 191 houses for €64.3 million. Demand for apartments here increased by 35.4%, and for houses by 14.4%. The value of transactions for apartments increased by 39.5%, for houses by 6.2%.
In Paphos, demand for apartments increased by 42% (416 transactions for €138.4 million), while house sales decreased by 23.1% (243 transactions for €149.6 million).
Famagusta recorded a significant increase in sales despite the small size of the market. Sales of new apartments increased by 46% and houses by 6.2%. The value of apartments sold increased by 62.1%, while house prices also increased by 10.3%.
Landbank CEO Andreas Christophoridis, the popularity of new apartments is explained by the affordability and environmental friendliness of such properties. Young couples prefer to buy apartments because of their relatively low cost and environmental friendliness. At the same time, the decline in interest in houses is primarily due to a decrease in the number of transactions for luxury properties, which is especially noticeable in Paphos, where demand from foreign buyers is traditionally high.
