Prices for new residential property in Limassol have increased significantly in the first nine months of 2024. According to a report by analytics company Landbank Analytics , the price of apartments has increased by more than 20% and houses by 30% compared to the same period last year.
From January to September 2024, 5,253 contracts for the sale of new residential properties were submitted to the Cyprus Land Department, an increase of 19.2% compared to the same period in 2023. This represents 45% of the total number of contracts submitted, which amounted to 11,634 during this period.
The total value of new residential property transactions exceeded €1.9 billion , an increase of 25%. The growth in sales volumes and values was observed in all areas of Cyprus.
Limassol has seen the highest growth in prices for new residential properties:
- Apartments: prices have risen by more than 20%.
- Houses: prices increased by 30%.
This significant increase is due to the high demand for residential properties, especially in the new build segment, making Limassol a leading area in this category.
According to Andre ace Christophoridis , CEO of Landbank Analytics , the current high demand for apartments is closely linked to economic conditions. Young couples seeking financial stability and affordable housing are increasingly choosing apartments over houses.
He also noted that the decline in the volume and value of new home sales in some areas, such as Paphos, was due to the influence of foreign buyers. In Paphos, the market is heavily focused on luxury property sales, which is holding back overall growth.
Prospects for the Cyprus Property Market
The new residential property market in Cyprus is growing strongly, driven by changing consumer preferences and the availability of finance. Steady growth in sales volumes and prices across all areas of the island confirms its appeal to both locals and foreign buyers.
Limassol , thanks to the active growth of residential property prices, continues to be one of the key centers of attraction. Despite the decline in demand for houses in Paphos, the general trend points to further development of the new property segment, supported by a stable economy and affordable lending conditions.
