The Cyprus residential property market has shown impressive results in 2024, exceeding the €2 billion mark, according to the analytical company Landbank Real Estate Analytics , the total number of new transactions in the residential real estate market increased by 16.7% compared to 2023 and reached 6,462 purchase and sale agreements.
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Growing popularity of apartments
Apartments have become the main driver of growth in the number of sales in the real estate market. Landbank Analytics CEO Andreas Christoforidis attributed this growth to the stable demand for apartments in city centers, which is experienced by both local and foreign buyers.
In 2024, 5,354 new apartments were sold with a total value of €1.5 billion. This is 22.7% more in quantity and 9% more in value compared to the previous year.
Against this backdrop, there is a decline in demand for new homes: their sales fell by 5.6% in quantity and by 5.7% in value. A total of 1,108 homes were sold for a total of 510.6 million euros.
Sales dynamics by districts
Nicosia
Sales of new apartments rose by 23.6%, reaching 1,587 units worth €301 million. However, house sales fell by 6.9%, with their prices falling by 12.7%.
Limassol
Apartment sales rose 4.2% to 1,781 units, but total value fell 5.6% to €759 million. House sales fell 33.2% in volume and 30.3% in value.
Larnaca
The area showed the highest growth rates, with apartment sales increasing by 40% to 1,394 units, and their total value reaching 273 million euros. House sales increased by 2.5%, but their value decreased by 6.5%.
Pathos
Sales of apartments increased by 67.7%, while sales of houses increased by 9%. The total sales value reached €139.2 million for apartments and €195.5 million for houses.
Famagusta
Sales of apartments increased by 36.4%, and houses by 36.2%, while their prices increased sharply.
Changes in foreign buyer preferences
High property prices in Limassol are forcing foreign investors to look elsewhere for more affordable options. Larnaca and Paphos are of particular interest to them, offering more affordable alternatives.
