According to a report by Landbank Analytics published in July 2025, the residential property market in Cyprus shows mixed trends depending on the area and type of property. The study was based on an analysis of sales contracts registered with the Cyprus Land Department.
Pathos
Paphos has recorded the highest growth in new home prices. The average price of a home in Q1 2025 reached €693,000, up 16.9% from the same period last year (€593,000). The steady demand from foreign buyers confirms Paphos’s status as one of the main centres for luxury residential property.
At the same time, the average price of new apartments in Paphos fell by 10.3%, falling from €320,000 to €287,000. This may indicate a change in the composition of the supply or a correction after a period of rapid growth.
Nicosia
The capital of Cyprus saw the sharpest rise in house prices, up 35.5%. The average price rose from €304,000 to €412,000. However, much of the increase was due to the sale of one luxury property for €2.7 million. Without this transaction, the adjusted average price would have been €313,000, a rise of 3%.
The market for new apartments in Nicosia remains stable, with average prices rising by only 1% from €189,000 to €191,000, indicating a balanced supply and demand.
Limassol
In Limassol, the average house price fell by 12.4%, from €444,000 to €389,000. This fall was partly due to three low-budget transactions. If these transactions are excluded, the adjusted price is €428,000, which would make the annual decline just 3.6%.
However, the apartment market in Limassol shows steady growth: prices increased by 12.4%, from €331,000 to €372,000. This confirms the attractiveness of the area for investment in premium apartments.
Larnaca
Larnaca has seen a significant increase in the average price of homes, up 21.5% from €320,000 to €389,000, due to active development and increased interest in the area from both local and foreign buyers.
Apartment prices in Larnaca have fallen slightly, by 2.1%, from €191,000 to €187,000. This indicates a stable market with a predominance of mid-priced properties.
Famagusta
Famagusta saw a fall in prices in both segments. The average price of houses fell from €343,000 to €300,000, while apartments fell from €201,000 to €178,000. The relatively low transaction volume in the area makes these data sensitive to changes in demand patterns.
General dynamics in Cyprus
Nationwide, the average price of new homes increased by 12%, from €410,000 to €459,000. However, the average price of new apartments remained virtually unchanged, at €247,000 in the first quarter of 2025.
According to Andreas Christophorides, CEO of Landbank Group, the current changes in the market reflect a transition period related to economic and demographic shifts. He noted that the lowering of interest rates by the European Central Bank is already stimulating demand among local buyers.
