According to the Land Department, the Ask Wire report summarised key indicators of the residential property market in Cyprus for the period from January 2019 to August 2024. The focus was on the number of transactions, asking prices and construction activity. The main areas in the report were Nicosia and Limassol, which demonstrated different trends in the affordable and luxury residential property segments.
During this period, 13,415 apartment transactions worth €2.1 billion were concluded in Nicosia, while 13,092 transactions were concluded in Limassol, but for a total of €5.1 billion. The difference in volumes is due to the predominance of expensive residential properties in Limassol and the dominance of affordable options in Nicosia.
Limassol is a leader in the luxury residential property market. From January 2019 to August 2024, 2,174 transactions for apartments priced between €500,000 and €5 million took place here. The total value of these transactions reached €2.6 billion. This position is explained by the high attractiveness of the city for wealthy foreign buyers due to its prestigious location and developed infrastructure.
At the same time, in the more affordable price range from €50,000 to €200,000, 5,451 transactions were recorded in Limassol for a total of €774 million.
Sales in Nicosia, on the other hand, focused on the affordable residential segment and showed stable demand for apartments priced between €50,000 and €200,000. During the analyzed period, 11,050 transactions were made in this range for a total of €1.3 billion. The main buyers here are local residents and investors.
In terms of luxury residential real estate, during the same period, only 242 transactions were concluded in the capital for apartments priced between €500,000 and €5 million, with the total transaction value amounting to €205 million.
In the price range from €201,000 to €500,000, the Limassol market also shows high activity, with 5,467 transactions worth €1.7 billion during the period. In Nicosia, the same segment showed more modest results: 2,123 transactions with a total value of €577 million.
