In the second quarter of 2024, buyers focused primarily on purchasing apartments. The increased interest in apartments is explained by high house prices and limited mortgage lending opportunities for local buyers. At the same time, developers are increasingly interested in purchasing land and residential areas for development.
During this period, 489 apartment transfers were registered in Cyprus. The largest number of sales were recorded in Nicosia, while the highest average price for apartments was in Limassol – €246,919, which is significantly higher compared to other areas. In Nicosia, the average price for an apartment was €134,031, in Larnaca – €133,058, in Paphos – €122,846, and in Famagusta – €109,804. The averages presented are not limited to transactions in cities, but take into account all sales within each region.
The President of the Council for the Registration of Real Estate Agents, Marinos Quinheiro, noted that current market conditions have led to an increase in interest in purchasing apartments.
“Market conditions have now forced buyers’ interest to turn towards purchasing apartments. This is mainly due to the significantly higher costs associated with purchasing a house, as well as the fact that local buyers’ incomes do not allow them to obtain loans from banks to purchase a house. For the same reason, there is a growing interest from developers in purchasing land and fields.”
