House and flat prices are rising in Cyprus

The company Landbank Analytics, which analyses the situation in the housing market in Cyprus, has carried out a new study, thanks to which it was found that from January to September 2024 a significant increase in property prices was recorded in the island state.

Moreover, the cost of houses and apartments increased in almost all cities of the island state.

Recall that in total for 9 months in Cyprus sold 5 253 units of housing. Of these: 4,335 contracts worth €1.45 billion were for apartments and 918 for houses. If we look more closely by city, from January to September 2024:

1. In Limassol, the average value of apartments increased by 20.6% over the year to €558,230, while houses increased by 30.1% to €695,994.
2. In Larnaca, the average value of apartments rose by 3.1%over the year to €196,600, while houses fell by 7.2% to €336,928.
3. In Paphos, the average value of apartments fell by 7.5% over the year to €332,621, while houses rose by 8.15% to €615,491.
4. In Nicosia, the average value of apartments fell by 2.9% over the year to €198,421, while houses fell by 0.56% to €309,440.
5. In the free areas of Famagusta, the average value of apartments rose by 11% over the year to €229,094 and houses by 3.9% to €332,414.

The picture by province shows mixed trends in the sale prices of new apartments and houses, with both significant increases and decreases. The Limassol market is driven by extremely high prices, a fact that is inextricably linked to its structure and, of course, its tendency towards expensive properties bought mainly by foreigners. On the contrary, the Nicosia market, despite increased demand, seems to be adapting to the financial capacity of local buyers, who are in fact its main source. In Larnaca, average house prices are falling as new developments move to the suburbs and especially to areas further from the coast, while the increase in average flat prices is due to increased demand for this category of property. The data for Paphos shows that the average price of apartments is falling while the price of houses is rising, which is not surprising as this market is very dependent on house sales,' commented Andreas Christoforidis, CEO of Landbank Group.