On Tuesday, June 24, Landbank Analytics, an analytical company, presented new data on the average prices of new houses and apartments in different regions of Cyprus.
These statistics are based on actual transactions registered with the Land Registry during the first quarter of 2025.
According to the agency, the new-build market in Cyprus as a whole is experiencing dynamic but mixed changes, depending on the province.
For instance, Cyprus's capital city has become a leader in terms of growth in the average cost of new buildings. In the first quarter of 2025, the average cost of a new building in Nicosia was €412,000, almost 36% higher than in the same period last year. This increase can be attributed to one significant transaction: the sale of an upscale residence for €2.7 million. Without this sale, the average price would have been much more modest at €313,000, with growth at only 3%. The situation is more stable for new apartments: the average price increased by only €2,000 (from €189,000 to €191,000). This indicates a balanced market with steady demand.
In Limassol, traditionally the most expensive city in Cyprus, the dynamics were unexpected. The average price of new homes fell by nearly 12.5%, from €444,000 to €389,000. However, this trend does not fully reflect reality. It was caused by several deals involving more affordable homes. Excluding these deals would result in an average price of €428,000 and a decline of only 3.6%. The market for new apartments in Limassol feels much more confident, though. The average price increased from €331,000 to €372,000, indicating steady demand for comfortable urban housing.
Larnaca continues to develop actively, as reflected in prices. In the first quarter of 2025, new homes sold for an average of €389,000, 21.5% higher than a year earlier. This indicates the active construction of modern residential complexes and high buyer interest. Conversely, the price of apartments has fallen slightly, from €191,000 to €187,000. This is more indicative of market stabilization than a decline in demand. Buyers remain keenly interested in mid-range apartments in this Cypriot city.
In Paphos, house prices continue to grow steadily. The average price of new houses in the first quarter of 2025 was €693,000 in this region, 17% higher than in the first quarter of 2024. This increase is directly related to the interest of foreign buyers, especially those looking for premium properties. However, the price of apartments in Paphos fell by 10%, from €320,000 to €287,000. This is due to a shift in focus to other types of housing and market adjustments following active growth in previous years.
Finally, Famagusta was the only area where prices for houses and apartments fell in the first quarter of 2025. The average price of houses fell from €343,000 to €300,000 and the average price of apartments fell from €201,000 to €178,000. This is largely due to fewer transactions and the specific nature of demand in the border area, where urban housing accounts for a small share.
Andreas Christoforidis, CEO of Landbank Group, notes that the market is gradually adapting to new conditions, including lower interest rates, a return of local demand, and growing competition between regions. Paphos remains a key destination for luxury real estate, while Limassol is popular for business-class apartments. Nicosia is stable, and Larnaca continues to gain momentum as a center for new projects. Famagusta's vacant areas are declining, but this is not a collapse; rather, it reflects the current demand structure.