The Land Department has published the latest data on home sales in Cyprus for May 2025.
The department confirmed that the real estate market achieved unprecedented results. Last month, 1,664 sales transactions were registered on the island, the best result since May 2007, when 2,097 contracts were filed.
This marks a significant increase from May 2024, when 1,268 transactions were concluded, showing a remarkable 30% growth. In turn, from January to May 2025, 7,185 real estate sales contracts were signed in Cyprus, compared to 6,231 in the same period of 2024, which is a 15% increase. May saw positive dynamics in all cities of Cyprus. The numbers speak for themselves: 525 housing units were sold in Limassol (+18%), 369 in Larnaca (+37%), 369 in Nicosia (+26%), 304 in Paphos (+44%), and 77 in the free areas of Famagusta (+54%).In the first five months of 2025 alone, a total of 2,281 sales contracts were signed in Limassol, marking a significant increase of 14%. This was followed by Larnaca, where 1,554 contracts were signed, showing an impressive growth of 19%. Nicosia witnessed a notable rise of 17%, with 1,655 contracts being sealed. Paphos also saw a solid gain of 11%, with 1,371 contracts signed. The free areas of Famagusta also recorded an encouraging increase of 19%, with 324 contracts being concluded.
The surge in market activity is attributable to several key factors:
- The Central Bank confirms that prices stabilised at the end of 2024, marking a slowdown in price growth.
- Permits are now processed faster — obtaining a construction or renovation permit is easier and faster.
- Mortgages are more affordable — the average interest rate on housing loans is now 3.78%, making home ownership on the island a more realistic prospect for many.
Experts are optimistic about the real estate market in 2025. If the trend continues, this year will be one of the most successful in the last two decades.