The international consulting company PwC has published its yearly report on the sales of luxury property in Cyprus.
The agency says that in 2024, demand for high-end properties worth over €1.5 million went up by 4%.
A total of 188 deals were concluded in the island state for expensive properties worth a total of around €500 million. At the same time, the luxury residential real estate sector in Cyprus showed continued activity and a strong market presence, accounting for almost 10% of the total value of all deals closed last year.
Looking at Cyprus' cities in more detail, Limassol was the leader in terms of the number of sales contracts for luxury homes in 2024. It accounted for 74% of all transactions. This shows that the coastal city is still the main place for buyers looking for exclusive seaside properties with good infrastructure. Paphos came second, which is much better than in 2023. The share of sales in luxury housing in this Cypriot city grew from 14% to 19%. In 2024, Limassol and Paphos accounted for 93% of all luxury property transactions, compared to 88% a year earlier.
But in other cities in Cyprus, fewer premium products were sold:
- In Nicosia, 3% of people voted against the proposal, compared to 5% in 2023.
- In Larnaca, the percentage was 2% (compared to 5% in 2023).
- In the free areas of Famagusta, the percentage was 2% (compared to 2% last year).
PwC said that the list of the largest transactions in 2024 included properties in Limassol:
- €39.3 million — a residential complex being built in the Polemidia area.
- €28 million — an office centre with adjacent land (used as parking) in the Germasogeia area.
- €24.8 million — an office building in the Agios Spyridonas district;
- €18.4 million — a penthouse in a luxury residential project on the seafront in the Muttayaka district.
This means that this city in Cyprus is still a very popular place to buy luxury property.
The luxury real estate market in Cyprus is growing steadily, especially in popular coastal areas. Even though the growth rates are only moderate, there are still a lot of people looking to buy premium products, and a lot of interest in high-quality projects that offer a high level of service.
The low taxes, warm weather and European legal system make Cyprus a great place to invest in luxury property. You can either live in it yourself or rent it out to make money.