In 2024, the property market in Nicosia grew steadily. This was not the case in coastal cities, where property prices were slightly lower than in 2023.
PwC Cyprus's yearly report says that 6,350 transactions were registered in the capital of Cyprus. This is 4% more than last year. They were worth a total of €1.1 billion, which is an increase of 2%. Apartments are still the most popular choice for buyers. In 2024, 2,560 apartments were sold, which is 4% more than the 2,460 sold a year earlier. They were worth a total of €443 million, compared to €430 million in 2023. The average amount spent per transaction in this area went down slightly by 1.15%, from €175,000 to €173,000.
There was also more demand for private houses: the number of transactions increased from 860 to 900 (+4.65%), and the total value rose to €211 million (+1.44%). The average price of a property went down from €241,000 to €235,000 (a fall of 2.55%).
In 2024, the number of land transactions in Nicosia increased to 1,550 compared to 1,430 in 2023 (an increase of 8.3%), but the total sales amount decreased to €98 million (a decrease of 5.77%). The average price of a property in this category also went down from €72,000 to €63,000 (-12.5%).
The market for building plots was stable. The total number of transactions was 940, and the total value was €171 million, the same as the previous year. The average price stayed the same at €182,000.
Also, there were a lot of big business property deals in Nicosia in 2024. The biggest deal was the sale of a 15-storey office building on Digeni Akrita Avenue for €19 million. The list also includes:
- A plot of land with buildings on it in the Idalion area is for sale for €7 million.
- A building with many uses is for sale. It has parking on Makarios Avenue. The price is €5.6 million.
- A seven-floor office building on Kallipoleos Avenue was sold for €5.3 million.
- And a warehouse in Idalion that cost €3.5 million.