New Home Sales in Cyprus Exceed €1.1 Billion

Cyprus’ new-build property market remained highly active during the first half of 2026. According to a new study by Landbank Analytics, 3,594 off-plan apartment and house sales were registered between January and June, with a total value of €1.149 billion.

Analysts note that demand for newly built homes remains strong, driven by continued growth in the construction sector, population growth, the relocation of foreign professionals and sustained investor interest in Cyprus real estate.

New-Build Sales Exceed €1.14 Billion

During the first six months of 2026, the average transaction value reached €319,618, while the median price stood at €232,500. The gap between these figures is explained by a relatively small number of very high-value properties that significantly raise the average. Apartments continue to account for the majority of the market. During the first half of the year, the following were sold:

1. 2,977 new apartments (82.8% of all transactions) worth a total of €810.6 million;
2. 617 new houses with a combined value of €338.1 million.

The average apartment price reached €272,274, while the median price was €215,000. Houses recorded considerably higher figures:

1. average price — €548,049;
2. median price — €365,000.

Although houses accounted for only 17.2% of all transactions, they represented 29.4% of the total market value, confirming strong demand for premium detached homes.

Most Buyers Choose Homes Priced Below €400,000

Despite the rapid growth of luxury developments, the bulk of demand remains concentrated in the mid-market segment. Transactions were distributed as follows:

1. 528 properties sold for less than €150,000;
2. 1,423 transactions in the €150,000–€250,000 range;
3. 1,031 properties priced between €250,000 and €400,000.

As a result:

1. 1,951 properties (54.3%) sold for less than €250,000;
2. 2,982 transactions, or 83% of the market, involved homes priced below €400,000.

Activity was significantly lower in the higher-priced segments:

1. 458 transactions between €400,000 and €750,000;
2. 51 transactions between €750,000 and €1 million;
3. only 103 properties (2.9%) sold for €1 million or more.

This confirms that Cyprus’ new-build market continues to be driven primarily by affordable and mid-priced housing, attracting both local and international buyers.

Nicosia, Limassol, Larnaca and Paphos: How the Markets Differ

The capital remained the most active region by number of transactions. During the first half of the year, Nicosia recorded:

1. 1,063 sales;
2. a total transaction value of €232.9 million;
3. an average sale price of €219,108;
4. a median price of €185,000.

The largest number of new apartments was sold in Lakatamia (200 transactions), Strovolos (183) and Latsia (132). Strong activity was also recorded in Engomi (100) and Aglantzia (95). The Nicosia market is primarily driven by local demand and owner-occupiers.

Limassol once again ranked first in terms of total sales value. Between January and June, the city recorded 1,050 transactions worth €435 million. While Limassol accounted for 29.2% of all sales, it represented 37.9% of the total value of Cyprus’ new-build market. The average transaction value reached €414,307, while the median price stood at €302,910. In Germasogeia, the median transaction value reached €472,500, making it one of the most expensive areas in Cyprus. Analysts attribute this to strong demand from international companies, investors and buyers of luxury real estate.

Larnaca Is Becoming One of the Most Affordable Markets

In Larnaca, the following were recorded:

1. 883 sales;
2. a total transaction value of €187.6 million;
3. a median price of €190,000.

Around 90% of all transactions involved apartments. The most active areas were:

1. Aradippou — 270 transactions;
2. Larnaca Municipality — 215;
3. Livadia — 214.

These three areas accounted for nearly 80% of all new apartment and house sales in the district. The continued development of large residential projects and infrastructure is further strengthening Larnaca’s appeal for both permanent residents and investors.

Paphos maintained its leadership in the detached house segment. During the first half of the year, the district recorded:

1. 497 transactions;
2. a total value of €258.2 million;
3. an average transaction value of €519,493;
4. a median price of €360,000 — the highest among all regions of Cyprus.

For detached houses, the median price reached €570,000, also the highest in the country. Peyia stood out in particular, where the median house price reached €789,000.

At the same time, analysts note that the average house price in Paphos was heavily influenced by a single €13 million transaction. As a result, the median price provides a more accurate reflection of actual market conditions.

In the free part of the Famagusta district, 101 transactions were recorded with a total value of €35 million. The average transaction value reached €346,727, while the median price stood at €225,000. Most sales took place in Paralimni, where 55 transactions were completed.

Cyprus’ Property Market Continues to Develop at Different Speeds

Landbank Group CEO Andreas Christophorides noted that each district in Cyprus follows its own pattern of market development. Nicosia and Larnaca are primarily driven by affordable housing and domestic demand. Limassol remains the country’s largest market in terms of investment volume and property values, while Paphos continues to lead in the premium villa and detached house segment.

According to analysts, the fact that 83% of all transactions involve properties priced below €400,000 reflects a healthy market structure. Demand is being driven not only by investors but also by families purchasing homes for their own use. Against the backdrop of expected interest rate cuts in Europe and the continuing shortage of quality new developments, experts expect the Cyprus property market to remain highly active throughout the second half of 2026.