Landbank Analytics, a company that analyses the housing market in Cyprus, has conducted a study which shows that the volume of sales of new properties exceeded the €2 million mark in 2024.
The total number of transactions increased by 16.4% year-on-year to 6,462 units.
According to Andreas Christoforidis, CEO of Landbank Analytics, this increase in demand is due to strong interest from both foreign and local buyers. He also noted that apartments remain the most affordable housing option, especially for Cypriots.
Incidentally, the high-rise residential segment continues to dominate. In 2024, 5,354 apartments were sold in Cyprus with a total value of €1.5 billion. This represents a 22.7% increase in the number of transactions and a 9% increase in the value of transactions compared to 2023. In contrast, sales of private houses declined last year. A total of 1,108 transactions worth €510.6 million were completed in this housing category, down 5.6 % in volume and 5.7% in value compared to the previous year.
The purchasing power of local residents remains limited, and apartments are a more realistic option for home ownership than private houses, Christoforidis pointed out.
Looking more closely at the individual cities in Cyprus, the situation is as follows:
- Nicosia saw a steady increase in interest in buying a property in 2024. Flats accounted for 1,587 transactions (+23%). Sales of new apartments in the Cypriot capital also rose by 25.2%, although in monetary terms they fell by 12.7% to €63.5 million. The total value of property sales in Nicosia in 2024 was €301 million. The increase in apartment sales is attributed to affordability and high demand from local buyers, while the new home market is showing a negative trend.
- The new residential market in Larnaca will see the highest increase in sales among all Cypriot cities in 2024. A total of 1,394 transactions (+40%) were concluded in this coastal city, involving apartments with a total value of €273 million (+39.6%). The number of contracts for the purchase of homes rose by only 2.5% over the year, while the value of sales fell by 6.5% to €69.3 million. According to experts, Larnaca is emerging as a new investment centre, attracting buyers with its affordable prices and development prospects.
- Paphos continues to strengthen its position in the Cypriot property market, with the highest growth in residential sales in Cyprus. In 2024, 446 apartments (+67.7%) were sold in this city for a total of 139.2 million euros (+33.6%). Also in Paphos, 333 (+9%) transactions of sale and purchase of houses were concluded for 195.5 million euros (+13.9%). Paphos saw strong demand for both residential and investment properties, especially from foreign buyers.
- In Cyprus' largest business centre, Limassol, the data was contradictory. The total number of housing transactions rose by 4.2 per cent in 2024. However, the total value of sales fell by 5.6 per cent to €759 million. Demand for houses, on the other hand, fell by 33% (only 241 houses were sold during the year). The total value of transactions in this category fell by 30.3% to €134.2 million. Thus, Limassol remains in demand, but high house prices are reducing buyer interest. More investors are moving to more affordable regions such as Larnaca and Paphos.
- The property market in the vacant areas of Famagusta, although not as large as in other regions, is showing high growth rates. In 2024, 146 (+36.4%) apartments and 128 (+36.2%) flats were sold here. The total value of transactions for the year increased by 56.0%. This shows that the region is actively attracting buyers and is very promising for investment.
Experts predict that the upward trend in home sales will continue. The main drivers will remain:
- Strong demand from foreign investors
- Limited financial capacity of local buyers
- Development of Larnaca and Paphos as promising investment destinations
Against a backdrop of changing buyer preferences and declining interest in Limassol, the Cypriot property market continues to adapt to new economic and social realities.