On Wednesday, July 2, the Central Bank of Cyprus published the Residential Property Price Index (RPPI) for the first quarter of 2025.
According to the latest data, housing prices in the island nation increased on both a quarterly and annual basis.
Despite the positive overall trend, price growth in different housing segments was uneven: house prices continued to rise, while apartment prices showed signs of slowing down.
Compared to the fourth quarter of 2024, the index increased by 1.9%. At the same time, the HRC increased by 4.8% on an annualized basis compared to 4.5% in the corresponding quarter of 2024. This trend affected both apartments and houses in Cyprus.
Apartment prices rose 1.4%, and house prices rose 1.8%, compared to the fourth quarter of 2024. On an annual basis, apartment prices increased by 3.5%, while house prices rose by 5.6%.
The Cyprus Housing Price Index (HPI) is a quarterly index that measures changes in average residential property prices. It covers all types of residential properties, including new and existing properties. The Department of Lands and Surveys of the Ministry of the Interior is the source of the data used to establish the indices. The data covers all areas under the control of the Government of the Republic of Cyprus.
Notably, in the first quarter of 2025, overall real estate prices increased in all Cypriot cities: Limassol (+5.7%), Larnaca (+5.9%), Paphos (+12.9%), Nicosia (+0.7%), and the Free areas of Famagusta (+7.3%).
House prices increased in Limassol (9.1%), Larnaca (6%), Paphos (12.7%), and the Free areas of Famagusta (8%). In Nicosia, however, an annual decline of 1.2% was recorded.
Meanwhile, apartment prices increased by 3.1% in Nicosia, 2.6% in Limassol, 7.1% in Larnaca, 13.8% in Paphos, and 7.2% in the Free areas of Famagusta.
Thus, the data indicates continued interest in Cypriot real estate, especially among foreign buyers, and that houses are becoming more popular than apartments. Despite some regional differences in price dynamics, the market continues to show signs of stability amid overall growth in economic activity.