Landbank Analytics, a property market analysis company in Cyprus, has conducted a new study to find out how the average prices of new flats and houses will change in 2024.
The report is based on information from the Land Department. It looks at how prices are changing in general, as well as how prices are changing in different areas and what types of buyers are buying what.
According to the findings of Landbank Analytics, the average price of new flats on the island has fallen by more than 11%, from €316,000 in 2023 to €281,000 in 2024. At the same time, the average price of new homes across the country did not change much, staying at 461 thousand euros, the same as a year earlier.
A detailed analysis of each city in Cyprus:
- In the big city, the number of new homes sold went up, but the average price of flats went down by 3.8% to 190,000 euros and houses by 5.7% to 314,500 euros. Most of the property transactions last year were flats. 771 properties were sold for between €150,000 and €300,000. The price of another 690 apartments in Nicosia ranged up to €150,000. In 2024, houses in Nicosia were sold for between €301,000 and €500,000.
- In Limassol, the average price of a flat dropped by 9.4% in 2024, going down to €426,000. However, the price of houses increased by 4.4% to €557,000. Most of the flats were sold for less than 500 thousand euros. Experts noticed that fewer luxury houses were being sold in the city. Flats in Limassol that cost between €501,000 and €1,000,000 were sold half as often as in 2023, and sales of flats that cost over €1,000,000 decreased by 17.2%.
- In 2024, the average price of flats in Larnaca stayed the same as in 2023, at 196 thousand euros. However, the average price of houses went down by 8.5%, to 340 thousand euros. It is important to note that there is now a higher demand for low-cost housing. Sales of flats costing up to 300 thousand euros increased by 42.1%, mainly due to the sale of apartments in the range of 150-300 thousand euros (906 objects).
- Paphos had the biggest drop in average flat prices in 2024, with a 20.3% decrease to €312,000. At the same time, the average house price in this city in Cyprus went up a bit, passing 590 thousand euros. In 2024, 212 items sold in Paphos were priced between €150,000 and €300,000, and 173 items were priced between €301,000 and €500,000. The most popular houses in Paphos cost between €301,000 and €500,000.
- The free areas of Famagusta showed an ongoing rise in average prices in both categories. The price of flats in this area of Cyprus went up by 5.2% (to 222,000 euros) and houses by 15% (to 367,500 euros). In 2024, most people looking to buy a property were interested in flats and houses that cost less than 300 thousand euros.
We are seeing a drop in sales of expensive properties, which can be explained by changes in what local and foreign buyers want. People are looking for cheaper places to live, and this is clear from the prices, especially in Limassol, said Andreas Christoforidis, the boss of Landbank Analytics.
So, in 2024, there was a change in demand for Cyprus property, with people looking for cheaper homes.
This is shown by the ongoing interest in properties up to 300 thousand euros in all cities on the island. At the same time, the expensive area has lost some of its former appeal, which is particularly clear in Limassol and Paphos. In the coming years, developers and investors will adapt to these trends, offering more compact and affordable solutions that meet the real needs of the market.