A new Landbank Analytics study for the first half of the year shows just how much the new-build property market in Cyprus varies by region. Nicosia and Larnaca together accounted for 54.1% of all sale agreements, but only 36.6% of their total value. At the same time, Limassol and Paphos accounted for 60.3% of the value of transactions, despite representing only 43.0% of the total number of deals. This means that assessing the market based only on the average price across Cyprus is becoming increasingly difficult: buyer demand, property prices and the types of homes being purchased vary significantly from city to city.
Nicosia: almost 90% of apartments cost less than €300,000
Nicosia led the market in terms of transaction volume. During the first half of the year, 1,063 sale agreements were registered, with a total value of €232.9 million. The capital accounted for 29.6% of all transactions, but only 20.3% of their total value.
The apartment market in Nicosia remains one of the most affordable: 89.4% of apartments sold for less than €300,000, while the median price was €175,000. For houses, the median price reached €285,000, with 58.6% of properties also selling for less than €300,000.
Nicosia also showed the greatest resilience among the main markets. In the second quarter, the number of transactions fell by 25.2%, while their total value declined by 18.2%, which was noticeably milder than the overall market downturn. Strovolos led the apartment segment, while Lakatamia and Geri recorded the highest number of house sales.
Limassol: €435 million in transactions and the most expensive market
Limassol was the main centre in terms of the amount of capital invested in new housing. During the first six months of the year, 1,050 transactions were completed with a total value of €435.0 million. Although the city accounted for 29.2% of all transactions, its share of the total market value reached 37.9%.
The median apartment price was €297,000, while the median house price reached €390,000. At the same time, 10.3% of houses sold for more than €1 million, highlighting the high concentration of expensive properties in the region. Areas such as Agios Athanasios and Germasogeia led in apartment sales. In the house segment, Ypsonas ranked first by number of transactions, while Germasogeia showed the strongest premium profile: the median house price there reached €846,500, while the average exceeded €1 million. In the second quarter, the Limassol market slowed considerably: the number of transactions fell by 50.9%, while their total value declined by 57.6%.
Larnaca: affordable apartments remain the main offering
Larnaca recorded 883 sale agreements worth €187.6 million. The region accounted for 24.6% of all transactions, but only 16.3% of their total value. The affordability of apartments is particularly notable. Of the 795 apartment transactions, the median price was €184,000, while 87.4% of properties sold for less than €300,000.
For houses, the median price reached €320,000. Most transactions were concentrated in Aradippou, the city centre and Livadia — together they accounted for 673 transactions, or 84.7% of all apartment sales in the region. Aradippou led the house segment, while Oroklini stood out with a higher median price of €501,450. In the second quarter, the number of transactions in Larnaca fell by 44.8%, while the median apartment price increased by 3.0%.
Paphos and the government-controlled areas of Famagusta: premium and resort segments
Paphos occupies a distinct position in the new-build housing market. Only 497 sale agreements were registered there, representing 13.8% of the total number of transactions, but their value reached €258.2 million — 22.5% of the overall market. The median apartment price was €302,500, while the median house price reached €570,000. Moreover, 21.3% of houses sold for more than €1 million — the highest share among all districts of Cyprus.
The city of Paphos led the apartment segment. In the house segment, Peyia was the most active area, with 51 transactions and a median price of €790,000. The average house price in the city of Paphos exceeded €2 million. This figure was influenced in part by one major transaction worth €13 million. Despite the decline in market activity, the median house price rose by 21.9% in the second quarter.
The government-controlled areas of Famagusta represent a much smaller share of the market. During the first half of the year, 101 sale agreements were registered with a total value of €35 million. The median apartment price was €200,000, while 85% of apartments sold for less than €300,000. In the house segment, the median price reached €395,000, while the ave_