Cyprus' residential property market remained stable during the first half of 2026. However, behind the headline figures lie significant differences between regions, property types and price segments. This is the conclusion reached by analysts at Ask Wire in their July market report.
Between January and June 2026, a total of 8,313 residential property transactions were recorded across the island, with a combined value of approximately €2.31 billion. Of these:
- 2,580 transactions involved detached houses, with a total value of €932 million;
- 5,733 transactions involved apartments, worth a combined €1.38 billion.
According to the analysts, the key question today is no longer the overall level of market activity, but which price segments are attracting demand, how much buyers are willing to pay, and whether asking prices match their actual purchasing power. High construction costs, a limited supply of new developments in popular areas and continued demand from overseas buyers—particularly in coastal cities—remain important market drivers.
Limassol Remains the Market Leader, but Average Prices Are Falling
Limassol once again recorded the highest property values in Cyprus. During the first half of the year, 2,216 transactions were completed with a total value of €823 million—the highest figure of any district. However, average property prices declined:
- the average price of a house fell to €392,000, compared with €452,000 a year earlier;
- the average apartment price decreased to €363,000 from €400,000 in 2025.
According to Ask Wire, strong market activity does not necessarily mean sellers can achieve any asking price. Buyers are increasingly choosing more affordable properties, and the market is gradually shifting towards the mid-range segment. Despite the decline in average prices, Limassol remains Cyprus' most expensive property market, supported by steady demand from international companies, investors and professionals relocating to the island.
Nicosia and Larnaca Continue to Focus on Affordable Housing
In the capital, 2,167 residential property transactions worth €421 million were completed during the first six months of the year. House sales increased by approximately 15% compared with the same period in 2025, while the average house price declined to €224,000 from €247,000 a year earlier. The apartment market showed a different trend: sales volumes remained broadly unchanged, but the average apartment price rose to €183,000 from €169,000 last year.
According to the analysts, the Nicosia market continues to be driven primarily by domestic demand. Most buyers rely on mortgage financing, making affordability the key factor. In Larnaca, 1,944 residential property transactions were recorded with a total value of €365 million.
Apartments continued to dominate the local market. During the period under review, 1,521 apartments were sold, with an average price of €171,000. Detached house sales were approximately 13% lower than a year earlier.
Experts believe Larnaca remains one of the most attractive markets for first-time buyers and investors thanks to its more affordable prices compared with Limassol. Ongoing redevelopment of the port and marina, improvements to urban infrastructure and the construction of new residential developments continue to boost demand.
Paphos Leads the Premium Market, While the Free Famagusta District Slows Down
Paphos continues to dominate Cyprus' premium residential property market. During the first half of the year, 1,614 transactions were completed with a combined value of €618 million. Although the number of house sales declined slightly compared with last year, the average house price increased from €470,000 to €535,000. According to Ask Wire, demand for high-end properties remains strong, but is largely concentrated in prestigious locations and premium developments targeting international buyers.
In the free part of the Famagusta district, 372 residential property transactions worth €84 million were recorded. House sales were noticeably lower than in 2025, while the average apartment price stood at approximately €150,000. Analysts recommend that developers and sellers adopt a more cautious pricing strategy, particularly outside the district's most popular resort areas. Sales are slower here than in Limassol, Larnaca or Paphos, giving buyers greater negotiating power.
Overall, the analysts conclude that Cyprus' property market remains resilient but is becoming increasingly segmented. While premium properties continue to perform well in selected locations, the majority of transactions take place in the mid-market segment, which best reflects the purchasing power of most buyers. According to the report, this segment is expected to drive the market throughout the second half of 2026.