The Cyprus real estate market demonstrated significant growth in 2024, with new home sales exceeding €2 billion, according to an analysis conducted by Landbank Analytics. Data based on contracts of sale submitted to the Department of Lands and Surveys indicates that the primary driver of market growth is the apartment sector, while sales of new houses are experiencing a decline.
In 2024, a total of 6,462 contracts for new residential properties were recorded, reflecting an increase of 16.7% compared to 2023. New home sales accounted for 41% of the total property transactions, which reached 15,797 contracts. The apartment segment showed particularly strong growth, with 5,354 units sold, representing a volume increase of 22.7% and a total value increase of 9%, reaching €1.5 billion. In contrast, new house sales dropped by 5.6% to 1,108 units, and their aggregate value fell by 5.7% to €510.6 million.
Regional trend analysis confirms that market dynamics vary significantly depending on geographic location. In Nicosia, there was a substantial rise in apartment sales, with the number of units increasing by 23.6% to 1,587 and the total value exceeding €301 million. However, house sales in this region declined by 6.9% to 202 units, with their overall value dropping by 12.7% to €63.5 million. In Limassol, the results were mixed: apartment sales increased by 4.2% to 1,781 units, but their total value decreased by 5.6% to €759 million. Meanwhile, the house market in Limassol experienced a sharp downturn, with sales falling by 33.2% to 241 units and their aggregate value declining by 30.3% to €134.2 million.
Larnaca established itself as one of the strongest regions, with apartment sales surging by 40% to 1,394 units, corresponding to a total value of €273 million. House sales in Larnaca showed moderate growth of 2.5% to 204 units, although their overall value decreased by 6.5% to €69.3 million. Paphos delivered impressive results as well – apartment sales increased by 67.7%, reaching 446 units, while their total value rose by 33.6% to €139.2 million. The housing market in Paphos also showed growth, with an increase of 9% to 333 units and a value rise of 13.9% to €195.5 million. Although Famagusta represents a smaller market segment, its performance was notably positive – apartment sales increased by 36.4% to 146 units and house sales by 36.2% to 128 units, with the transaction value for apartments growing by 43.8% and that for houses by 56.7%.
A key factor contributing to these results is the affordability of properties for local buyers, underscoring the strategic importance of the apartment segment. According to Landbank Group CEO Andreas Christophorides, affordability remains the primary market driver, with local buyers favoring apartments over houses. Moreover, there is a noticeable trend among foreign investors shifting their interest toward more affordable regions such as Larnaca and Paphos, which influences the overall market picture.
These data confirm that despite a certain slowdown in growth rates, the Cyprus real estate market is steadily recovering and possesses high investment prospects. The robust increase in new home sales—particularly in the apartment sector—demonstrates that both local and international investors view the Cyprus market as a reliable means to preserve and grow capital. Given that price dynamics are gradually returning to the levels recorded in 2012, it can be concluded that a stable foundation for further development is being established.