Cyprus’s new-build property market gained significant momentum in the third quarter of 2026. According to Landbank Analytics, 1,956 sale agreements were registered between July and September for apartments and houses still under construction or at the planning stage. The total value of these transactions reached €606.4 million.
By comparison, 1,317 agreements worth €400.1 million were registered in the second quarter. This represents a 48.5% increase in the number of transactions and a 51.6% rise in total value. The average transaction value also increased, although at a much more moderate pace, by around 2% from €303,808 to €310,019.
Landbank notes an important methodological point: the comparison reflects registered contracts, while the observation periods in the second and third quarters were not fully identical. The figures should therefore primarily be viewed as evidence of a sharp increase in recorded market activity rather than interpreted as an exact equivalent increase in underlying demand.
Nevertheless, the structure of transactions reveals several clear trends. Buyers are becoming more active at earlier stages of development, demand is increasingly distributed across different regions, and the majority of the market remains concentrated in relatively accessible price segments.
Limassol Concentrates the Largest Investment Volumes
Limassol retained its leading position by transaction value and further strengthened its share during the third quarter.
A total of 599 transactions worth €245.3 million were registered in the district. Limassol accounted for 40.5% of the total value of Cyprus’s new-build residential market, compared with around 32% in the previous quarter. Its share by transaction count also increased to 30.6%.
These figures once again highlight the distinctive structure of the Limassol market. A significant proportion of higher-value developments are concentrated in the city, meaning that even with a transaction count comparable to other districts, its monetary share remains substantially higher.
For investors, this confirms Limassol’s position as the primary market in terms of capital allocated to new developments. Higher average prices continue to be supported by a combination of premium housing, international demand and a strong business sector.
Larnaca Shows the Strongest Growth Trajectory
Larnaca emerged as one of the most dynamic markets of the quarter.
The number of registered transactions increased by approximately 75% compared with the second quarter. At the same time, the average property price stood at around €205,000, significantly below Limassol levels and therefore accessible to a broader group of buyers.
This performance fits into a wider trend that has become increasingly visible over recent quarters. Larnaca is gradually strengthening its position as a standalone investment destination, supported by infrastructure improvements, coastal redevelopment, new residential projects and a comparatively lower entry price.
It is precisely this combination of affordability and growing supply that is making the city increasingly competitive in the new apartment segment.
Paphos Continues to Increase Its Share
Paphos also strengthened its market position significantly.
Its share of total transactions increased from 12.8% in the second quarter to 17% in the third quarter. Its share by value also rose, indicating not only a higher number of transactions but also stronger investment activity.
This is particularly important for Paphos, where the property market has traditionally been heavily influenced by international demand. The growing share of new-build transactions suggests that foreign buyers are becoming increasingly willing to consider not only completed properties, but also developments still under construction.
This allows developers to work with longer investment cycles and expand their pipeline in anticipation of future demand.
Nicosia Remains a Large Market but Loses Relative Share
Nicosia followed a different pattern.
A total of 489 transactions were registered in the capital during the third quarter. Despite this significant absolute volume, its market share fell from 34.5% to 25% by transaction count and from 26.2% to 16.2% by value.
This does not necessarily indicate a decline in absolute demand. Rather, other regions — particularly Limassol, Larnaca and Paphos — expanded at a much faster pace.
Nicosia is characterised by a more locally driven market structure, where demand is closely linked to permanent residence and domestic buyers rather than international investment flows. Its performance therefore often differs from that of the island’s coastal markets.
Most Demand Is Concentrated Below €300,000
One of the most important features of the third quarter was that market growth was driven primarily by the mass-market and mid-range segments.
Properties priced below €300,000 accounted for 1,267 transactions, or 64.8% of the total. In other words, almost two-thirds of all purchases took place within this price range.
The largest individual segment was €200,000 to €299,999, with 545 transactions, representing 27.9% of the market.
The €300,000 to €499,999 segment followed with 521 transactions, or 26.6% of the total, and its share increased notably compared with the second quarter.
A further 418 transactions took place in the €150,000 to €199,999 range, while 304 properties were sold for less than €150,000.
The premium segment above €1 million remained relatively small, accounting for around 2.5% of the market.
This structure demonstrates that the current expansion of Cyprus’s new-build market is not being driven exclusively by luxury developments. Most activity comes from buyers targeting more affordable apartments and houses, making the market significantly broader than in periods when attention was concentrated primarily on high-end real estate.
Apartments Remain the Market’s Core Product
The average price of a sold apartment in the third quarter was approximately €269,217, compared with €478,138 for a private house.
This difference reflects the structure of supply in Cyprus. Apartments remain the most versatile product for a broad range of buyers, including investors, families, international professionals and first-time purchasers.
For developers, this points to sustained demand for projects in the middle price segment, particularly in cities experiencing population growth and continued infrastructure development.
Why Buyers Are Willing to Purchase Before Completion
The increase in transactions involving properties still under construction or at the planning stage is particularly important when assessing market expectations.
Buying off-plan requires a longer investment horizon and a certain level of confidence in both the developer and the broader market. Buyers commit before completion, either expecting future capital appreciation or seeking more favourable entry conditions at an earlier stage of the project.
For this reason, the increase in registered transactions in this segment can be viewed as an indicator of confidence in the medium-term outlook for Cyprus real estate.
At the same time, the market is becoming increasingly segmented. Limassol concentrates the largest capital volumes and higher-priced developments. Larnaca attracts buyers through a more accessible entry point. Paphos continues to benefit from international demand, while Nicosia retains a strong domestic buyer base.
The Market Is Becoming More Diversified
The most important takeaway from the third quarter is not simply the increase in transaction numbers.
The structure of the market is changing across several dimensions: between regions, price categories and buyer profiles.
Almost two-thirds of transactions still involve properties priced below €300,000, while the mid-market segment is expanding. Limassol is strengthening its leadership by transaction value, Paphos is increasing its share by deal count, and Larnaca is showing particularly strong growth.
For investors, this creates a wider range of possible strategies.
Buyers can target Limassol’s more mature and higher-value market, seek earlier-stage growth in Larnaca, benefit from strong international demand in Paphos, or consider the more stable domestic market in Nicosia.
The rise of Cyprus’s new-build market to €606.4 million in quarterly transaction value shows that demand is increasingly forming before projects are completed. More importantly, that demand is becoming more broadly distributed and less dependent on a single city or price segment.
It is this diversification that is gradually shaping the new structure of Cyprus’s new-build property market.