The property market in Cyprus remains dynamic, house prices are rising and the country itself is attracting a large number of tourists. Let's look at the statistical data to understand better the stage of the property market in Cyprus and how advisable it is to buy housing in this country for investment purposes.
The Number of Property Transactions is Growing
According to official data from the Cyprus Statistical Service, the country has seen a steady increase in property sales since 2017. The only exception was 2020, when, due to the pandemic, the number of sales decreased by 17.7% immediately, totalling 12,708 transactions in quantitative equivalent.
In the first 3 quarters of 2024, there were 14,074 property sales on the island. This is an increase of 6.3% over the figure for the same period in 2023. Interestingly, there was no slippage in any of the quarters, each of them showed growth. If the 4th quarter of 2024 also shows positive dynamics, we can say that the number of transactions will exceed the figures of 2023.
The total investment volume this year was 2.86 billion euros. This is 1.2 per cent less than in the same period of 2023.
Most often bought property in Nicosia and Limassol. These cities account for 28% and 27% of all sales respectively. The next most popular are Paphos (20%), Larnaca (19%) and Famagusta (6%).
If we look at this issue in terms of cash distribution, the result is as follows:
Buying Property by Foreigners
Foreigners are closely following the situation on the property market in Cyprus. Given that there are now a large number of objects under construction, many are ready to buy them at the excavation stage. This allows you to save money and buy a flat or villa for investment purposes.
Given the high liquidity of property in the Republic of Cyprus, foreigners are ready to buy housing on the island. Here are the most popular cities for purchase:
- Paphos - 34%;
- Limassol - 26%;
- Larnaca - 22%;
- Nicosia - 13%;
- Famagusta - 5%.
In the first three quarters of 2024, foreigners bought 3,324 properties (only those for which transactions are fully finalized and not at the registration stage are taken into account).
Cyprus Property Prices 2024
This information is based on official data from the Statistical Service of the European Union. Taking into account the open source report, Cyprus is ranked 3rd in terms of price level and the property price index shows the lowest growth since 2015.
The Central Bank of Cyprus published a report showing that at the end of Q2 2024, house prices rose by 1.2% compared to Q1 and by 2.5% compared to the same period in 2023.
Average Property Prices in Cyprus by City
|
Nicosia (USD/sq.m) |
Larnaca (USD/sq.m) |
Limassol (USD/sq.m) |
Paphos (USD/sq.m) |
1+1 apartments |
3147 |
3847 |
5361 |
4089 |
2+1 apartments |
2602 |
3754 |
5047 |
3927 |
3+1 apartments |
2755 |
3774 |
5661 |
3956 |
Townhouse/Villa |
2440 |
3590 |
4696 |
4353 |
It is important to realise that property values in Cyprus will continue to rise. Therefore, it is recommended to buy a home now. On our site there are options on the primary and secondary market. You can buy apartments or house in Cyprus of economy and premium class. To receive a personalized selection of objects contact our manager in any convenient way.