Last week, Landbank Analytics released an in-depth report on the number and value of new homes purchased in Cyprus during the first nine months of 2024.
In that period, 5,253 contracts of sale for new residential units were deposited at Land Registry offices across the Republic, marking a 19.2% increase compared to the same period in 2023. Furthermore, the total value of new home purchases (including apartments and houses) rose by 25%, exceeding €1.9 billion.
Using Landbank Analytics‘ analysis of new home sales, I have calculated the average price of new houses and apartments in each of the island’s five districts.
New home (house) prices
The most expensive new houses were in Limassol, at an average price of €696.2k Paphos followed Limassol with new houses costing an average of €615.6k. In third place Larnaca (€336.6k), fourth Famagusta (€331.4k) and finally Nicosia (€309.3k.)
New apartment prices
The most expensive new apartments were also in Limassol, at an average price of €558.2k. Paphos followed Limassol again with new apartments costing an average of €332.6k. In third place Nicosia (€198.4k), fourth Larnaca (€195.8k) and finally Famagusta (€162.8k).
The average price of new houses across the Republic was €457.8k and apartments €289.6k.
These new homes will include both permanent homes and holiday homes. As holiday houses and holiday apartments are significantly smaller than permanent family homes, they will be less expensive.
(According to Eurostat data from 2023 Cyprus has the largest houses in the EU at 149.7 sq.m. The latest available figures for the UK, which were published in 2009, show that the UK had the smallest dwellings in the EU at just 87.0 sq.m.)
