The prices of new residential property in Limassol rose sharply in the first nine months of 2024, with apartment prices rising by more than 20% and house prices climbing 30% compared to the same period last year, according to a report by Nicosia-based Landbank Analytics.
During the first nine months of 2024, the number of contracts deposited for the sale of new residential properties in Cyprus reached 5,253; a 19.2% rise compared to the same period in 2023 and accounting for 45% of the 11,634 sale contracts deposited over the period.
The total sales value of these new apartments and houses increased by 25% to exceed €1.9 billion, with all districts seeing increases in both sales volume and value.
Residential apartment sales soar, house sales decline
Sales of newly built apartments reached 4,335 with a total value of €1.45 billion; a 27.7% increase in volume and a 38.1% rise in value compared to 2023. In contrast, new house sales declined by 9.2% in volume and 2.8% in value, amounting to 918 properties with a total value of €457.2 million.
District insights
Nicosia
Nicosia saw notable gains from January to September 2024, with the number of new residential sales rising by 25.2% and value by 20.6%.
Apartment sales reached 1,194 properties (up 29%) with a total value of €236.9 million (up 25.2%).
House sales also rose, with 161 properties sold (up 3.2%) for a total of €49.8 million (up 2.6%).
Limassol
Limassol recorded a 17% increase in apartment sales volume and a substantial 41% rise in value, totalling 1,469 properties and €820 million.
However, house sales fell by 18.5%, with only 237 properties sold. Despite this, the value of house sales grew by 6%, reaching €165 million.
Larnaca
The Larnaca market performed strongly, with 1,113 apartments sold at a total value of €218.8 million and 191 houses sold for €64.3 million.
Apartment sales saw the highest growth, rising by 35.4% in volume and 39.5% in value, while house sales increased by 14.4% in volume and 6.2% in value.
Paphos
In Paphos, apartment sales surged by 42%, totalling 416 properties, while house sales dropped by 23.1% to 243 properties.
The value of apartment sales rose by 31.4% to €138.4 million, while house sales declined by 16.8%, totalling €149.6 million.
Famagusta
Despite its smaller size, Famagusta showed strong growth in residential sales.
Apartment sales increased by 46% to 143 properties, and house sales rose by 6.2% to 86 properties. The value of apartment sales climbed by 62.1%, and house sales value increased by 10.3%.
House sales analysis
| District | No. New House Sales |
Total Value (€ million) |
Average Price New Houses |
|---|---|---|---|
| Nicosia | 161 | 50 | €310,559 |
| Limassol | 237 | 165 | €696,203 |
| Larnaca | 191 | 64 | €335,079 |
| Paphos | 243 | 150 | €617,284 |
| Famagusta | 86 | 29 | €337,209 |
| Total | 918 | 458 | €459,267 |
Apartment sales analysis
| District | No. New Apartment Sales |
Total Value (€ million) |
Average Price New Apartments |
|---|---|---|---|
| Nicosia | 1194 | 237 | €198,492 |
| Limassol | 1469 | 820 | €558,203 |
| Larnaca | 1113 | 219 | €196,765 |
| Paphos | 416 | 138 | €331,731 |
| Famagusta | 143 | 33 | €230,769 |
| Total | 4335 | 1447 | €303,192 |
Residential sales market observations
CEO of the Landbank Group, Andreas Christophorides, stated: “The rising demand for new apartments is closely linked to current economic conditions, particularly housing costs and access to financing. Young couples, motivated by affordability and long-term financial stability, are increasingly choosing apartments over houses. Additionally, the nationwide drop in both the volume and value of new house sales is primarily driven by the Paphos district, where the market is significantly influenced by foreign buyers of luxury properties.”
