The latest Ask Wire Index for Q4 2024 highlights a mixed performance in the Cyprus property market as apartment sale and rental values continued to grow, supported by sustained demand and a strong tourism sector.
However, other property categories, including warehouses, retail spaces, and offices, experienced declines, reflecting shifting market dynamics.
While new housing supply is helping to ease pressure on residential prices and rents, challenges such as high mortgage rates and rising construction costs remain. Overall, the market is stabilising, with emerging opportunities in tourism-driven and locally sustained segments.
Property sale trends
The Q4 2024 Index highlights varied trends in property values across Cyprus. Annual sale price changes indicate growth in specific segments, with apartment values increasing by 1.3% and holiday apartments by 0.9%. However, other real estate categories recorded declines:
- Warehouses: -2.3%
- Retail spaces: -1.7%
- Houses: -0.3%
- Offices: -0.2%
- Holiday villas: -0.6%
Quarterly changes also reflected shifting market dynamics. Apartment prices rose by 0.6%, while house and office prices increased by 0.2%. In contrast, retail space values dropped by 0.9%, warehouses by 0.5%, and holiday villas by 0.2%. Holiday apartment prices remained stable. On a district level, prices declined across Cyprus, with Larnaca proving to be the most stable.
Rental market trends
Rental values presented a similarly mixed picture. Compared to Q4 2023:
- Apartment rental values rose by 1.5%, and holiday apartments by 1.1%, reflecting sustained demand.
- Warehouse and retail rents fell by 2.0%, house rents by 0.8%, and office rents by 0.6%.
- Holiday house rental values remained unchanged.
On a quarterly basis, rents for holiday apartments increased by 1.1% and apartments by 0.2%, while rents for houses, warehouses, and offices remained stable. Across districts, rental values were mostly unchanged, except for Nicosia and Limassol, where apartment rents saw notable declines. In contrast, Paphos recorded an almost 5% increase in apartment rental values.
Property market outlook
Pavlos Loizou, CEO of Ask Wire, commented: “The Q4 2024 Ask Wire Index reflects a market in transition, balancing strong fundamentals with evolving dynamics. Demand for apartments remains healthy, supported by resilience in tourism, which is set for a record year in 2025. New housing supply is beginning to ease pressure on residential prices and rents, offering relief to a market that has faced rapid growth in recent years.
“While challenges like high mortgage rates and elevated construction costs persist, they are tempering demand selectively rather than broadly. Overall, the market is stabilizing, with opportunities emerging in segments driven by both tourism and sustained local demand.”
| Property Type | Prices | Rents |
| Apartments | 0.6% | 0.2% |
| Houses | 0.2% | 0.0% |
| Commercial | -0.9% | -1.3% |
| Warehouses | -0.5% | 0.0% |
| Office spaces | 0.2% | 0.0% |
| Holiday apartments | 0.0% | 1.1% |
| Holiday houses | -0.2% | 0.0% |
| Source: Ask WiRE – Across Cyprus: Quarterly percentage change in property values (Q3 2024 with Q4 2024) | ||
| Property Type | Prices | Rents |
| Apartments | 1.3% | 1.5% |
| Houses | -0.3% | -0.8% |
| Commercial | -1.7% | -2.0% |
| Warehouses | -2.3% | -2.0% |
| Office spaces | -0.2% | -0.6% |
| Holiday apartments | 0.9% | 1.1% |
| Holiday houses | -0.6% | 0.0% |
| Source: Ask WiRE – Across Cyprus: Annual percentage change in property values (Q4 2023 with Q4 2024) | ||
Further Reading
Ask Wire Index: Q4 2024 press release.
