Property prices in Cyprus have risen to levels last seen in 2012, just before the banking crisis. The apartment price index has reached a historic high, according to data from the Central Bank of Cyprus.
The apartment price index, based on a reference value of 100 in the third quarter of 2024, increased to 113 points from 112.3 in the second quarter. This exceeds the previous peak of 105.8 recorded in the fourth quarter of 2008. The index had fallen sharply from the second quarter of 2010, reaching a low of 70.7 points in the first quarter of 2016.
By the end of 2021, the index had risen to 85.9 points, still significantly below the peak. However, it climbed to 97.3 points by the end of 2022 and reached 103.9 points by the third quarter of 2023. The latest report from the Central Bank highlights a slowdown in price increases, with the annual growth rate of apartment prices slowing more than that of house prices.
District trends in apartment prices
Apartment prices show varying trends across different districts:
- Limassol: The index reached 138.2 points in the third quarter of 2024, up from 136.4 in the second quarter. Prices have been rising consistently since 2019.
- Nicosia: The index stood at 95.5 points in the third quarter, slightly up from 95 in the second quarter but still below the 100-point level recorded in 2010.
- Larnaca: The third-quarter index was 106.5 points, significantly lower than the 136.4 points recorded in the second quarter.
- Paphos: The index rose to 108.6 points in the third quarter from 106.4 in the second quarter, reaching its highest recorded level.
- Famagusta: The index increased to 85.5 points in the third quarter from 85 in the second quarter.
House price index by district
The house price index for Cyprus stood at 90.8 points in the third quarter of 2024, up from 89.7 in the second quarter, mirroring 2012 levels. The peak was 108.9 points in the third quarter of 2008.
- Limassol: The index reached 112.7 points in the third quarter, the highest among all regions.
- Nicosia: The index was at 86.1 points in the third quarter, slightly below the 87.8 points of 2013.
- Larnaca: The index reached 90.6 points in the third quarter, slightly below the 2011 level of 94.4.
- Paphos: The index rose to 101.6 points, approaching 2011 levels.
- Famagusta: The index increased to 91.8 points, nearing its 2011 peak of 94.4.
Overall, property prices in Cyprus have largely recovered to pre-crisis levels, with a notable slowdown in recent growth trends.
