The Cyprus property market recorded a strong growth in 2024, with the sales of new homes exceeding €2 billion, according to an analysis by Landbank Analytics.
The study, based on contracts of sale submitted to the Department of Lands and Surveys, reveals a strong growth in apartment sales, with a downturn in sales of new houses.
Strong growth in new apartment sales, house sales decline
A total of 6,462 contracts of sale for new residential properties were recorded in 2024, marking a 16.7% increase from 2023.
New home sales represented 41% of the total number of property sales (15,797) achieved in 2024.
Apartment sales dominated the market, with 5,354 units sold; an increase of 22.7% in volume and 9% in value, totalling €1.5 billion.
In contrast, new house sales fell by 5.6% to 1,108 units, with their total value falling 5.7% to €510.6 million.
New home sales – regional market trends
- Nicosia experienced a significant rise in new apartment sales, up 23.6% to 1,587 units, with a total value exceeding €301 million. However, new house sales declined by 6.9% to 202 units, with their value falling 12.7% to €63.5 million.
- Limassol saw mixed results; apartment sales increased by 4.2% to 1,781 units, but their value declined by 5.6% to €759 million. The city’s house market faced a sharp decline, with sales plummeting 33.2% to 241 units, and their total value falling 30.3% to €134.2 million.
- Larnaca emerged as a strong performer, with apartment sales surging 40% to 1,394 units, reaching a total value of €273 million. House sales showed modest growth of 2.5% to 204 units, though their total value declined by 6.5% to €69.3 million.
- Paphos recorded a remarkable 67.7% increase in apartment sales, totalling 446 units, with a value rise of 33.6% to €139.2 million. House sales also climbed 9% to 333 units, with their value increasing 13.9% to €195.5 million.
- Famagusta, though smaller in market size, performed well, with apartment sales rising 36.4% to 146 units and house sales increasing 36.2% to 128 units. The total value of apartment transactions grew by 43.8%, while house sales surged by 56.7%.
Market dynamics
Landbank Group CEO Andreas Christophorides emphasized that affordability remains a key driver, with local buyers favouring apartments over houses.
Foreign buyers are increasingly shifting focus from Limassol to more affordable regions like Larnaca and Paphos, influencing market trends.
As 2024 demonstrated, the apartment sector remains the engine of Cyprus’ residential property market, reflecting both local and international buyer preferences.
“With the sales of new homes exceeding €2 billion, …” Poor souls don’t these people understand that they don’t own their homes, paid for in full, that they’re still the property of the Developer.
My wife and me spent ten worried years wondering if we’d ever get title deeds.