Cyprus Mail 31 March 2025 - by Kyriacos Nicolaou
Cyprus new home sales exceed €2 billion in 2024
The Cypriot residential real estate market experienced a strong year in 2024, with new home sales exceeding €2 billion, according to a report released on Monday by Landbank Real Estate Analytics.
The real estate analytics firm also noted that high property prices in Limassol are causing foreign investors to seek more affordable real estate options in other parts of Cyprus.
According to the report, the total number of new residential property transactions increased by 16.7 per cent compared to 2023, with 6,462 sale contracts recorded.
Landbank Analytics CEO Andreas Christophorides attributed this growth to the robust demand for apartments in urban centres, driven by both local and foreign buyers.
“Local buyers’ preference for apartments highlights the realities of their purchasing power when it comes to homeownership,” Christophorides said.
“Put simply, apartments are more affordable—and often more attainable—than houses,” he added.
Apartments dominate the market
New apartment sales surged, reaching 5,354 units with a total value of €1.5 billion—an increase of 22.7 per cent in volume and 9 per cent in value compared to the previous year.
In contrast, sales of new houses declined by 5.6 per cent in volume and 5.7 per cent in value, with 1,108 houses sold for a total of €510.6 million.
Regional performance
The firm reported that Nicosia district saw significant growth, with new home sales rising by 25.2 per cent in volume and 20.6 per cent in value.
Apartment sales increased by 23.6 per cent to 1,587 units, reaching a total value of €301 million.
However, new house sales in Nicosia declined by 6.9 per cent, with their total value dropping by 12.7 per cent to €63.5 million.
Limassol saw a 4.2 per cent increase in apartment sales, reaching 1,781 units, though the total sales value fell by 5.6 per cent to €759 million.
The sales of new houses in Limassol saw a sharp annual decline of 33.2 per cent in volume and 30.3 per cent in value, with only 241 units sold for €134.2 million.
Moreover, Larnaca’s residential market performed exceptionally well in 2024, with apartment sales increasing by 40 per cent to 1,394 units, valued at €273 million.
House sales in Larnaca rose modestly by 2.5 per cent in volume but decreased by 6.5 per cent in value, reaching €69.3 million.
Paphos also posted strong results, with apartment sales jumping by 67.7 per cent to 446 units, valued at €139.2 million—an increase of 33.6 per cent.
House sales in Paphos rose by 9 per cent, reaching 333 units, with a total value of €195.5 million, up 13.9 per cent.
Famagusta’s housing market, though smaller in scale, also performed well.
Apartment sales increased by 36.4 per cent to 146 units, while house sales grew by 36.2 per cent to 128 units.
The total value of apartment sales rose by 43.8 per cent, and house sales saw an even greater increase of 56.7 per cent.
Shifting trends in foreign investment
Christophorides noted a shift in foreign investor interest away from Limassol, primarily due to the elevated prices observed in its local real estate market, with buyers increasingly looking for better value elsewhere on the island.
“At the same time, we’re seeing a gradual shift in foreign buyer interest away from the high-priced Limassol market toward more affordable alternatives like Larnaca and Paphos,” he explained.
“This migration of demand may help explain why Limassol’s residential market showed signs of slowing down in 2024 compared to the previous year,” Christophorides concluded.
