Filenews 27 June 2025 - by Charalambos Zakos
A particular dynamic is taking shape in Paphos, since in the first quarter of 2025 the city recorded the most sales of luxury homes worth more than half a million euros.
The data collected by one of the largest real estate networks, Sotheby's International Realty, which is also active in Cyprus, presents important data that highlight differentiations in the real estate sector in Cyprus.
As Anastasia Yannis, CEO of Cyprus Sotheby's International Realty, reports, the first quarter of 2025 marks a new chapter for the Cypriot real estate market and the transition of the market to a more mature, less reactive and more targeted phase.
"The acceleration that followed the pandemic has now moderated. What we are seeing now is not a slowdown, but a strategic adjustment," he notes.
Close to 1 billion in sales
According to data from Cyprus Sotheby's International Realty, in the first quarter of 2025, 3,558 real estate sales took place, recording an increase of 5% compared to the corresponding quarter of 2024.
The total value of these transactions reached about 976 million euros, with a significant percentage – about 60% (584 million euros) – of medium and high-value housing.
Although Limassol accounted for about half of the sales of mid- and high-value homes in Cyprus (593 sales), Paphos leads the way in sales of luxury homes worth over €500,000 with 99 villas – representing 57% of all properties in this category.
Larnaca's momentum continues
At the same time, Larnaca continues to gather more and more momentum. During the first quarter of 2025, the city of Zeno recorded 823 property sales, with 192 of them in the medium and high value category. The most interest is concentrated in modern apartments.
In Nicosia, there is a steady demand from both Cypriot and foreign buyers, who are looking for stability, the favourable business climate and investment prospects. In the capital, 759 transactions were recorded, with 185 involving medium and high-value properties, mainly apartments.
Nicosia remains a good choice for investors looking for stable rental income and security in their investment.
The Free District of Famagusta remains a popular destination for buyers looking for a more relaxed lifestyle and sea. In the first quarter of 2025, 168 sales were recorded, including 19 mid- and high-value properties. The province attracts buyers looking for ready-to-install homes in picturesque, seaside places.
Some become incognito
As Anastasia Yannis, CEO of Cyprus Sotheby's International Realty, notes, what is worth mentioning is the fact that the real transaction values in privileged areas are often not recorded in official data. This is because, although transactions are recorded, sometimes sales of high-value properties go unnoticed because these properties are "off-market".
Cyprus Sotheby's International Realty, as Ms. Yiannis estimates that the new trend shows areas and properties with special characteristics, since, as he explains, buyers are becoming more and more selective, looking not for many square meters, but for the architectural quality, privacy and long-term value of the property. This, as he concludes, transforms the market and not the fluctuation of prices.
