Cyprus’ new-home market split sharply along district lines in the first half of 2026, with Nicosia recording the most sales, Limassol attracting the largest share of spending and Paphos posting the highest house prices.
According to Landbank Analytics, 3,594 off-plan apartments and houses were sold for a combined €1.149 billion during the six-month period.
The islandwide totals were first released in July, but the latest breakdown shows how sharply prices, property types and demand differed from one area to another.
Nicosia and Limassol, for example, each recorded just over 1,000 sales. However, the 1,063 transactions in Nicosia were worth €232.9 million, little more than half the €435m generated by Limassol’s 1,050 sales.
The same divide was apparent across the wider market. Nicosia and Larnaca accounted for 54.1 per cent of transactions but only 36.6 per cent of their value. By contrast, Limassol and Paphos attracted 60.3 per cent of the money invested with 43 per cent of sales.
According to Landbank Group chief executive Andreas Christoforides, the figures “confirm that Cyprus does not have a single new home market”.
He said Nicosia and Larnaca “support the volume and the lowest entry points”, while Limassol “attracts the highest capital value”.
Nicosia remained the largest market by volume, supported mainly by apartments at the lower end of the new-build price range.
Of its 1,063 sales, 894 involved apartments, with a median price of €175,000. Almost nine in ten were sold for less than €300,000.
New houses were also cheaper than in the other main districts, with a median price of €285,000 and 58.6 per cent selling below €300,000.
Moreover, Nicosia weathered the second-quarter slowdown better than the rest of the island. Sales fell by 25.2 per cent from the first quarter, while their value declined by 18.2 per cent.
Strovolos recorded the most apartment sales, followed by Lakatamia and Latsia. Lakatamia and Geri, meanwhile, were the busiest areas for houses.
Larnaca displayed a similar reliance on more affordable apartments. The district recorded 883 new-home sales worth €187.6m, with apartments making up 795 of the transactions.
Their median price stood at €184,000, while 87.4 per cent sold for less than €300,000.
Activity was heavily concentrated in Aradippou, Larnaca city and Livadia, which together recorded 673 apartment sales. Aradippou also led the district’s house market, although Voroklini commanded the highest median price at €501,450.
Although sales in Larnaca fell by 44.8 per cent during the second quarter, the median apartment price increased by 3 per cent.
Limassol occupied the other end of the market. Despite recording only 13 fewer transactions than Nicosia, it attracted 37.9 per cent of the total amount spent on new homes across Cyprus.
The median apartment price reached €297,600, while houses recorded a median of €390,000. Only 17.4 per cent of Limassol houses sold for less than €300,000, while 10.3 per cent exceeded €1m.
Within the district, Limassol city recorded the most apartment sales, followed by Agios Athanasios and Germasogeia.
However, Germasogeia stood out at the premium end of the house market, with a median price of €847,500 and an average of more than €1m.
Limassol also experienced a much steeper decline during the second quarter, when sales fell by 50.9 per cent and their value dropped by 57.6 per cent.
While Limassol led in overall value, Paphos remained the most expensive district for new houses.
Its 497 transactions were worth €258.2m, giving Paphos 13.8 per cent of sales but 22.5 per cent of their value.
The median apartment price stood at €302,500. For houses, however, it reached €570,000, with 21.3 per cent of sales exceeding €1m.
Peyia was the district’s busiest house market, recording 51 transactions with a median price of €790,000. In Paphos city, the average exceeded €2m, although the figure was pushed higher by a single €13m sale.
Despite weaker sales during the second quarter, the median house price in Paphos increased by 21.9 per cent.
The government-controlled areas of Famagusta remained a much smaller market, recording 101 sales worth €35m, but also displayed a clear holiday-home profile.
The median apartment price was €200,000, with 85 per cent of sales remaining below €300,000. Houses were considerably more expensive, recording a median of €395,000 and an average of €536,968.
Paralimni dominated both parts of the market, with 32 apartment and 23 house sales. Ayia Napa recorded only three house transactions, but their average value reached €1.92m, including one sale at €4.69m.
Paphos and premium local markets such as Germasogeia and Ayia Napa, Christoforidis added, “are moving at significantly higher values”.
Landbank cautioned that the small number of transactions in Famagusta meant quarterly changes should be read carefully. Sales fell by 49.3 per cent during the second quarter, while their value declined by a smaller 29.5 per cent.
Referring to buyers, investors and developers, Christoforides said “the right decision now requires analysis at the level of property type and specific area, not a national average”.
