The Cyprus real estate sector experienced significant growth in 2024, with sales of new homes surpassing €2 billion, according to a report by Landbank Analytics. Based on contracts of sale submitted to the Department of Lands and Surveys, the study highlights a notable increase in apartment sales, despite a decline in the number of new houses sold.
Surge in Apartment Sales, Decline in Houses
A total of 6,462 contracts for new residential properties were recorded in 2024, marking a 16.7% rise from the previous year. These transactions accounted for 41% of all property sales, which totaled 15,797 for the year.
Apartments dominated the market, with 5,354 units sold, reflecting a 22.7% rise in volume and a 9% increase in total value, reaching €1.5 billion. Meanwhile, new house sales saw a decline of 5.6%, with only 1,108 units sold. The total value of house sales also dropped by 5.7% to €510.6 million.
Regional Market Trends
The property market exhibited varied trends across different regions:
- Nicosia: New apartment sales surged by 23.6% to 1,587 units, exceeding €301 million in value. However, house sales dropped by 6.9% to 202 units, with their value falling 12.7% to €63.5 million.
- Limassol: While apartment sales increased by 4.2% to 1,781 units, their total value declined by 5.6% to €759 million. The city’s house market saw a sharp decline, with a 33.2% drop in sales (241 units) and a 30.3% decrease in value (€134.2 million).
- Larnaca: Emerging as a strong performer, Larnaca saw apartment sales rise by 40% to 1,394 units, with a total value of €273 million. House sales grew modestly by 2.5% to 204 units, but their total value fell by 6.5% to €69.3 million.
- Paphos: Apartment sales recorded a striking 67.7% increase, totaling 446 units, with their value rising by 33.6% to €139.2 million. House sales also saw an increase of 9% (333 units), with a 13.9% rise in total value (€195.5 million).
- Famagusta: Though smaller in market size, the region performed well, with apartment sales growing by 36.4% to 146 units and house sales increasing by 36.2% to 128 units. The total value of apartment transactions rose by 43.8%, while house sales surged by 56.7%.
Market Drivers and Buyer Trends
According to Landbank Group CEO Andreas Christophorides, affordability remains a key factor shaping buyer preferences, with locals opting for apartments over houses. Additionally, foreign buyers are shifting their focus away from Limassol in favor of more affordable locations such as Larnaca and Paphos, which is influencing overall market dynamics.
As 2024 has demonstrated, the apartment sector continues to be the driving force behind Cyprus’ residential property market, catering to both local and international demand.