Cyprus’ property market has made a full-circle comeback, with current apartment prices now on par with figures last seen back in 2012—right before the island’s banking crisis shook the economy. Recent findings from the Central Bank of Cyprus show that apartment values have climbed to record highs, signaling a strong recovery in the real estate sector.
Apartment Price Index Hits All-Time High
As of Q3 2024, the apartment price index jumped to 113 points, compared to 112.3 in Q2. This surpasses the previous all-time high of 105.8 recorded in late 2008. After a dramatic fall that bottomed out at 70.7 in early 2016, the index has steadily rebounded:
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End of 2021: 85.9 points
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End of 2022: 97.3 points
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Q3 2023: 103.9 points
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Q3 2024: 113 points
Despite this sharp recovery, the Central Bank notes that the pace of price growth—particularly for apartments—is beginning to ease, trailing slightly behind the growth rate for houses.
Regional Apartment Price Trends
Here’s how apartment prices are faring in each district:
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Limassol: Leading the charge with a steep rise to 138.2 points in Q3, up from 136.4. Prices here have been climbing steadily since 2019.
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Paphos: Hit a new record at 108.6 points (up from 106.4).
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Larnaca: Saw a noticeable drop to 106.5 points, after reaching 136.4 in the previous quarter.
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Nicosia: Slight gain to 95.5, still trailing behind the 100-point level recorded in 2010.
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Famagusta: Edged up to 85.5 from 85.
House Price Index Recovers to 2012 Levels
The broader house price index for Cyprus hit 90.8 points in Q3 2024, climbing from 89.7 in Q2 and aligning closely with 2012 figures. Although still below the 2008 peak of 108.9, the trend shows consistent recovery.
Here’s how each district performed:
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Limassol: Topped the list with 112.7 points.
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Paphos: Reached 101.6 points—approaching 2011 levels.
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Famagusta: Rose to 91.8, just shy of its 2011 high of 94.4.
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Larnaca: Now at 90.6, a touch under its 2011 peak.
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Nicosia: Recorded 86.1, slightly lower than the 87.8 seen in 2013.
The Big Picture
While price acceleration is showing signs of cooling off, the long-term trend reveals a full recovery for Cyprus’ real estate market. Apartments are hitting historic highs, and house prices are steadily closing in on pre-crisis benchmarks. Whether you’re a local buyer or an international investor, the island’s property market seems to have regained its footing—and then some.
Source: Cyprus Property News