Property prices in Cyprus have experienced a remarkable recovery, reaching levels not seen since 2012, just before the banking crisis. According to recent data from the Central Bank of Cyprus, the apartment price index has reached a new high.
Record High for Apartment Prices
The apartment price index hit 113 points in the third quarter of 2024, slightly up from 112.3 points in the second quarter. This surpasses the previous peak of 105.8 points in the final quarter of 2008. The index had sharply declined after the second quarter of 2010, falling to its lowest point of 70.7 points in the first quarter of 2016.
By the end of 2021, the index had climbed to 85.9 points, still well below the pre-crisis levels. However, it steadily rose to 97.3 points by the end of 2022 and hit 103.9 points in the third quarter of 2023. The latest report reveals a deceleration in price increases, with apartment prices seeing slower annual growth compared to houses.
Apartment Price Trends by District
The apartment price index shows varied trends across different districts:
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Limassol: The index reached 138.2 points in the third quarter of 2024, up from 136.4 points in the second quarter, continuing a consistent upward trend since 2019.
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Nicosia: The index stood at 95.5 points, slightly up from 95 in the previous quarter but still below the 100-point mark last seen in 2010.
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Larnaca: Prices dropped to 106.5 points in the third quarter from 136.4 points in the second quarter.
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Paphos: The index rose to 108.6 points in the third quarter, reaching its highest point yet.
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Famagusta: The index increased to 85.5 points, slightly up from 85 in the second quarter.
House Price Trends by District
The house price index in Cyprus stood at 90.8 points in the third quarter of 2024, up from 89.7 points in the second quarter, marking a return to 2012 levels. The peak for house prices was 108.9 points in the third quarter of 2008.
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Limassol: The index reached 112.7 points, the highest among all regions.
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Nicosia: The index was 86.1 points, slightly below the 87.8 points seen in 2013.
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Larnaca: The index stood at 90.6 points, just below the 94.4 points recorded in 2011.
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Paphos: The index rose to 101.6 points, nearing 2011 levels.
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Famagusta: The index increased to 91.8 points, close to its 2011 peak of 94.4 points.
Property Market Outlook
Overall, property prices across Cyprus have largely rebounded to pre-crisis levels, although the pace of growth has slowed significantly in recent quarters. The latest data indicates that while some districts continue to experience price increases, others are showing signs of stabilization.
Source: www.news.cyprus-property-buyers.com