Current Real Estate Market Data for Cyprus at the Beginning of 2024

Fresh data from the Department of Lands and Surveys of Cyprus confirm the dynamic state of the real estate market on the island.

According to official statistics, in February 2024, there were 1,284 property sales transactions, which is 14% higher than in the same period last year when 1,131 properties were sold.

Local residents accounted for 60% (772 units) of all transactions, while 40% (512 units) were made by foreign buyers. This fact indicates a high level of interest in Cyprus real estate from both local residents and foreign buyers.

The highest growth in sales is observed in Larnaca, where demand from foreign investors increased by 44%. This reflects a strong interest in properties in this region, thanks to its developed infrastructure, quality educational institutions, and favorable business environment.

Moreover, Cyprus offers a unique opportunity for foreign investors to obtain permanent residency for their entire family for 10 years, making the island even more attractive for those seeking to secure their future with stability and security.

As for property rentals in Cyprus?

It’s interesting to note that even outside the tourist season, rental prices for properties in Cyprus continue to rise, while demand remains high.

According to the latest data, average rental prices for housing on the island have increased by 8% compared to the previous year.

This is particularly attractive for investors seeking to diversify their portfolio and secure stable passive income in the long term.

Therefore, if you’re considering buying property in Cyprus, now is the perfect time to do so!

✔ Property prices are steadily rising, making investments attractive and promising potential capital growth in the future.

✔ Demand for housing remains high, confirming the market’s stability and demand.

✔ The opportunity to obtain permanent residency and create a “Plan B” for EU residency is an additional incentive for investors, opening up new prospects for living and doing business.

✔ Passive income from renting out your property complements the financial benefits of your investment, providing additional sources of income.

Feel free to reach out to us for all the necessary consultations and legal assistance in realizing your investment plans in Cyprus! We’ll be happy to arrange a meeting for you at our office in Larnaca or online!