Cyprus Real Estate Market: New Property Sales Surpass €2 Billion

The residential property market in Cyprus delivered impressive results in 2024. According to an analytical report by Landbank Analytics, the volume of new residential property sales exceeded €2 billion. The data, based on sale contracts submitted to the Department of Lands and Surveys, confirms significant demand growth for apartments, alongside a decline in interest for detached houses.

Rising Apartment Sales and Decline in the Detached Housing Sector

A total of 6,462 sale contracts for new residential units were registered in 2024 — a 16.7% increase compared to 2023. New builds accounted for 41% of all market transactions (15,797 in total).
The main growth driver was apartments: 5,354 new apartments were sold, representing a 22.7% increase in volume and a 9% rise in value compared to last year. The total value of these transactions reached €1.5 billion.
Meanwhile, sales of new detached houses fell by 5.6%, down to 1,108 units. The financial volume of this segment also declined by 5.7%, reaching €510.6 million.

Sales by Region: Where Are New Properties Being Purchased?

• Nicosia continues to show solid demand for apartments: sales increased by 23.6% to 1,587 units, with a total transaction value exceeding €301 million.
• Limassol posted mixed results. While the number of apartments sold rose by 4.2% (1,781 deals), the total value dropped by 5.6%, amounting to €759 million. Despite this temporary dip in prices, Limassol remains a premium destination — a strategic opportunity to enter the high-end property market.
• Larnaca emerged as one of the market leaders. Apartment sales surged by 40%, reaching 1,394 units, with a total transaction value of €273 million. Excellent infrastructure, proximity to the airport, and attractive pricing are drawing more and more foreign buyers to purchase their first homes in Cyprus here.
• Paphos recorded strong growth: sales of new apartments jumped by 67.7% (446 units), while their total value rose by 33.6%, reaching €139.2 million.

Changing Market Dynamics and Buyer Behaviour

As noted by Landbank Group CEO Andreas Christoforides, housing affordability remains a key factor. Increasingly, Cypriots are choosing apartments as a more affordable alternative to houses.

At the same time, foreign buyers are gradually shifting their focus away from expensive Limassol towards more budget-friendly and promising regions such as Larnaca and Paphos.

Demand in Cyprus remains high, with rapidly developing infrastructure and a diverse market offering everything from compact studios to spacious penthouses with sea views.

Why is now the right time to buy property in Cyprus?

✅ Growing market — prices and sales are on the rise

✅ European jurisdiction and investment protection

✅ Excellent climate, safety, and high quality of life

✅ Real estate purchases from €300,000 can qualify for residency for the whole family

✅ Strong year-round rental potential

If you’re considering buying an apartment or house in Cyprus, now is the ideal time to act.

Feod Group provides full legal support for real estate purchases, including tax planning, residency applications, and protection of your interests throughout the transaction.

Request a personalised legal consultation for buying property in Cyprus.