Cyprus Real Estate Market 2024 in Numbers: Over 15,000 Transactions in a Year

The Cyprus real estate market in 2024 achieved remarkable results, reaching its highest level since 2007. According to the Department of Lands and Surveys, 15,797 property transactions were recorded throughout the year, a 1% increase compared to 2023 (15,567 transactions) and a 17.8% increase from 2022 (13,409 transactions).

These figures highlight the sustained interest in Cyprus real estate. With affordable prices, favorable investment conditions, and attractive residency programs, Cyprus continues to be recognized as one of the most promising markets in Europe.

Regional Differences in Real Estate Sales

Number of Transactions in 2024 (Compared to 2023)

Nicosia: In 2024, 3,527 transactions were completed, a 13.6% increase compared to 2023 (3,105 transactions). This growth is attributed to active infrastructure development and rising investor interest.

Larnaca: Larnaca recorded 3,356 property sales, up 5.4% from 3,185 in 2023. Key factors include affordable prices, improved infrastructure, and the launch of new construction projects.

Limassol: Despite remaining the leader in transaction volume (5,032), Limassol experienced a 1.2% decline from 2023 (5,092 transactions), primarily due to market saturation and high property prices.

Paphos: Paphos saw a significant drop in sales, down 7.9%. A total of 3,107 transactions were recorded in 2024, compared to 3,373 in 2023.

Famagusta: In the free areas of Famagusta, 775 transactions were recorded, marking a 4.6% decline from 812 in 2023.

Despite some regional declines, 2024 was a strong year for the Cyprus real estate market. These results underscore the market’s resilience, adaptability to external challenges, and sustained attractiveness to investors.

Cyprus Real Estate Market Forecast 2025

Experts predict that the Cyprus real estate market will maintain positive momentum in 2025, demonstrating steady growth. This trend is supported by a combination of factors, including increased infrastructure projects, an improving economy, and the influx of foreign professionals.

More companies are relocating their headquarters to the island, leading to the migration of employees and their families. These highly skilled professionals are driving significant demand for both rental and purchased housing.

Additionally, investment-based permanent residency programs continue to fuel interest in real estate. Buyers view property in Cyprus as a valuable investment and a means to ensure stability for themselves and their families.

What to Expect in 2025:

• Strong demand for housing in major cities: Larnaca, Limassol, and Nicosia will remain market leaders due to their developed infrastructure and business activity.
• Increased interest in rentals: The relocation of companies and their staff will further boost demand for rental properties, particularly near business hubs.
• Growing interest in new projects: Modern residential complexes with enhanced amenities, such as pools, gyms, and leisure areas, will gain popularity.

2025 is set to be a dynamic year for the Cyprus real estate market. A combination of economic stability, foreign interest, and the development of new projects is expected to sustain the market’s positive trajectory.

Legal Support for Real Estate Transactions in Cyprus

Feod Group offers comprehensive services to ensure safe and secure real estate transactions in Cyprus. Our office is based on the island, enabling us to quickly and efficiently handle any matters related to property purchase, sale, or rental. Our team of experienced lawyers and real estate experts provides professional guidance at every stage of the transaction, making the process as smooth and transparent as possible.

Contact our experts today to schedule a consultation and learn how to make profitable real estate investments in Cyprus!