Residential Real Estate in Cyprus: Sales Surge by 19.2%

According to new data from Landbank Analytics, the Cypriot residential real estate market has shown steady growth in the first nine months of 2024, particularly in the new apartment segment.

The report, based on sales documents submitted to the Department of Lands and Surveys from January to September 2024, reveals a 19.2% year-on-year increase in new residential property sales, totaling 5,253 units.

The majority of transactions were in the apartment sector, with 4,335 contracts amounting to €1.45 billion. This segment saw a 27.7% increase in the number of sales and an impressive 38.1% surge in value.

Conversely, house sales have declined, with 918 transactions totaling €457.2 million, reflecting a 9.2% decrease in volume and a 2.8% drop in value compared to last year.

Overall, the total value of new home sales in Cyprus exceeded €1.9 billion, representing a 25% increase compared to the same period in 2023.

This impressive growth underscores the sustained interest in the Cypriot real estate market and the strong demand for new apartments.

The real estate market dynamics across Cypriot cities in 2024 reveal interesting trends:

• Nicosia: 1,194 apartments sold (+29%) for a total of €236.9 million (+25.2%), and 161 houses (+3.2%) for €49.8 million (+2.6%).
• Limassol: 1,469 apartments sold (+17%) for €820 million (+14%), and 237 houses (+18.5%) for €165 million (+6%).
• Larnaca: 1,113 apartments sold (+35.4%) for €218.8 million (+39.5%), and 191 houses (+14.4%) for €64.3 million (+6.2%).
• Paphos: 416 apartments sold (+42%) for €138.4 million (+31.4%), and 243 houses (-23.1%) for €149.6 million (-16.8%).

These figures highlight the steady demand for apartments, especially in Larnaca and Paphos, where growth was most pronounced. Larnaca, in particular, showed an impressive increase in apartment sales by 35.4%, with the total transaction value rising by 39.5%, making it a prime location for new property investment. Its modern infrastructure, strategic location, and rapid regional development continue to attract buyers.

Don’t miss your opportunity to invest in Cypriot real estate!

Cyprus remains a sought-after destination for those looking to invest in properties with long-term growth potential in both prices and demand. The statistics show that Cypriot real estate continues to offer substantial returns, with the value growth trends promising even greater gains in the coming years.

Feod Group offers comprehensive legal support for safe and secure real estate transactions in Cyprus. Our team of experts and real estate lawyers guides you through every step of the purchasing process.