The Cyprus property market saw strong growth in 2024, with new home sales exceeding €2 billion, according to Landbank Analytics. Based on Department of Lands and Surveys data, apartment sales surged while new house sales declined.
A total of 6,462 new residential sales were recorded, up 16.7% from 2023, accounting for 41% of all property transactions. Apartment sales led the market with 5,354 units sold, rising 22.7% in volume and 9% in value (€1.5 billion). Meanwhile, house sales fell 5.6% to 1,108 units, with a total value of €510.6 million.
Regional Trends:
- Nicosia: Apartment sales up 23.6% (1,587 units); house sales down 6.9% (202 units).
- Limassol: Apartment sales up 4.2%; house sales down 33.2%.
- Larnaca: Apartment sales up 40%; house sales up 2.5%.
- Paphos: Apartment sales soared 67.7%; house sales rose 9%.
- Famagusta: Apartment sales up 36.4% (146 units); house sales up 36.2% (128 units).
Landbank Group CEO, Andreas Christophorides, noted that affordability is driving local buyers toward apartments, while foreign buyers are increasingly looking beyond Limassol to more affordable areas.
Apartments remain the main growth engine of Cyprus’ residential market, attracting both local and international demand.
