Fresh data from the Landbank Analytics platform sheds light on residential property trends in Cyprus, based on sales contracts submitted to the Department of Lands and Surveys. The figures reveal divergent movements in the prices of newly built houses and apartments across the island in the first quarter of 2025.
Nationwide, the average sale price for new apartments held steady year-on-year at €247,000. However, the average price of new houses jumped 12%, from €410,000 in Q1 2024 to €459,000 in Q1 2025, reflecting strong demand for modern housing in key areas.
Regional Shifts: From Luxury Peaks to Market Corrections
In Nicosia, house prices rose 35.5%, hitting €412,000—though this sharp rise was largely influenced by a single luxury sale worth €2.7 million. When that outlier is excluded, the average moderates to €313,000, representing a more realistic 3% annual increase. Apartment prices in the capital rose marginally, from €189,000 to €191,000, reflecting a stable urban demand.
Limassol saw opposing trends: average house prices fell 12.4% to €389,000, influenced by a few low-value transactions. Adjusted data excluding these outliers raises the figure to €428,000, reducing the drop to 3.6%. Meanwhile, apartment prices surged 12.4%, climbing from €331,000 to €372,000—underscoring Limassol’s continued attractiveness for premium apartment buyers.
In Larnaca, house prices jumped 21.5% to €389,000, driven by new high-end projects and growing interest in the district. Apartment prices dipped slightly by 2.1%, settling at €187,000, suggesting a balanced market in the mid-range segment.
Paphos continues to dominate the luxury home market, with new house prices rising 16.9% year-on-year to €693,000, supported by strong interest from international buyers. Conversely, apartment prices fell 10.3% to €287,000, potentially reflecting a cooling-off after prior rapid gains.
In Famagusta, both segments declined: house prices dropped from €343,000 to €300,000, while apartment prices fell from €201,000 to €178,000. These figures include all transactions across the region, not just in urban centers.
Market Outlook: Local Buyers Return as Rates Fall
Andreas Christophorides, CEO of Landbank Group, noted: “The market is in transition, shaped by evolving economic conditions and demographic shifts. The ECB’s interest rate cuts are already encouraging renewed local demand.”
He added that while Paphos leads in luxury homes and Limassol in premium apartments, Nicosia shows healthy growth in house sales and Larnaca is rapidly rising as a key housing market to watch
