WHAT THE NUMBERS DON’T SAY
The first quarter of 2025 marks a new chapter for Cyprus’s real estate market — less reactive, more refined. The post-pandemic acceleration has eased, and what we now see is not a slowdown, but a strategic recalibration.
With 3,558 residential transactions recorded across the island, a 5% increase compared to Q1 2024 (3,374 deals) — the market remains active, yet more grounded. The total transaction value reached approximately €976 million, with a significant 60% (€584 million) concentrated in the mid- and high-range residential segments*. This confirms that demand for quality real estate remains strong, both among local buyers and international investors.
Limassol continues to dominate, accounting for nearly half of all mid- and high-range deals on the island (593 properties). Meanwhile, Pafos leads in high-end villa sales, with 99 houses sold in this segment — representing 57% of all houses priced above €500,000 this quarter.
Larnaca continues to attract attention thanks to active infrastructure development and a growing number of new projects in central and coastal areas. In Q1 2025, the city recorded 823 residential transactions, with 192 in the mid- and high-range segments. Strong interest remains in modern apartments with a solid price-to-quality ratio.
Famagusta remains popular among buyers seeking a relaxed lifestyle and proximity to the sea. In Q1 2025, there were 168 transactions, including 19 in the mid- and high-range bracket. This district appeals to those looking for ready-to-move-in homes in scenic holiday settings.
Nicosia shows steady demand from both local and international buyers who value long-term stability, a business-friendly environment, and solid investment potential. The capital registered 759 transactions, with 185 in the mid- and highrange category, mostly apartments. The city remains a go-to
choice for investors looking for stable rental returns and capital preservation.
What’s especially worth noting is that actual transaction values in prime locations often exceed what official averages reflect. While all sales in Cyprus are officially registered, published market data tends to emphasize median prices, which rarely capture high-value, off-market, or uniquely positioned properties. As a result, there’s a layer of quiet appreciation happening at the top end — shaped by scarcity, distinctiveness, and long-term desirability.
Looking ahead, we expect continued activity in areas that combine limited availability with lifestyle appeal and solid infrastructure. Buyers are becoming more discerning: they’re not just purchasing square meters, but investing in architectural quality, privacy, and long-term value. This shift is transforming the market more profoundly than any price fluctuation.
At Cyprus Sotheby’s International Realty, we continue to combine local expertise with international perspective — helping clients make informed, confident decisions in a changing market.
With respect and continued commitment,
Anastasia Yianni Chief Executive Officer
Cyprus Sotheby’s International
Realty
ABOUT INSIGHTS:
Transaction data are provided by Cyprus’ Department of Lands and Surveys, which records all transfers of ownership and registered contracts of sale (including property description, purchase price, date, etc). The data is processed in order to classify each transaction (as some properties are under construction, their description is not exact, or they form part of bigger projects) and are categorised by property type.
*Mid- and high-range residential segments - apartments priced from €200,000 and houses from €500.000
The analysis covers the entire area controlled by the Republic of Cyprus, excludes properties sold at auction (foreclosure), and references property values based on the amount declared by the purchaser at the time of the transaction (which excludes any VAT, transfer fees, or other duties levied).
MARKET INSIGHTS Q1 2025
KEY HIGHLIGHTS BY TOWN
The first quarter of 2025 continues to reveal distinct patterns across Cyprus’s main real estate markets, each reflecting unique dynamics in demand, pricing, and buyer profiles. Below is a detailed breakdown by key locations, illustrating how mid- and high-range segments perform on the island.
Limassol: The Island’s Business and Luxury Capital
Limassol remains the leader in the residential market, with a total of 935 transactions this quarter. Notably, 63% of these fell within the mid- and high-end price brackets, reinforcing the city’s position as the island’s primary hub for luxury and business-driven real estate.
Among these, 550 apartment sales over €200,000 (accounting for 51% of all such transactions nationwide) and 43 house sales over €500,000 (25% of the national total) confirm Limassol’s strong appeal.
The median prices hold firm, signaling sustained market resilience despite global economic uncertainties.
Pafos: Villa and Lifestyle Destination
Pafos recorded 873 transactions in Q1 2025, with 31% in the mid- and high-range categories. The city stands out as the leader for high-end house sales, with 99 properties sold, representing 57% of all houses above €500,000 sold in Cyprus during the quarter.
Pafos continues to attract buyers looking for spacious villas and a lifestyle-oriented environment, supported by its popularity among international residents.
Nicosia: The Institutional and Commercial Hub
The capital city, Nicosia, saw 759 transactions, with 185 (24%) in the mid- and high-range sectors. The apartment segment drives much of this activity, with 184 sales contributing to 17% of premium
apartment transactions nationwide.
Demand remains supported by the city’s role as a center for commerce, government, and institutional investors.
Larnaca: Emerging Growth
Larnaca registered 823 residential sales, with 23% in mid- and high-range price brackets. Although volumes are lower than in Limassol or Pafos, buyer interest is steadily rising, as evidenced by 171 mid- and high-range apartments and 21 mid- and high-range houses sold.
These shifts suggest a market recalibration amid ongoing development projects and evolving buyer expectations.
Famagusta: A Niche Market with Long-Term Potential
Famagusta recorded 168 transactions, with a modest 11% classified as mid- and high-range.
This regional overview underscores how Cyprus’s property market is both varied and evolving, with locations like Limassol and Pafos leading in high-value transactions, while areas like Larnaca and Famagusta are adjusting to changing demand dynamics. Understanding these nuances is key to making informed investment decisions in 2025.
RESIDENTIAL PROPERTY SALES DISTRIBUTION PER REGION IN Q1 2025
LIMASSOL
Limassol is the business capital of Cyprus and a city of skyscrapers. Relocated international companies are the driving force behind the constant real estate growth in the city.
Island’s Business and Luxury Capital
Residential transactions totalled 935 in Q1 2025, of which 63% (593 properties) were of the mid- and high-range residential segment of the market.
Mid- and high-range residential properties are of particularly high demand in Limassol, indicated by the high percentage of houses (43 properties, 25% of the total for Cyprus) and apartments (550 properties, 51% of the total for Cyprus) transacted over the past quarter.
Since Q1 2024, transaction value of residential properties totalled €1.9bln, of which €1.6bln (84%) was for the midand high-range segment of the market.
The median transaction price for mid- and high-range houses was €750k and €315k for apartments in Q1 2025. Compared to Q1 2024, the median price for houses remained unchanged.
KEY INDICATORS
The
• There have been 26,488 transactions, 4,756 of houses and 21,732 of apartments. Of these, 13,162 were at the mid- and high-range residential segment of the market.
• Total transaction value for residential properties stood at €10,5bln of which €8.2bln was for the mid- and high-range residential segment of the market.
VOLUME AND MEDIAN PRICES
OF MID- AND HIGH-RANGE HOUSES AND APARTMENTS
Transaction Volume of > € 200k Apartments
Transaction Volume of > € 500k Houses
Median Prices of > € 200k Apartments
Median Prices of > € 500k Houses
DISTRIBUTION OF TRANSACTIONS BY PRICE RANGES
PAFOS
and Lifestyle Destination
Residential transactions totaled 873 in Q1 2025, of which 31% (271 properties) were in the mid- and high-range segment of the market. Mid- and high-range houses were in particularly high demand in Paphos, as indicated by the high share of house transactions during the past quarter (99 properties, 57% of the total for Cyprus).
Apartment transactions totaled 172 properties, accounting for 16% of the national figure.Since Q1 2024, the total transaction value of residential properties has reached €1.2 billion, of which €613 million (52%) was attributed to the mid-range segment.
In Q1 2025, the median transaction price for mid- and highrange houses was €700,000, and €317,500 for apartments.
Compared to Q1 2024, median prices for apartment increased by 9.5%, while house prices decreased by 2.8%.
Pafos is the cultural capital of the island, a city of villas and low-rise buildings. It has traditionally been popular with foreign buyers. KEY INDICATORS
Villa
• There have been 24,492 transactions, 10,451 of houses and 14,041 of apartments. Of these, 4,378 were at the mid- and high-range residential segment of the marketshowing the district’s appeal as a destination for more affluent buyers.
• Total transaction value for residential properties stood at €6.1bln of which €3.0bln was for the mid- and high-range residential segment of the market.
VOLUME AND MEDIAN PRICES OF
AND
HOUSES AND APARTMENTS
NICOSIA
Nicosia, the capital of Cyprus, is a unique and attractive place. Commercial and long-term rental properties drive the market here.
The Institutional and Commercial Hub
Residential transactions totaled 759 in Q1 2025, of which 24% (185 properties) were in the mid-range segment of the market.
Since Q1 2024, the total transaction value for residential properties reached €677 million, with €270 million (40%) attributed to the mid-range segment.
In Q1 2025, the median transaction price for mid-range apartments was €263,000. Compared to Q1 2024, median prices for mid-range apartments increased by 4,3%.
• There have been 20,436 transactions, 1,475 of houses and 18,961 of apartments. Of these, 3,738 were at mid- and high-range residential segment of the market.
• Total transaction value for residential properties stood at €3,4bln of which €1,3bln was for midand high-range residential segment of the market.
VOLUME AND MEDIAN PRICES
DISTRIBUTION OF TRANSACTIONS BY PRICE RANGES
LARNACA
Larnaca is one of the oldest cities in Cyprus with lots of history and class, yet the recent years’ development gave it a modern sparkle, and the best is yet to come.
Emerging Growth
Residential transactions totaled 823 in Q1 2025, of which 23% (192 properties) were in the mid- and high-range segment of the market.
Mid- and high-range residential properties in the past quarter included 171 apartments (16% of the total for Cyprus) and 21 houses (12% of the total for Cyprus).
Since Q1 2024, the total transaction value for residential properties reached €740 million, with €288 million (39%) attributed to the mid- and high-range segment.
In Q1 2025, the median transaction price for mid-and high-range houses was €600,000, and €238,000 for apartments. Compared to Q1 2024, median prices for midand high-range properties decreased by 5.9% for houses and 10.2% for apartments. KEY INDICATORS
• There have been 18,437 transactions, 3,131 of houses and 15,216 of apartments. Of these, 2,782 were at the mid- and high-range residential segment of the market.
• Total transaction value for residential properties stood at €3.0bln of which €1.1bln were for the mid- and high-range residential segment of the market.
VOLUME AND MEDIAN PRICES
Volume of > € 200k Apartments
Transaction Volume of > € 500k Houses
Median Prices of > € 200k Apartments
Median Prices of > € 500k Houses
FAMAGUSTA
The Eastern part of Cyprus is a famous tourist destination. With the vibrant Ayia Napa and quiet Protaras, this area offers mostly holiday oriented properties.
Emerging Growth
Residential transactions totaled 168 in Q1 2025, with only 11% (19 properties) falling into the mid-range segment.
Although Famagusta accounted 12 apartments (1% of all sales in Cyprus) and 7 houses (4%) — this segment remains relatively insignificant in the overall market context.
Since Q1 2024, the total transaction value for residential properties reached €227 million, of which €70 million (30%) was in the mid-range segment.
In Q1 2025, the median transaction price for mid-range houses was €650,000, and €236,000 for apartments. Compared to Q1 2024, median prices for mid-range properties declined by 23% for houses and 42% for apartments.
It is too early to identify any clear trends due to the low number of transactions, but last quater currently appears to be very weak.
KEY INDICATORS
• There have been 8,270 transactions, 3,176 of houses and 4,554 of apartments. Of these, 809 were at the mid- and high-range residential segment of the market.
• Total transaction value for residential properties stood at €1,8bln of which €670m was for the mid- and high-range residential segment of the market.
VOLUME AND MEDIAN PRICES
Transaction Volume of > € 200k Apartments
Transaction Volume of > € 500k Houses
Median Prices of > € 200k Apartments
Median Prices of > € 500k Houses
DISTRIBUTION OF TRANSACTIONS BY PRICE RANGES
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