LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE
Welcome to the quarterly residential market report for Q2 2024, offering a comprehensive overview of Cyprus's residential real estate sector.
This report examines residential property transactions with a focus on property value and price distribution. "Premium properties" are defined as apartments priced above €200,000 and houses above €500,000.
Although this period indicates a decrease in both value and volume of sales, it's essential to view this within the context of the significant growth experienced in recent years.
In the past two years (2022-2023), the market was exceptionally dynamic due to geopolitical and economical tensions, prompting relocation of businesses and families to safer regions like Cyprus. Currently, the real estate market is stabilizing with statistics returning to levels seen in 2021. The figures for Q2 2024 are indeed lower than those of 2023, which was anticipated as the market finds balance after the robust growth of 2022 and 2023.
We maintain a moderate outlook for the property market in 2024, anticipating stable demand from both local and international buyers. This demand is supported by Cyprus's traditional market drivers, such as an attractive lifestyle, business opportunities, a sunny climate, safety, a reasonable cost of living, a favorable tax system, and the island's potential as an international business hub and top European investment destination.
As we navigate the real estate market in 2024, these trends and insights are vital for informed decision-making.
Our company remains active across all regions of the island, sharing our expertise through numerous online and offline events,
and supporting our partners and clients in making Cyprus an ideal place for life, business, and well-being.
For personalized assistance and expert guidance in your property search, trust Cyprus Sotheby's International Realty, a global brand with local expertise.
With gratitude,
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.
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).
THE REAL ESTATE MARKET IN CYPRUS
KEY HIGHLIGHTS
• According to the Cyprus Land Registry, 3,409 property sales were made in Q2 2024, with a total value of €933 million.
• For H1 2024, total sales amounted to 6,851, with a cumulative value approaching €1.8 billion.
• In the high-end property market (apartments priced above €200k & houses priced above €500k), Q2 2024 saw 919 transactions, representing 27% of all deals for the period. These transactions were valued at €495 million, accounting for 53% of the total market value.
• For H1 2024, high-end property sales totaled 2,002 transactions, with a cumulative value of €1 billion.
• The high-end apartment segment recorded 773 transactions in Q2 2024, totaling €352 million, and 146 transactions for the high-end housing segment, with a total value of approximately €144 million.
• In Limassol, Q2 2024 registered 908 residential property transactions, 52% (472 properties) of which were in the high-end segment. There was significant demand for apartments priced above €200k, with 418 transactions accounting for 54% of the total in this price segment in Cyprus, and for houses priced above €500k, 54 transactions representing 37% of the price bucket from the total during this period.
• Since Q2 2023, the transaction value of residential properties totaled €2.1bln, of which €1.6bln (76%) was for the premium end of the market. It is worth noting that €1.26bln is related to apartments, as this is the district's main premium product.
• In Pafos, Q2 2024 saw 610 residential property transactions, 23% (138 properties) of which were in the high-end segment. During this period, 50 houses priced above €500k were sold, representing 34% of such sales in Cyprus, along with 88 apartments priced above €200k, accounting for 11% of the total in Cyprus.
• Since Q2 2023, the transaction value of residential properties totaled €1.1m, of which €503m (47%) was for the premium end of the market. It's worth noting that €296m is related to houses, as this is the main premium product of the district.
• In Nicosia, there were 849 residential transactions in Q2 2024, with 18% (150 properties) in the high-end market segment. The demand for high-end residential properties in Nicosia is moderate, as reflected in the sales of 25 houses (17% of the national total) and 125 apartments (16% of the national total) during this period.
• Since Q2 2023, transaction value of residential properties totalled €855m, of which €294m (34%) was for the premium end of the market. It is worth noting that €221m related to apartments, as this is the main premium product of the district.
• In Larnaca, residential transactions totaled 834 in Q2 2024, with 17% (139 properties) falling into the premium market segment. High-end residential properties in Larnaca resulted in the sale of 10 houses priced above €500k (7% of the national total) and 129 apartments priced above €200k (17% of the national total).
• Since Q2 2023, transaction value of residential properties totalled €806m, of which €256m (32%) was for the premium segment of the market. It is worth noting that €189m related to apartments, as this is the main premium product of the district.
• In Famagusta, in Q2 2024, the market registered 208 residential property transactions, of which 10% (20 properties) were under the high-end segment. The demand for premium residential properties in Famagusta shows growth potential, as evidenced by the sale of 7 houses (5% of the national total) and 13 apartments (2% of the national total) in the premium category during this period.
• Since Q2 2023, transaction value of residential properties totalled €236m, of which €64m (27%) was for the premium end of the market. It is worth noting that €35m related to houses, as this is the main premium product of the district.
RESIDENTIAL PROPERTY
VOLUME OF PREMIUM HOUSES & APARTMENTS
Apartments Houses
VOLUME OF PREMIUM RESIDENTIAL PROPERTIES BY DISTRICT
Pegeia, Paphos
3 Bedroom Villa in Pegeia
ID: p21500
This exquisite 3-bedroom villa in a luxury residential project in Peyeia offers the best of Mediterranean living, combining easy access to amenities with natural beauty and tranquility. Thoughtfully designed for practicality and aesthetics, the property features a grand entrance, marble staircase, sunlit living areas, and bedrooms with en-suite bathrooms. State-of-the-art technologies include a VRV air conditioning system and underfloor heating, ensuring year-round comfort.
With flexible payment options available, make this your dream Mediterranean home and savvy investment today.
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.
Residential transactions totalled 908 in Q2 2024, of which 52% (472 properties) were of the premium segment of the market.
High-end residential properties are of particularly high demand in Limassol, indicated by the significant percentage of houses (54 properties, 37% of the total for Cyprus) and apartments (418 properties, 54% of the total for Cyprus) transacted over the past quarter.
Since Q2 2023, transaction value of residential properties totalled €2.1bln, of which €1.6bln (76%) was for the premium end of the market. It is worth noting that €1.26bln related to apartments, as this is the main premium product of the district.
The median transaction price for high-end houses was €905k and €330k for apartments in Q2 2024. Compared to Q2 2023, median prices of high-end houses increased by 17% and remained stable for high end apartments.
KEY INDICATORS
• There have been 28,918 transactions, 9,228 of houses and 19,690 of apartments. Of these, 12,494 (43%) were at the premium end of the market.
• Total transaction value for residential properties stood at €11,7bln of which €8.7bln (74%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 83% of houses under €500k and 45% of apartments under €200k. This apportionment has remained broadly stable throughout, indicating the attractiveness of the high-end segment of the market (particularly for apartments).
VOLUME AND MEDIAN PRICES OF
PREMIUM HOUSES AND APARTMENTS
Houses
Prices of > € 500k Houses Median Prices of > € 200k Apartments
TRANSACTIONS’ PRICE DISTRIBUTION
PAFOS
Pafos is the cultural capital of the island, a city of villas and low-rise buildings. It has traditionally been popular with foreign buyers.
Residential transactions totalled 610 in Q2 2024, of which 23% (138 properties) were of the premium segment of the market.
High-end residential properties are of particularly high demand in Pafos especially houses, indicated by the significant percentage of houses (50 properties, 34% of the total for Cyprus) and apartments (88 properties, 11% of the total for Cyprus) transacted over the past quarter.
Since Q2 2023, transaction value of residential properties totalled €1.1m, of which €503m (47%) was for the premium end of the market. It's worth noting that €296m related to houses, as this in the main premium product of the district.
The median transaction price for high-end houses was €758k and €316k for apartments in Q2 2024. Compared to Q2 2023, median prices increased by 5% and 4% for houses and apartments, respectively.
• There have been 21,550 transactions, 10,247 of houses and 11,303 of apartments. Of these, 4,180 (19%) were at the premium end of the market showing the district’s appeal as a destination for more affluent buyers.
• Total transaction value for residential properties stood at €5.9bln of which €3.1bln (53%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 82% of houses under €500k and 82% of apartments under €200k. This apportionment has remained broadly stable throughout, indicating the attractiveness of the premium segment of the market (particularly for houses).
VOLUME AND MEDIAN PRICES
OF PREMIUM HOUSES AND APARTMENTS
TRANSACTIONS’ PRICE DISTRIBUTION SINCE
Transaction Volume of > € 200k Apartments
Transaction Volume of > €
Houses
Median Prices of > € 200k Apartments
Median Prices of > €
Houses
NICOSIA
Nicosia, the capital of Cyprus, is a unique and attractive place. Commercial and long-term rental properties drive the market here.
Residential transactions totalled 849 in Q2 2024, of which 18% (150 properties) were of the premium segment of the market.
High-end residential properties are of particularly medium demand in Nicosia, indicated by the percentage of houses (25 properties, 17% of the total for Cyprus) and apartments (125 properties, 16% of the total for Cyprus) transacted over the past quarter.
Since Q2 2023, transaction value of residential properties totalled €855m, of which €294m (34%) was for the premium end of the market. It is worth noting that €221m related to apartments, as this is the main premium product of the district.
The median transaction price for high-end houses was €650k and €250k for apartments in Q2 2024. Compared to Q2 2023, median prices decreased by almost 1.5% for houses and by 4.0% for apartments.
KEY INDICATORS
• There have been 23,807 transactions, 6,217 of houses and 17,590 of apartments. Of these, 3,363 (14%) were at the premium end of the market.
• Total transaction value for residential properties stood at €4,3bln of which €1,37bln (34%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 93% of houses under €500k and 83% of apartments under €200k. This apportionment has remained broadly stable throughout, indicating the attractiveness of the premium segment of the market (particularly for apartments).
VOLUME AND MEDIAN PRICES
HOUSES AND APARTMENTS
TRANSACTIONS’ PRICE DISTRIBUTION
2016 - 2023
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.
Residential transactions totalled 834 in Q2 2024, of which 17% (139 properties) were of the premium segment of the market.
High-end residential properties are considered to be of low demand in Larnaca, indicated by the percentage of houses (10 properties, 7% of the total for Cyprus) and apartments (129 properties, 17% of the total for Cyprus) transacted over the past quarter.
Since Q2 2023, transaction value of residential properties totalled €806m, of which €256m (32%) was for the premium segment of the market. It is worth noting that €189m related to apartments, as this is the main premium product of the district.
The median transaction price for premium houses was €612k and for apartments €249k, in Q2 2024. Compared to Q2 2023, median prices of houses decreased by a high 19%, and a slight increase for apartments by 0.5%.
KEY INDICATORS
• There have been 19,050 transactions, 5,875 of houses and 13,175 of apartments. Of these, 2,323 (12%) were at the premium end of the market.
• Total transaction value for residential properties stood at €3.3bln of which €1.1bln (33%) were for the premium end of the market.
• The overall breakdown of residential transactions across the market was 94% of houses under €500k and 85% of apartments under €200k. This apportionment has remained broadly stable throughout, indicating the attractiveness of the premium segment of the market (particularly for high-end apartments).
VOLUME AND MEDIAN PRICES
OF PREMIUM HOUSES AND APARTMENTS
TRANSACTIONS’ PRICE DISTRIBUTION SINCE
Transaction Volume of > € 200k Apartments
Volume of
Houses
Apartments
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.
Residential transactions totalled 208 in Q2 2024, of which 10% (20 properties) were of the premium segment of the market.
High-end residential properties are of particularly low demand in Famagusta, indicated by the low percentage of houses (7 properties, only 5% of the total for Cyprus) and apartments (13 properties, only 2% of the total for Cyprus) transacted over the past quarter.
Since Q2 2023, transaction value of residential properties totalled €236m, of which €64m (27%) was for the premium end of the market. It is worth noting that €35m related to houses, as this is the main premium product of the district.
The median transaction price for premium houses was €670k and €515k for apartments in Q2 2024. Compared to Q2 2023, Famagusta district saw a decrease of 6% in the median prices of houses, while apartment prices increased by 111%, driven by a small number of high-priced transactions, priced over 500k.
KEY INDICATORS
• There have been 6,314 transactions, 3,048 of houses and 3,266 of apartments. Of these, 701 (11%) were at the premium end of the market.
• Total transaction value for residential properties stood at €1.56bln of which €645m (41%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 88% of houses under €500k and 90% of apartments under €200k. This apportionment has remained broadly stable throughout, indicating the attractiveness of the premium segment of the market (particularly for high-end houses).
VOLUME AND MEDIAN PRICES
HOUSES AND APARTMENTS
Transaction Volume of > € 200k Apartments
Transaction Volume of > € 500k Houses
Median Prices of > € 200k Apartments
Median Prices of > € 500k Houses
TRANSACTIONS’ PRICE DISTRIBUTION
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