LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE
We are ready to share our new review of the Cyprus residential property market for Q3 2024. In total, houses and apartments were sold for an impressive amount of €839.5 million in these 3 months of the year!
I would like to emphasize that the record activity of the past two years (2022-2023), caused by geopolitical instability, a large in昀氀ux of migrants, and increased investment, has given way to a more balanced situation in 2024.
Although the quarterly comparison (Q2-Q3) shows a decline in transaction volumes, the market is gradually returning to a stable level.
This trend is clearly re昀氀ected in our report: while transaction volumes across Cyprus for homes over €500,000 fell by 10% in Q3 2024, sales in this price category actually grew by 9% yearon-year. This speaks to the continued interest and stability in this segment.
Looking at the market by city, we can see that in Q3 2024, Limassol continues to lead in the number of transactions in Cyprus, and premium residential property is in particular demand. Over the period Q1-Q3 2024 the total value of residential property transactions in Limassol amounted to €599 million, and I would like to point out that €382 million was for houses, as this is the main premium product in Limassol this year.
Interest in Pafos real estate continues to grow steadily, with 666 residential property transactions completed in Q3 2024, totaling €201 million. Of this amount, houses accounted for €135 million. High demand can be noted for houses from €500,000, as the main premium product in this region. Demand for them increased by almost 20% in Q3.
Nicosia, although not the leader in terms of transaction volume, showed decent results for the period from Q1 to Q3 2024. The total value of residential property transactions reached €471 million, with the main demand for apartments (€325 million) as the most sought-after property in this region.
Larnaca continues to attract buyers due to a balanced supply, with 742 residential property transactions for €143 million in Q3 and totaling €449 million in Q1-Q3 2024. It is worth noting that €296 million was for apartments, as this is the main premium product in this region.
In Famagusta, the total transaction volume is lower — for Q3 is €41 million and in Q1-Q3 2024 — €132 million, but interest in this area is starting to form. The average price for houses over €500,000 increased by 4%, which indicates stability in this market segment.
Overall, despite the general market adjustment, real estate remains in demand among both local residents and foreign buyers. This is explained by the attractiveness of Cyprus for both permanent residence and investment.
The market is expected to continue to level out, maintaining positive dynamics in the premium segment. The main drivers will be high-quality projects in Limassol and Pafos, as well as the growing interest in eco-friendly and energy-e昀케cient homes.
The current year shows that, despite the challenges, the Cyprus property market is adapting and is ready to o昀昀er its clients attractive opportunities. We will continue to closely monitor the market and share with you the key insights.
With gratitude,
Anastasia Yianni Chief Executive O昀케cer 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
• The real estate market in Cyprus shows mixed dynamics, particularly in the high-end segment — houses priced over €500,000 and apartments above €200,000.
• After two years of signi昀椀cant market growth in 2022–2023, driven by geopolitical instability, a large in昀氀ux of relocants, and increased investments, the market faced a correction in 2024.
• The drop in demand is attributed not only to market saturation but also to other factors, including reduced relocant 昀氀ows, high mortgage interest rates, in昀氀ation, and increased construction costs. However, the premium segment remains resilient due to continued interest from international buyers, especially in the cities of Limassol and Pafos.
TRANSACTION VOLUME DYNAMICS
OVERALL MARKET (ACROSS CYPRUS)
• Quarter-on-quarter (Q2 2024 – Q3 2024), transaction volumes for houses fell by 13% (to under 1.1K), and for apartments by 19% (to under 2.2K). The total value of the transactions reached 839,5 million euros.
• Year-on-year (Q3 2023 – Q3 2024), house sales dropped by 6%, while apartment sales declined by 15%.
HIGH-END SEGMENT:
• Quarter-on-quarter, transactions for high-end houses (>€500K) decreased by 10% (from 171 to 154), while high-end apartment sales (>€200K) dropped by 19% (from 946 to 767). The total value of these high-end properties (Q3 2024) reached €449 million.
• Year-on-year, high-end house transactions rose by almost 9%, while high-end apartment sales fell by 8%.
SPECIAL FOCUS ON PAFOS
TRANSACTION VOLUME IN THE PREMIUM SEGMENT
• Transaction Volume in the Premium Segment quarter-on-quarter (Q2 2024 – Q3 2024) house sales increased by 20% (from 60 to 72), while apartment sales rose by 3% (from 123 to 127).
• Year-on-year (Q3 2023 – Q3 2024) house sales grew by 31%, while apartment sales increased by 14%.
PRICES
ACROSS CYPRUS
• Median prices (Q3 2024 vs. Q2 2024) decreased by 4% for houses (from €270K to €260K), while remaining stable for apartments.
• Median prices year-on-year (Q3 2023 vs. Q3 2024) increased by 3% for houses and 6% for apartments.
HIGH END SEGMENT
• Quarter-on-quarter house prices dropped by 6% (from €750K to €705K), and apartment prices fell by 7% (from €300K to €280K).
• Year-on-year (Q3 2023 vs. Q3 2024) house prices declined by 8%, and apartment prices dropped by 7%.
RESIDENTIAL PROPERTY SALES DISTRIBUTION
Limassol Pafos Larnaca Nicosia Famagusta
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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 808 in Q3 2024, of which 54% (433 properties) were of the premium segment of the market.
High-end residential properties are of particularly high demand in Limassol, indicated by the signi昀椀cant percentage of houses (53 properties, 34% of the total for Cyprus) and apartments (380 properties, 50% of the total for Cyprus) transacted over the past quarter.
Since Q3 2023, transaction value of residential properties totalled €1.9bln, of which €1.5bln (77%) was for the premium end of the market. It is worth noting that €1.2bln related to apartments, as this is the main premium product of the district.
The median transaction price for high-end houses was €830k and €320k for apartments in Q3 2024. Compared to Q3 2023, median prices of high-end houses increased by 5% and decreased by 6% for high end apartments.
KEY INDICATORS
• There have been 27,763 transactions, 9,070 of houses and 18,693 of apartments. Of these, 11,631 (42%) were at the premium end of the market.
• Total transaction value for residential properties stood at €11,0bln of which €8.1bln (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 46% 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 Median 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 666 in Q3 2024, of which 30% (199 properties) were of the premium segment of the market.
High-end residential properties are of particularly high demand in Paphos especially houses, indicated by the signi昀椀cant percentage of houses (72 properties, 47% of the total for Cyprus) and apartments (127 properties, 17% of the total for Cyprus) transacted over the past quarter.
Since Q3 2023, transaction value of residential properties totalled €1,0bln, of which €500m (50%) was for the premium end of the market. It's worth noting that €300m related to houses, as this in the main premium product of the district.
The median transaction price for high-end houses was €715k and €300k for apartments in Q3 2024. Compared to Q3 2023, median prices of houses decreased by 11% and remained stable for apartments.
KEY INDICATORS
• There have been 21,363 transactions, 10,191 of houses and 11,172 of apartments. Of these, 3,716 (17%) were at the premium end of the market showing the district’s appeal as a destination for more a昀툀uent buyers.
• Total transaction value for residential properties stood at €5.7bln of which €2.9bln (51%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 82% 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 houses).
VOLUME AND MEDIAN PRICES
OF PREMIUM HOUSES AND APARTMENTS
TRANSACTIONS’ PRICE DISTRIBUTION SINCE
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 770 in Q3 2024, of which 16% (124 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 (5 properties, 3% of the total for Cyprus) and apartments (119 properties, 16% of the total for Cyprus) transacted over the past quarter.
Since Q3 2023, transaction value of residential properties totalled €797m, of which €263m (33%) was for the premium end of the market. It is worth noting that €205m related to apartments, as this is the main premium product of the district.
The median transaction price for high-end houses was €551k and €243k for apartments in Q3 2024. Compared to Q3 2023, median prices decreased by almost 25% for houses and by 4.0% for apartments.
KEY INDICATORS
• There have been 23,851 transactions, 6,285 of houses and 17,566 of apartments. Of these, 3,370 (14%) were at the premium end of the market.
• Total transaction value for residential properties stood at €4,2bln of which €1,3bln (31%) was for the premium end of the market.
• The overall breakdown of residential transactions across the market was 94% of houses under €500k and 84% 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 OF
HOUSES AND APARTMENTS
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 742 in Q3 2024, of which 18% (137 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 (14 properties, 9% of the total for Cyprus) and apartments (123 properties, 16% of the total for Cyprus) transacted over the past quarter.
Since Q3 2023, transaction value of residential properties totalled €763m, of which €247m (32%) was for the premium segment of the market. It is worth noting that €190m related to apartments, as this is the main premium product of the district.
The median transaction price for premium houses was €656k and for apartments €240k, in Q3 2024. Compared to Q3 2023, median prices of houses decreased by 13% and remained stable for apartments.
KEY INDICATORS
• There have been 18,991 transactions, 5,776 of houses and 13,215 of apartments. Of these, 2,273 (12%) were at the premium end of the market.
• Total transaction value for residential properties stood at €3.2bln of which €1.04bln (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
Transaction Volume of > € 200k Apartments
Transaction Volume of > €
Houses Median Prices of > €
Houses Median Prices of > €
Apartments
FAMAGUSTA
The Eastern part of Cyprus is a famous tourist destination. With the vibrant Ayia Napa and quiet Protaras, this area o昀昀ers mostly holiday oriented properties.
Residential transactions totalled 194 in Q3 2024, of which 14% (28 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 (10 properties, only 6% of the total for Cyprus) and apartments (18 properties, only 2% of the total for Cyprus) transacted over the past quarter.
Since Q3 2023, transaction value of residential properties totalled €230m, of which €70m (30%) was for the premium end of the market. It is worth noting that €35m related to houses and apartments, as this shows the stability in the market of high-end in Famagusta.
The median transaction price for premium houses was €570k and €235k for apartments in Q3 2024. Compared to Q3 2023, median prices of houses increased by 4% and decreased by 7% for apartments.
KEY INDICATORS
• There have been 6,498 transactions, 3,092 of houses and 3,406 of apartments. Of these, 721 (11%) were at the premium end of the market.
• Total transaction value for residential properties stood at €1.5bln of which €638m (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 OF PREMIUM HOUSES AND APARTMENTS
TRANSACTIONS’ PRICE DISTRIBUTION
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Data provided by Cyprus’ Department of Lands and Surveys; data processing and analysis carried out by WiRE (Wire Services Ltd, Wire Wind Ltd, and Wire Valuations LLC, collectively WiRE). Cyprus Sotheby’s International Realty and WiRE make no representations or warranties concerning the report or the content and disclaim all such representations and warranties as to the condition, quality, accuracy, suitability, 昀椀tness for purpose, or completeness. Nothing in this report shall be regarded as providing 昀椀nancial advice, and you acknowledge that the content of this presentation is not suitable for this purpose. Neither Cyprus Sotheby’s International Realty or WiRE nor any of their directors, employees, or other representatives will be liable for damages arising from or in connection with the use of this report. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect, or consequential damages, loss of data, income or pro昀椀t, loss of or property damage, and claims of third parties. All material in this report is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this report constitutes professional and/or 昀椀nancial advice, nor does any information include a comprehensive or complete statement of the matters discussed or the law relating thereto. Information in this report may not be accurate or current. In particular (but without limitation), information may be rendered inaccurate by changes in applicable laws and other regulations. No action should be taken or omitted to be taken in reliance upon data in this report.
