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Strong Performance for New Home Sales in Cyprus
The Cyprus property market experienced impressive growth in 2024, with new home sales in Cyprus surpassing €2 billion, according to a report by Landbank Analytics. The findings, based on contracts of sale submitted to the Department of Lands and Surveys, highlight a booming apartment market alongside a decline in new house transactions.
Apartment Sales Lead the Market, House Sales Decline
In total, 6,462 contracts were filed for new residential properties in 2024 — a 16.7% rise compared to 2023. These new home transactions accounted for 41% of the year’s total 15,797 property sales.
Apartments continued to dominate, with 5,354 units sold. This marks a 22.7% increase in volume and a 9% rise in value, reaching €1.5 billion. On the other hand, new house sales fell by 5.6% to 1,108 units, with the total transaction value dropping by 5.7% to €510.6 million.
Regional Breakdown of New Home Sales in Cyprus
Nicosia
Nicosia reported a 23.6% jump in new apartment sales, reaching 1,587 units and generating over €301 million. However, house sales dipped by 6.9% to 202 units, with the value declining by 12.7% to €63.5 million.
Limassol
Limassol saw mixed trends. Apartment sales rose 4.2% to 1,781 units, but the total value fell 5.6% to €759 million. New house sales dropped sharply by 33.2% to 241 units, with value falling 30.3% to €134.2 million.
Larnaca
Larnaca stood out with a 40% spike in apartment sales, totaling 1,394 units and €273 million in value. House sales increased slightly by 2.5% to 204 units, though the total value decreased 6.5% to €69.3 million.
Paphos
Paphos saw remarkable apartment market growth — a 67.7% surge to 446 units, with values rising 33.6% to €139.2 million. House sales also performed well, growing 9% to 333 units, with value increasing 13.9% to €195.5 million.
Famagusta
Despite its smaller size, Famagusta had a strong year. Apartment sales increased by 36.4% to 146 units, and house sales rose 36.2% to 128 units. Apartment sales value grew 43.8%, while house sales value jumped 56.7%.
Shifting Buyer Preferences and Market Trends
Landbank Group CEO Andreas Christophorides noted that affordability remains a major influence, pushing local buyers toward apartments rather than houses. Foreign investors, once concentrated in Limassol, are now showing growing interest in more affordable cities like Larnaca and Paphos.
As evidenced by the data, New Home Sales in Cyprus Surpass €2 Billion in 2024, underlining the dominance of the apartment sector — now the primary growth engine in the residential market, reflecting changing preferences among both local and international buyers.
Discover more property news and home advice by reading our other blogs on Properush. Stay informed about the latest rental price trends for apartments and houses in Cyprus to make the best property decisions.
Source: Cyprus Property News
