No major drops in rents and sale prices in 2024 are likely for apartments and houses, though a few exceptions may exist. Here’s what to expect in key cities across Cyprus.
Stable Sale Prices in Nicosia and Famagusta
In Nicosia, the sale prices for apartments and houses will stay between €3,000 and €4,500 per square meter, matching 2023 levels. Famagusta’s prices have remained steady since 2020, holding at €3,000 to €4,000 per square meter each year.
Limassol Sale Prices Hold Steady
Sale prices in Limassol will likely match 2023 figures, remaining between €4,000 and €5,500 per square meter.
Larnaca and Paphos Show Price Increases
Larnaca’s sale prices for apartments and houses will climb to €3,500 to €4,000 per square meter in 2024, up from €2,500 to €3,500 in 2023. Similarly, Paphos will see an increase, with prices rising to €2,500 to €3,500 per square meter, compared to €2,000 to €3,000 in 2023.
2024 Rent Trends
- Nicosia: Monthly rent will stay between €10 and €12 per square meter, unchanged from 2023.
- Famagusta: Rents will hold at €5 to €8 per square meter.
- Larnaca: Expect an increase in rents, ranging from €8 to €12 per square meter, compared to €6 to €10 in 2023.
- Limassol: Rental costs will jump, reaching €15 to €25 per square meter, up from €10 to €15.
- Paphos: Rents will rise, settling between €7 and €12 per square meter, an increase from €5 to €10.
The forecast for rents and sale prices in 2024 indicates overall stability, with some areas experiencing upward trends.
Discover more property news and home advice by reading our other blogs on Properush.
Source: Phileleftheros