Real estate activity in Cyprus gathered momentum in early 2025, with sales up by 12 percent over the first four months of the year compared to the same period in 2024. According to the Department of Land and Surveys, a total of 5,541 property transactions were lodged with district land registries between January and April 2025, rising from 4,963 in the corresponding months of 2024. April alone saw 1,404 sales island-wide, a modest 3 percent increase on the 1,366 recorded in April 2024.
Limassol remained the hottest market, registering 461 sales in April—a 5 percent boost on the 440 sales in April last year—and bringing its year-to-date total to 1,756, up 12 percent from 1,563. Nicosia also delivered strong results, with April transactions climbing 15 percent year-on-year to 354 and the January–April tally rising from 1,121 to 1,286, a matching 15 percent gain.
Meanwhile, Larnaca and Paphos experienced slight dips in April sales—Larnaca down 11 percent to 275 and Paphos off 6 percent to 238—but both districts still posted overall growth for the four-month period. Larnaca’s total rose 15 percent to 1,185 transactions, and Paphos edged up 4 percent to 1,067. Famagusta led the pack in monthly growth, with April sales surging 33 percent to 76, and achieved a 12 percent increase to 247 for the year to date.
In contrast to rising volumes, average prices for new apartments on the island fell by more than 11 percent during 2024, according to Landbank Analytics, dropping from €316,000 to €281,000. Newly built houses held steady at an average €461,000. Regionally, apartment prices in Nicosia eased 3.8 percent to €190,000, while in Limassol they slid 9.4 percent to €426,000. Larnaca’s apartment values remained unchanged at €196,000, and Paphos saw a sharp 20.3 percent decline to €312,000. Conversely, Famagusta bucked the trend with a 5.2 percent rise to €222,000.
House prices, meanwhile, moved in mixed directions: Nicosia saw a 5.7 percent drop to €314,500; Larnaca houses fell 8.5 percent to €340,000; Paphos properties inched up 3.6 percent to just over €590,000; and Limassol recorded a 4.4 percent increase to €557,000. Famagusta again outperformed, with house values jumping 15 percent to €367,500.
Landbank Group CEO Andreas Christophorides attributes last year’s slowdown in premium new-home purchases to two main factors: domestic buyers gravitating toward more affordable options, and international investors increasingly seeking lower-priced properties, particularly outside of the higher-end Limassol market.
Text based on materials from www.cyprus-mail.com, photo pixabay.com
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