Paphos sees strong foreign interest in property market

The Cyprus real estate sector kicked off 2025 with solid momentum, as first-quarter property sales surpassed €1.1 billion, driven by both higher transaction values and an uptick in preliminary contracts, according to the latest figures from the Cyprus Real Estate Agents Registration Council.

Data from the Department of Lands and Surveys show that 4,137 sale agreements were lodged across the island between January and March—a 15 % increase from the 3,597 contracts registered in Q1 2024. Although the total count of finalized transfers edged down 2.9 %, the combined value of those deals jumped 15 % year-on-year, exceeding the €1.1 billion mark.

Council president Marinos Kineyirou welcomed the strong start, noting that “2025 has clearly begun on the right foot for the property market.” He added that robust demand persists, and developers are beginning to bring new supply online to meet it. Looking ahead, he identified potential ECB interest-rate cuts as a positive catalyst, while warning that any escalation in global trade tensions—and consequent spikes in construction-material costs—could dampen activity.

Regionally, Limassol remains the island’s heavyweight, registering 1,203 title transfers valued at €428.7 million alongside 1,295 preliminary contracts. “Investor appetite is high for both off-plan developments and resale homes,” the council observed.

Nicosia followed closely: the capital posted the most transfers at 1,304, worth €283.5 million, and filed 932 new sale contracts—underscoring a sustained market for new-build units.

Paphos continues to attract a heavy share of overseas buyers, with 811 transfers totaling €199 million and 829 contracts signed in Q1. In Larnaca, 843 transfers worth €154 million were completed, and 910 agreements were lodged, buoyed by several major investment projects currently underway.

Even Famagusta—still the smallest district by volume—showed signs of revival. It recorded 251 transfers (€48 million) and saw 171 preliminary contracts, with the council suggesting that comparatively lower prices and a tourism-driven development pipeline are beginning to draw fresh interest.

Text based on materials from www.cyprus-mail.com, photo pixabay.com