Property values in Cyprus have climbed back to levels reminiscent of 2012, just before the banking debacle hit. According to data from the Central Bank of Cyprus, the apartment price index has now soared to a record high.

The apartment price index, which had a base value of 100 in the third quarter of 2024, rose to 113 points from 112.3 in the previous quarter. This surpasses the earlier pinnacle of 105.8 observed in the fourth quarter of 2008. After a significant decline starting from the second quarter of 2010, the index hit a low of 70.7 points by the first quarter of 2016.

By the close of 2021, the index had recovered somewhat to reach 85.9 points, remaining well below its former peak. However, an upward trend continued into 2022, with the index climbing to 97.3 points by year-end and reaching 103.9 points by the third quarter of 2023. The latest findings from the Central Bank indicate a deceleration in price hikes, with the annual growth rate for apartment prices lagging behind that of house prices.

### Regional Fluctuations in Apartment Prices

Apartment price trends diverge across different regions:

**Limassol**: In the third quarter of 2024, the index peaked at 138.2 points, up slightly from 136.4 in the second quarter. Prices have been on a steady ascent since 2019.

**Nicosia**: The index stood at 95.5 points in the third quarter, showing a marginal increase from 95 in the previous period, yet it remains under the 100-point benchmark noted in 2010.

**Larnaca**: The third-quarter index noted a decrease to 106.5 points, marking a notable drop from the 136.4 points recorded in the second quarter.

**Paphos**: Here, the index climbed to 108.6 points in the third quarter from 106.4 in the prior period, achieving its highest recorded level.

**Famagusta**: The index rose modestly to 85.5 points in the third quarter, inching up from 85 in the second quarter.

### House Price Index Across Districts

For Cyprus as a whole, the house price index stood at 90.8 points during the third quarter of 2024, up from 89.7 in the prior quarter, paralleling figures from 2012. The all-time high was 108.9 points in the third quarter of 2008.

**Limassol**: Achieving the highest regional index, Limassol reached 112.7 points by the third quarter.

**Nicosia**: Here, the index recorded 86.1 points in the third quarter, slightly beneath the 87.8 points registered in 2013.

**Larnaca**: The index attained 90.6 points during the third quarter, showing a slight dip below the 94.4 level of 2011.

**Paphos**: The index advanced to 101.6 points, nearing levels reminiscent of 2011.

**Famagusta**: This area saw the index ascend to 91.8 points, approaching its peak from 2011 of 94.4.

In summary, property prices in Cyprus have largely rebounded to pre-crisis levels, although recent growth has experienced a noticeable slowdown. The variations between districts are evident, but the overall recovery trend remains an encouraging sign for the real estate market.