In 2024, the Cyprus real estate market witnessed robust advancement, with new home sales surpassing €2 billion, according to Landbank Analytics’ insights. This analysis, derived from sales contracts reported to the Department of Lands and Surveys, highlights significant growth in apartment transactions alongside a decrease in new house sales.

The year saw a total of 6,462 new residential property contracts, reflecting a 16.7% rise compared to 2023. New homes accounted for 41% of the entire property sales total of 15,797 for the year. The market was largely dominated by apartment sales, with 5,354 units sold, marking a 22.7% increase in volume and a 9% rise in value, culminating at €1.5 billion. Conversely, new house transactions diminished by 5.6%, settling at 1,108 units, with the overall value decreasing by 5.7% to €510.6 million.

Regionally, Nicosia saw a substantial boost in new apartment sales, jumping 23.6% to 1,587 units, and a total value exceeding €301 million, even as house sales dropped 6.9% to 202 units, with their value contracting 12.7% to €63.5 million. In Limassol, results varied; while apartment sales climbed by 4.2% to 1,781 units, their value declined by 5.6% to €759 million. The city’s housing market encountered a steep decline, with a 33.2% drop in sales to 241 units and a 30.3% decrease in total value to €134.2 million.

Larnaca stood out as a strong performer, with apartment transactions soaring 40% to 1,394 units, achieving a total value of €273 million. House sales experienced a slight increase of 2.5% to 204 units, although their total value diminished by 6.5% to €69.3 million. Paphos recorded a dramatic 67.7% upswing in apartment sales, reaching 446 units, and a 33.6% rise in value to €139.2 million, while house sales rose by 9% to 333 units, with the value climbing 13.9% to €195.5 million.

In Famagusta, despite its smaller market size, the area performed impressively, with apartment sales escalating by 36.4% to 146 units and house sales increasing by 36.2% to 128 units. The total value of apartment transactions grew by 43.8%, and house sales surged by 56.7%.

According to Andreas Christophorides, CEO of Landbank Group, affordability remains a central factor driving these trends, as local buyers are more inclined towards purchasing apartments over houses. Furthermore, foreign buyers are increasingly shifting their attention from Limassol to regions like Larnaca and Paphos, which offer more affordable options, thereby influencing market dynamics.

In 2024, the apartment sector reaffirmed its position as the driving force in Cyprus’ residential property market, reflecting the preferences of both local and international buyers.