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In the third quarter of 2022, 1,600 houses and 2,900 apartments in Cyprus changed owners. The growth in the number of transactions is impressive: 43-48% compared to last year's results.
The jump in demand for premium housing is even more noticeable. During the quarter, 193 villas and 819 apartments were sold (79% and 108% more than a year earlier).
Under the premium segment, analysts understand houses worth €500,000 and apartments worth €200,000 and more. That kind of property foreigners usually buys for permanent residence.
The premium sector accounts for about 38% of the total number of real estate transactions. So, since 2016, 20,300 objects have changed owners in Cyprus, of which 7,700 belonged to the luxury class. At the same time, the total amount of all transactions have reached €7.9 billion, of which €5.8 billion is premium housing.
Limassol remains the most active local market in Cyprus. Most deals take place in the mass market and premium segment.
Real estate sales in different regions of Cyprus, Q3 2022
| Regions | The number of sales | Luxury real estate sales |
| Limassol | 1,247 | 559 |
| Paphos | 1,065 | 163 |
| Nicosia | 1,051 | 189 |
| Larnaca | 913 | 83 |
| Famagusta | 228 | 18 |
In the third quarter of 2022, the median value of houses and apartments in Cyprus amounted to €253,000 and €144,000, respectively. Over the year, houses have risen in price by 3%, and apartments – by 9%.
In the luxury real estate segment, the situation is less unambiguous. The price tag for villas added 16.2% year-on-year, amounting to €833,000. The premium-class apartments, on the contrary, have become a little more affordable. The median price fell by 2.4% year-on-year, stopping at around €285,000.
However, apartments in Paphos were not affected by the fall in prices.
Average prices for luxury real estate in different regions of Cyprus
| Regions | Property type | Avg price, luxury segment | Quarter price change |
| Limassol | Houses | €1,000,000 | +12,0% |
| Apartments | €328,000 | +21,0% | |
| Paphos | Houses | €788,000 | -1,7% |
| Apartments | €263,000 | +16,7% | |
| Nicosia | Houses | €640,000 | -4,4% |
| Apartments | €243,000 | +5,2% | |
| Larnaca | Houses | €686,000 | +11,1% |
| Apartments | €286,000 | -14,9% | |
| Famagusta | Houses | €659,000 | -1,3% |
| Apartments | €210,000 | -36,5% |
Limassol retains leadership in the market and terms of prices. Both houses and luxury apartments here are the most expensive in Cyprus. On average, you will have to pay €1 million for a villa, and the apartment will cost €328,000.
As for the most affordable elite housing, there are two leaders at once. An apartment for "only" €210,000 you will find in Famagusta. But for a villa on the budget, you need to look in Nicosia – the average price is €640,000.
Analysts at Cyprus Sotheby's International Realty expect the average cost of houses and apartments in Cyprus to grow in the fourth quarter of 2022.
One of the reasons for the growth is the steady demand from foreigners. Traditionally, about 35-40% of transactions in Cyprus are concluded by foreigners. Interest in the country didn't fade in 2022.
According to the Land Department, Cypriots bought 6,100 properties (+18% per year) and foreigners bought 4,600 (+71% per year!) from January to October.
Photo: unsplash.com (Mike Yukhtenko)
