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The property prices keep climbing in Cyprus' hottest spots, though the pace has slowed down compared to 2022. The post-pandemic demand spike is the main driver.
Buyers from the post-Soviet states and the UK traditionally show the greatest interest. But in 2023, there was a surge in interest from Israel, Germany, and Austria.
EU citizens and Brits tend to buy secondary real estate priced between €100,000 and €500,000 more often. They rarely show interest in new properties. On the other hand, buyers from outside the EU emphasize new housing with the goal of obtaining permanent residency in Cyprus. The majority focus on properties ranging from €300,000 to €500,000.
Based on data from RICS and KPMG, Cypriot apartment prices have increased by an average of 9.53% on the annual basis by the end of the fourth quarter of 2023, while houses saw a 6.47% increase.
Resort property prices are steadily climbing upwards due to the post-pandemic recovery of the tourism sector. Vacation apartments saw a 7.77% increase in prices over the year, while prices for houses have grown by 6.63%.
The rental rates are on the rise as well: apartment rentals increased by 14.25% over the year, with houses up by 12.22%.
Renting vacation apartments has become 15.77% more expensive, while resort villa rentals saw a 7.66% increase over the year. Short-term rentals are gaining popularity fast, potentially offering higher returns during the season.
Despite the rising prices, property sales in Cyprus are still doing very well. As of February 2024, the number of transactions has increased by 14% compared to the previous year. All these facts may indicate positive prospects for further market development. This means that potential investors should take a closer look at the opportunities of local real estate.
Property prices in Cyprus have gone up by an average of 5–10% over the past year. Limassol and Paphos are seeing even higher growth rates. The strong demand is pushing prices even higher.
The largest resort city on the coast, Limassol is a bustling hub for business and tourism with well-developed infrastructure. It's a great place for both - vacation and permanent residence, as life here doesn't slow down during the off-season.
There are ample opportunities for business ventures and education, including the prospect of further studies at European universities.
Limassol comes with a hefty price tag, marked by its distinct skyline dominated by towering buildings. It is known for its upscale apartments, whether in completed high-rises or those still under construction. The market also boasts luxurious villas and gated communities lining the seaside.
In оrder to find some less ambitious options, look to the less prestigious neighborhoods further from the shore.
|
Property type |
Price per sq.m |
|
Offices (200–300 кв. м) |
From €3 thousand (on the secondary market). |
|
Apartments (two bedrooms) |
€4–€5 thousand (on the primary market). |
|
Villas (three bedrooms) |
About €4 thousand. |
|
Penthouses in luxury residential complexes (from 200 sq. m) |
€10–€20 thousand. |
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Steady demand persists for all the mentioned property types, especially in the middle-class category.
This is a top-tier resort destination and just a charming city with a vibrant history. It's famous for its stunning beaches and archaeological landmarks.
There's a diverse range of real estate options available here, catering to both high-end and budget-conscious buyers. Development tends to be low-rise, with buildings rarely exceeding four stories. You'll find a fantastic array of beachfront villas and hillside residences.
The bonuses include the presence of an international airport, a national park, and one of Europe's best golf resorts.
|
Property type |
Price per sq.m |
|
Villas (three bedrooms) |
€2,5–€3,5 thousand |
|
Apartments in complexes with swimming pools (two bedrooms) |
€1,5–€2,5 thousand – on the secondary market |
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When it comes to sales volume, apartments typically take the lead, especially in the price range of €100,000 to €200,000 on the secondary market and €280,000 to €400,000 on the primary market.”
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In recent years, there's been a growing demand for properties within walking distance of the sea, particularly among investors looking to rent them out short-term. For example, deals involving sea-view villas commonly range from €400,000 to €600,000.
This resort city offers developed infrastructure and relatively affordable prices per square meter.
Though not as expansive as the more popular destinations like Limassol and Paphos, the real estate market is actively expanding with numerous new projects cropping up in the city.
Most of the properties consist of apartments, with villas being less common. The construction tends to be low-rise, with new projects reaching up to six or seven stories. However, houses more commonly have three to four levels.
|
Property type |
Price per sq.m |
|
Apartments (two bedrooms) |
From €2 thousand. |
|
Villas by the seaside (three bedrooms) |
From €4,5 thousand. |
|
Town-houses (two bedrooms) |
€2–€2,5 thousand. |
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On average, real estate in Larnaca is 15% cheaper than in Paphos.
As the capital of the Republic of Cyprus, this city houses the government and other key authorities. It boasts a thriving business infrastructure, featuring banks, international company branches, and law firms. It's also a hub for education. Local real estate presents opportunities for investors interested in rental properties and commercial ventures.
Construction mainly consists of low-rise buildings, although there are some skyscrapers. There's a significant amount of older housing in need of renovation, but there's also ongoing construction activity.
Nicosia isn't about beaches and the sea. That's why the property prices here are lower than in the coastal cities of Limassol and Paphos.
|
Property type |
Price per sq.m |
|
Apartments (two bedrooms) |
From €2 thousand – primary market. |
|
Houses (three bedrooms) |
€2,2 thousand. |
|
Offices (200–250 sq. m) |
From €2 thousand. |
Photo: Unsplash (Dyomir Kalaitsev), prian.info database
