What do €2.3 billion of apartment sales say about Cyprus real estate?
The Cyprus apartment market remained highly active in 2024, with nearly 10,000 transactions generating a total value of €2.3 billion. But what does this mean for developers, investors, and agents? By analysing the latest market data, we can identify the key trends shaping the sector and highlight where the most promising opportunities lie.
Apartments drive market activity
Apartments continue to be the backbone of Cyprus’ real-estate sector, with Limassol leading the way in both transaction volume and value. The city accounted for 28% of all apartment sales, yet made up an impressive 47% of the total market value (€1.08 billion), cementing its reputation as the island’s premier real-estate hub. Meanwhile, Nicosia and Larnaca also reported strong levels of activity, while Paphos captured a large share of the mid-market. Ammochostos remains the smallest and least liquid market, indicating limited transaction activity in that region.
Understanding how sales are distributed across price bands is critical for identifying the most dynamic segments of the market and spotting where new trends are emerging.
Apartments transacted by price range (number)
For developers:
Limassol remains a hotspot for high-end development, with branded residences and seafront apartments continuing to attract strong demand, contributing to over €1.1 billion in total transactions. In contrast, Paphos and Larnaca show rising interest in the €150,000–€300,000 range, presenting opportunities for affordable luxury housing. Land sales are also increasing in Nicosia and Limassol, suggesting future potential for mixed-use and sustainable community developments. That said, affordability constraints could limit local demand, and developers should remain cautious about a potential oversupply in the luxury segment. Larnaca, as a growing market, offers promise for innovative residential models, including smart housing, but its rapid expansion may outpace commercial development.
For investors:
Short-term rentals in beachside areas of Paphos and Larnaca remain popular, offering strong yield potential due to tourism and seasonal demand. Nicosia continues to be a stable environment for long-term rentals, especially for professionals and students. In contrast, Ammochostos may present opportunities for early-stage investment, especially in coastal areas where property remains undervalued — a potentially smart move for developers looking to create vacation or short-term rental homes.
For real-estate agents:
Focusing on the most active price segment — €100,000 to €500,000 — can help agents better align with current buyer demand. Limassol’s luxury segment (€1M+) continues to appeal to international, high-net-worth clients, many of whom are also interested in residency and lifestyle benefits. Agents looking to expand their portfolios may find promising opportunities in Larnaca, where both local and foreign interest is steadily increasing.
With strong transaction volumes and a diverse range of active segments, the Cyprus apartment market in 2024 continues to evolve. Staying informed on the latest trends is essential for anyone navigating this dynamic real estate landscape.