Sales of high-value new residential properties declined in 2024

Sales of high-value new residential properties declined in 2024 compared to 2023, according to a new report by Landbank Analytics.

The report has revealed new insights into the average values of newly built apartments and houses sold across Cyprus in 2024. The analysis is based on sales contracts submitted to the Department of Lands and Surveys and includes a detailed breakdown of transactions by price range

In 2024, the nationwide average sale price for new apartments dropped significantly to €281,000, down from €316,000 in 2023—a decline of over 11%. In contrast, the average sale price for new houses remained stable year-on-year at €461,000.

Nicosia: New sales up - prices down

In the city and district of Nicosia, where new home sales rose in 2024, a slight decline in average prices was recorded compared to 2023. The average sale price for apartments dropped by 3.8% to €190,000, while the average house price fell by 5.7% to €314,500.

The majority of apartment sales in the capital occurred at prices up to €300,000. Specifically, 771 apartments were sold in the range of €150,000 and €300,000, and 690 apartments below €150,000. Most house sales (118) were recorded in the €150,000–€300,000 range, followed by 74 sales in the range of €301,000–€500,000.

Limassol: Apartment prices down, houses' up

The city and district of Limassol saw a year-on-year decrease in the average price of new apartments and an increase in the average price of new houses. Compared to 2023, the average apartment price dropped by 9.4% to €426,000 in 2024, while the average house price rose by 4.4% to €557,000.

Most apartment transactions in Limassol took place at prices up to €500,000, with 862 apartments sold in the range of €150,000–€300,000 and 532 apartments sold in the range of €301,000–€500,000. Apartment sales in the range of €501,000–€1,000,000 decreased by over 50% compared to 2023, while transactions above €1 million also declined by 17.2%. The majority of house sales (140 units) were recorded in the €301,000–€500,000 price range.

Larnaca: Sales up 42.1%, prices stable

In Larnaca, the average price of new apartments remained stable in 2024, while a slight decrease was recorded in house prices. The average apartment price stood at €196,000, unchanged from 2023, while the average house price fell by 8.5% to €340,000.

Apartment transactions surged in the city of Zenon, with 1,295 units sold at prices up to €300,000. Sales in this range recorded a notable 42.1% increase compared to 2023. Specifically, 906 apartments were sold in the range of €150,000–€300,000 and another 389 apartments below €150,000.

Paphos: Apartment prices down, new houses' up

The city and district of Paphos recorded two-speed price dynamics in 2024, with a significant decline in the average price of new apartments and a slight increase in the average price of new houses. Apartment prices dropped by 20.3% to €312,000, while house prices rose by 3.6%, exceeding €590,000.

Apartment sales in the range of €150,000–€300,000 doubled compared to 2023, reaching 212 units. Transactions for apartments in the range of €301,000–€500,000 also rose sharply to 173 units. The largest volume of house sales (142 units) was recorded in the range of €301,000–€500,000, with a further 81 houses sold in the range of €501,000–€750,000.

Famagusta: Both apartment and house prices up

The non-occupied district of Famagusta recorded annual increases in the average prices for both apartments and houses. The average apartment price rose by 5.2% to €222,000, while the average house price increased by 15% to €367,500.

In total, 86 apartments were sold in the range of €150,000–€300,000, and 47 apartments were sold below €150,000. Regarding houses, 57 units were sold between €150,000–€300,000 and 44 units between €301,000–€500,000.

It is important to note that the data on average prices does not only apply to transactions in the urban centres of Cyprus’ non-occupied areas but reflects all sales across each district’s geographical boundaries.

Andreas Christophorides, CEO of Landbank Group, commented: "A closer look at the analysis indicates a noticeable decline in the sale of high-value new residential properties in 2024 compared to 2023. This downturn is largely driven by two key factors: firstly, a shift among local buyers toward more affordable housing solutions; and secondly, foreign buyers increasingly opting for lower priced properties— evident from the sales slowdown in Limassol."