Landbank Analytics: Cyprus housing market gains momentum in 2025

Cyprus’ new housing market has made an impressive start to 2025, with significant increases in both sales volume and value during the first quarter.

According to the latest analysis by Landbank Analytics, which monitors Contracts of Sale submitted to the Department of Lands and Surveys, the surge reflects strong demand for off-plan and under-construction residential properties.

Between January and March, a total of 1,368 sale contracts were filed for new homes (apartments and houses), marking a 24.8% year-on-year increase. The total value of these transactions surged by 30.8%, reaching €391 million, up from €299 million during the same period in 2024.

Rapid growth across the board

New apartment sales hit 1,109 units, up 22.7%, with a combined value of €272 million—a 23.1% increase. Meanwhile, new house sales soared, with 259 units sold—34.9% more than Q1 2024—and a 52.6% increase in value, reaching €119 million.

Nicosia leads in apartment aales

The capital city recorded the highest volume of apartment sales, with 376 units sold in Q1—up 17.5% compared to 2024. The total value of those transactions rose by 18% to €72 million. New house sales in Nicosia also grew 7.8%, with their total value rising by 25% to €20 million.

Limassol retains the largest share in value

New apartment sales in Limassol rose modestly by 5.8%, reaching 311 units—but their total value jumped by 19.6% to €116 million, keeping the district in the lead with a 42% share of Cyprus-wide apartment transaction value. New house sales in Limassol rose by 6%, with total value remaining steady at €22 million.

Larnaca surges ahead

Larnaca stood out for its exceptional momentum in Q1 2025, recording 321 apartment sales valued at €60 million and 62 house sales totaling €24 million. Compared to the same period in 2024, apartment sales volume surged by 66.3%, while house sales soared by 77.1%, with the total value of house transactions more than doubling—up 118.2%.

Strong momentum in Paphos

Paphos also posted strong growth in the first quarter of 2025, continuing its upward trajectory in the residential market.. New apartment sales increased 33.3% year-on-year to 84 units, while new house sales rose 58.1% to 68 units. In value terms, apartment sales reached €24 million (up 20%), while house sales soared to €47 million (up 88%), expanding the district’s share in nationwide house sale value from 32% to 40%.

Diverging trends in Famagusta

The Famagusta district displayed mixed dynamics in Q1 2025. New apartment sales fell sharply by 50%, with just 17 units sold and a total value of €3 million, down 57.1% year-on-year. In contrast, the house market showed notable strength, with 21 sales—an increase of 61.5%—and a total transaction value of €6 million, marking a 50% rise compared to the same period last year.

Andreas Christophorides, CEO of Landbank Group, stated, “It’s encouraging to see the housing market demonstrating resilience, supported in part by the gradual easing of interest rates. Nationwide, apartment sales rose by nearly 23% and their value by a similar margin. But the most striking trend is the rise in new house sales—up 35% in volume and over 52% in value compared to Q1 last year.

Our district-level insights reveal important shifts. Larnaca is emerging as one of the most dynamic regions, with dramatic increases in both unit sales and transaction value—signs of strong demand and growing investor interest in the city of Zenon.

Nicosia remains attractive to both investors and private buyers looking for centrally located properties. Limassol continues to show robust performance, living up to its reputation as a premium investment hub.

In Paphos, we’re seeing particularly strong momentum in the house segment, driven largely by foreign buyers interested in high-value homes.

Finally, Famagusta’s shift from apartments to houses could reflect a seasonal or structural change in demand, possibly linked to the region’s strong tourism profile.”