Landbank Analytics: Sales of new residential units exceeded €1.9b in first nine months of 2024

The dynamics of the apartment market are clearly reflected in the extensive analysis by Landbank Analytics, which focuses on the Contracts of Sales submitted to the Department of Lands and Surveys from January to September 2024, concerning sales of new apartments and houses across Cyprus.

The Contracts of Sales for new residential units submitted during the first nine months of the year reached 5,253, an increase of 19.2% compared to the same period in 2023. There was also a significant 25% rise in the total value of new residential units sales (both apartments and houses), which exceeded €1.9 billion. All districts of Cyprus saw increases in both volume and value.

Increase in Apartments, Decline in Houses
New built apartment sales reached 4,335, with a total value of €1.45 billion. Compared to the first nine months of 2023, there was a 27.7% increase in volume and a 38.1% increase in value. On the other hand, new house sales saw a 9.2% decline in volume and a 2.8% decline in value compared to the same period last year, with sales limited to 918 units and a total value of €457.2 million.

Nicosia
The Nicosia district recorded significant increases from January to September 2024, both in the volume of new residential units sales (25.2%) and in value (20.6%) compared to the same period in 2023. Specifically, new apartment sales reached 1,194, an increase of 29%, with a total value of €236.9 million, up 25.2%. New house sales also increased, with a volume of 161 (up 3.2%) and a value of €49.8 million (up 2.6%).

Limassol
The Limassol district saw a 17% increase in volume and a 41% increase in value for apartment sales, with 1,469 apartments sold, exceeding €820 million. However, new house sales declined significantly by 18.5%, with only 237 sold during the first nine months. Despite the reduced sales, Limassol recorded a 6% increase in the value of transactions, reaching €165 million, compared to the same period last year.

Larnaca
The new residential units market in the Larnaca district performed positively, with 1,113 apartments sold for a total value of €218.8 million and 191 houses sold for €64.3 million. The largest increase was seen in apartment sales (35.4%), with a smaller increase in house sales (14.4%). In terms of value, new apartment sales rose by 39.5%, while house sales increased by 6.2%.

Paphos
The Paphos district's new residential units market showed two different trends during the first nine months of the year. Apartment sales increased by 42%, reaching 416 units, while house sales fell to 243, a decline of 23.1% compared to the same period in 2023. A similar trend is observed in values, with apartment sales reaching €138.4 million (up 31.4%), while house sales dropped to €149.6 million (down 16.8%).

Famagusta
Despite its small size, the Famagusta district recorded significant performance in new residential units sales from January to September 2024. Apartment sales increased by 46%, reaching 143 units, and house sales grew by 6.2%, reaching 86 units. There was a spectacular 62.1% increase in the value of apartments sold in the non-occupied Famagusta district, while house values saw a 10.3% rise.

CEO of the Landbank Group, Andreas Christophorides, stated:
"The rising demand for new apartments is closely linked to current economic conditions, particularly housing costs and access to financing. Young couples, motivated by affordability and long-term financial stability, are increasingly choosing apartments over houses. Additionally, the nationwide drop in both the volume and value of new house sales is primarily driven by the Paphos district, where the market is significantly influenced by foreign buyers of luxury properties."